National Conference on Sharing Formula



The Committee on devolution of power at the on-going National conference has recommended that states should be involved in the exploration of oil minerals and mining in their areas.The committee also observes that the arrogation of powers by the Federal Government in collecting, Keeping and sharing of revenue negates the principle of fiscal federalism, hence, recommended the abolition of joint local government account. To this end, the committee on devolution of power recommends the revenue sharing formula to be 42.5% for the Federal government, 35% for states and 22.5% for local government while the on-shore , off-shore dichotomy law was retained.

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