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Yoruba elders demand review of revenue allocation formula

President Muhammadu Buhari and VeePee Yemi Osinbajo…advised to adopt fiscal federalism principle to get out of recession

Yoruba Council of Elders (YCE) has called for the adoption of fiscal federalism in Nigeria as a viable way out of the current economic crisis in the country, noting that a review of the revenue allocation formula was necessary. It also expressed delight over a recent convergence of the governors of South West geopolitical zone, describing it as a development that should be sustained in the interest of the region.

In a communiqué signed by its Secretary General, Chief Idowu Sofola (SAN) the group urged state governors in the zone to prioritise agriculture and inter-state commerce. The statement partly reads: “to take Nigeria out of recession, the Yoruba Council of Elders otherwise known as Igbimo Agba Yoruba has suggested the adoption of fiscal federalism which will allow federating units to generate resources in their domains.

The group raised concern about the economy which has not responded positively to the efforts of the government economic team. The council also congratulated all the South West governors for the outcome of their meeting held in Ibadan and it is particularly impressed with their determination to collaborate within the ambit of (DAWN) Development Agenda for Western Nigeria.

We are asking them to pay special attention to agriculture and interstate Commerce. ‘’The council believed that fiscal federalism which will allow federating units to generate resources in their domains, paying taxes and royalty to the Federal Government will promote economic growth and take the country out of recession.”

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