Propose Revenue Sharing Formula: IYC Demands 50% For The Niger Delta States 

Propose Revenue Sharing Formula: IYC Demands 50% For The Niger Delta States

The Federal Government Proposal To Review The Revenue Sharing Formula, The Ijaw Youth Council (IYC) Worldwide Has Demand 50% For The Niger Delta States

As the Federal Government is proposing to review the revenue sharing formula in the country, the foremost Ijaw Youth Council (IYC) Worldwide, ably led by Barr. Pereotubo Oweilaemi, has demand for 50% sharing formula to the oil producing states in the Niger Delta region, he commend the Federal Government for the gesture while demands for an upward review of the 13% derivation to the oil producing states. We the Niger Deltans demand that the revenue committee should be guided by what it used to be in the 60s.

In 1960, the revenue sharing formula was that 50% went to the producing states; 20% to the central government, while 30% were kept in a pool from which distributions were made to all regions in a proportion of their population size. Let us revert back to this sharing formula being practiced in the 60s before the civil war.

According to the IYC President, “we are certain that an upward review of the meager 13% derivation to 50% will aggressively address the perennial oil crisis in the Niger Delta. It will stabilise the oil industry thereby boosting our daily productions. This is an opportunity for President Mohammadu Buhari led government to write his name in the annals of golden history for resolving the Niger Delta conundrum.

Speaking with journalists, the IYC President, Barr. Pereotubo Oweialeni said you would be recalled that even the El-Rufai-led APC Committee on True Federalism recommended 100% derivation to the oil producing states. If the Government cannot implement the El-Rufai Committee’s recommendations then we suggest that the country should go back to the sanctity of the original covenant entered into by our founding fathers in the 1960 and 1963 Constitutions.