Ijaw youth want revenue derivation formula reviewed to 50 percent

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By Kasarachi Azuka, Asaba

Ijaw Youth National Youth Council Worldwide (IYC) has demanded for the upward review of revenue derivation formula from 13 per cent to 50 per cent for the nation’s  oil bearing communities.

IYC which is the Apex decision-making organ for Ijaw youths, asked the Federal Government to consider allocating 50 per cent of the nation’s revenue to oil producing states, arguing that the FG should revert to the old order if it finds it difficult to implement the 100 per cent recommended.

This demand comes on the heels of the proposed review of the country’s revenue by the President Muhammadu Buhari-led administration.

A statement signed by the IYC president, Pereotubo Oweilaemi, and made available to newsmen in Asaba, applauded President Buhari for the kind gesture but said the 13 per cent to oil producing states should be reviewed upward to 50 percent.

“We demand that the revenue committee should be guided by what it used to be in the 60s.

“In the 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”, he pleaded.

While keeping hope alive that the revenue when reviewed upward would solve teething challenges that the current formula could not address, Oweilaemi said the president would write his name in gold on the sand of time should the clarion call be adhered to.

“We are certain that an upward review of the meager 13 per cent derivation to 50 per cent will aggressively address the perennial oil crisis in the Niger Delta”, he explained, adding that it would stabilise the oil industry thereby boosting the daily productions.

He recalled that even the El-Rufai-led APC Committee on True Federalism recommended 100 per cent derivation to the oil producing states and said that that if government cannot implement the El-Rufai committee’s recommendations, then the country should go back to the sanctity of the original covenant entered into by the founding fathers in the 1960 and 1963 constitutions.

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