Confab fails to agree on revenue formula, derivation



 

PUNCH

Confab fails to agree on revenue formula, derivation

JULY 10, 2014 BY OLUSOLA FABIYI, ABUJA

Plenary session of the National Conference ended on Thursday without a final decision on critical issues of revenue sharing formula from the Federation Account and derivation principle.

Members of the Consensus Committee derived from the six geo-political zones to find a middle ground to the contentious issue of derivation formula could not reach an agreement on the resolution to be presented to the plenary.

The leader of the Northern group on the committee and former Inspector General of Police, Alhaji Ibrahim Coomasie, fired the first salvo when he announced that the committee was yet to reach an agreement on the contentious issue.

A resolution of the committee earlier submitted by Chief Raymond Dokpesi and later read to the delegates by Chief Olu Falae, who represented the South West on the committee, was greeted with disapproval by some delegates.

Falae said the committee did agree that the principle of derivation shall be constantly reflected in any approved formula as being not less than 18% of the revenue accruing to the Federation Account directly from any natural resources.

 

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