Revenue Sharing Formula: Minister wants special status for FCT
The Minister of the Federal Capital Territory (FCT) Muhammad Bello has advocated for a special revenue status for Nigeria’s capital Abuja.
“FCT needs special revenue package to carry out more projects that will have direct impact on the residents.
“There are ongoing projects that need chunk amount of money, so there is need for additional budget,” Mr Bello said at an advocacy and sensitisation meeting on the review of the existing revenue allocation formula on Tuesday, in Abuja.
Mr Bello said considering the FCT’s role in national development, there was a need to review the revenue sharing formula that would be fair and equitable to the territory.
Represented by the Director of Human Resources Management, Bashir Mohammed, the minister said “In FCT, there are issues of compensation, abandoned and ongoing projects, so the present allocation is inadequate.”
The commissioner representing FCT at the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Tanko Abari, said the last revenue review was done in 1992.
(NAN)
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