Former Military President, General Ibrahim Badamasi Babangida, on Monday called on the Revenue Mobilisation, Allocation and Fiscal Commission to adhere to the devolution of power by the Federal to States and Local Governments, adding that it is the only reasonable solution to the criticism trailing the current revenue sharing formula.
Babangida advised the Commission to look beyond oil revenue into the diversification of the economy so as to explore other areas that will benefit the country.
Babangida stated these on Monday in Minna, Niger State while receiving the Chairman and members of the Revenue and Fiscal Mobilisation Commission, who paid him a visit in his Minna home.
According to him: “We gave some advice that they may be looking at, such as devolution of powers and diversification of the economy so as to explore other areas that would enable them to run away from mono-cultural economy of the country.
“We have various responsibilities of Federal, State and Local Governments.
“They should be streamlined properly so that the burden will be light on all Nigerians.”
Babangida commended the commission for embarking on nationwide consultations towards the review of the revenue sharing formula, adding that it was long over due because it was last done in 1992.
On the issue of revenue allocation, he said: “If we operate a linear government at the federal level, give more responsibilities to local and state governments then we are through.
“As far as funds are concerned, everybody wants money.
“It is just prioritisation that is important.
“There are needs to be done and diverse those resource to prioritised areas where there are a lot of competing needs.
“It could be education, the banks and services.”
The Chairman of the Commission, Engineer Elias Mbam, assured Nigerians that the review of the current formula was in progress, adding that the commission has commenced public hearing in the six geopolitical zones of the country.
Mbam said the former ruler established the commission during his regime and that he also did the last review in 1992, adding that they came to seek his advice as a former leader.
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