The Delta State Governor, Emmanuel Uduaghan; the Edo State Governor, Comrade Adams Oshiomhole; and the Akwa Ibom State Governor, Obong Godswill Akpabio, have called for an upward review of the derivation formula from 13 per cent to 50 per cent.
Uduaghan, Oshiomhole and Akpabio, who spoke at an advocacy workshop in Asaba, the Delta State capital, on Monday, said the time for the review was now.
The workshop, on economic diversification and enhanced revenue generation, was organised by the Revenue Mobilisation, Allocation and Fiscal Commission.
The three governors said there was the need for other geopolitical zones to develop at their own pace in line with the principles of true federalism.
Uduaghan said 13 per cent derivation was grossly insignificant because of the large-scale environmental degradation of the region due to the activities of multinational oil companies.
Uduaghan said: “We want to appeal to our brothers advocating the removal of the on-shore/off-shore dichotomy that that is a no-go area.
“The matter has been laid to rest for good.”
Akpabio said: “We have resources that are untapped but because of our monolithic economy and over-reliance on oil wealth, we have failed to explore other areas.
“When there is a reduction in the benchmark for oil, our resources dwindle because we don’t have any other source of income.
“This clearly reflects the urgent need for us to diversify our economy and broaden our revenue base.
“The extent of decline in the manufacturing and other sectors has revealed a level which must be addressed urgently.”
The Chairman of RMAFC, Elias Mbam, said the aim of the workshop, to be held in the country’s six geopolitical zones, was to sensitise all the three tiers of government and other stakeholders on the urgent and compelling need to diversify their respective sources of revenue in order to meet the increasing expenditure requirements of governance and development.