Restate call for review of revenue allocation formula
By Chioma Onuegbu & Emmanuel Okon-Harris, UYO
The Peoples Democratic Party, PDP, Governors Forum has condemned the current debt profile of the country put at N36 trillion incurred by the All Progressives Congress, APC-led Federal Government.
The forum expressed worry that the Federal Government is gradually plunging Nigeria into bankruptcy with excessive borrowings on frivolous items, adding that over 80% of the normal appropriation is being spent on debt servicing.
In a communique issued after a meeting of the Forum yesterday in Uyo, Akwa Ibom State, the governors also accused the Nigeria National Petroleum Corporation, NNPC, and other revenue-generating agencies of the Federal Government of lack of transparency and accountability in the declaration of revenue proceeds.
The communique read by Chairman of the Forum and governor of Sokoto State, Aminu Tambuwal, complained that the lack of financial transparency by NNPC and other agencies has robbed state and local governments of the needed funds to provide employment and develop their territories.