Bayelsa State Governor, Douye Diri has advocated for a review of the revenue derivation formula to align with fiscal federalism principles.
Diri stressed that it is unfair for Bayelsa to continue subsidizing other states with its resources.
He questioned the existing practice where resource-rich states in Nigeria, particularly in the Niger Delta, receive only 13 per cent of their resources as monthly allocation.
The Governor argued that it is misleading to label Bayelsa as insolvent and dependent on federal allocation when its resources are being exploited and distributed to other states.
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According to Governor Diri, the Niger Delta region has the potential to thrive if allowed to utilize its resources for its own development.
He said:
“Since I arrived this country, what crossed my mind has been how Bayelsa would be if we practised true federalism whereby we get 100 per cent of our revenue from oil and gas and not 13 per cent as it is today. Maybe we would have had one small Houston in Yenagoa.
“You cannot take away the resources in my state and the internally generated revenue that would have accrued to us and expropriate it in the name of Federation Account Allocation Committee (FAAC). Every month end, the 36 states in the country gather in Abuja to share resources accruing from my state and they still come back to insult us that our state is insolvent.
“I have never seen anywhere in the world where the essence of the FAAC is to share revenue only from oil and gas. What about the revenue from other mineral resources like gold? Why are they not also shared? This is the naked truth.”
