The Permanent Secretary in the Lagos State Ministry of Finance, Mrs. Oyeyemi Ayoola, has said that allocation of more revenues to state governments will aid infrastructure development in states.
Mrs. Ayoola made the assertion in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday.
“As a state, if we have enough revenue, we will be able to build more roads and state-of-the-art hospitals, develop our schools and invest more in our security infrastructure.
“Due to insecurity in Nigeria, we want to beef up the security architecture; therefore, we want an appropriate revenue formula that is fair and just for everyone,’’ Ayoola said.
She said that allocation of more revenues to state governments would help to fight insecurity in the country.
“Security is key; with the spate of insecurity in the country, states are spending more on security.
“In view of this, the more revenue state governments get from federal allocations, the more funds to fight insecurity,” she said.
Ayoola said that there was the need to decentralise security responsibilities and allocate sufficient funds to enable the federating units to carry out their responsibilities.
Lagos State Gov. Babajide Sanwo-Olu had also called for review of the revenue allocation formula in favour of states.
At a recent two-day South-West Zone public hearing on Review of Allocation Formula by the Revenue Mobilisation, Allocation and Fiscal Commission, Sanwo-Olu said that the current formula, which became operational about 29 years ago, was long overdue for amendment.
NAN