The 8th Senate has described the
present sharing formula of funds from the Federal Accounts Allocation Committee
(FAAC) where the Federal Government receives 56 percent while state government
and the local government councils get 24 and 20 percent respectively as
archaic. The lawmakers will, therefore, carry out a holistic review of the
process.
“The 8th Senate is poised to
review the archaic existing arrangement. More so, Sections 313 and 315 of the
1999 Constitution call for the periodic review of the revenue sharing formula,”
the upper chamber of the National Assembly noted as part of recommendations
contained in the report of the Ad-hoc Committee on Legislative Agenda which has
the Senate Leader, Senator Mohammed Ali Ndume as Chairman, with 17 other Senators
as members.
The Senate also said it would
henceforth look into how the funds for general ecological problems and that of
the Development of National Resources were spent, stressing that the upper
chamber was kept in the dark about the funds.
The committee was constituted by
Senate President Bukola Saraki on Thursday, June 25, 2015 to, among others,
develop an agenda that will be the compass for directing the activities of the
8th Senate.
According to the report, the
Senate will review some of the existing acts relating to how government
agencies like the Economic and Financial Crimes Commission, EFCC; Department of
State Services, DSS; others operate
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