FG SETS UP COMMITTEE TO REVIEW REVENUE ALLOCATION SHARING FORMULA
The Federal Government has set up a committee in collaboration with State Governments and the Organized Labour to review the revenue allocation sharing formula after twelve years.
Governor David Umahi of Ebonyi State announced this at an event to disburse agro based fund to State civil servants at Pa Ngele Oruta Township Stadium Abakaliki.
The State Government committed about four billion naira to the programme.
The disbursement of the fund is coming barely a week after Ebonyi State Government cancelled its Memorandum of Understanding with the Bank of Industry for the programme.
Chief Umahi noted that the review of the revenue sharing formula had become imperative as civil servants had continued to bear the brunt of inadequate allocation to the State Governments.
He pointed out that the review was in response to a demand, Governors made to President Muhammadu Buhari at the inception of his administration.
Governor Umahi urged civil servants to invest the agro fund wisely and augment their meager salaries with the proceeds.
The State Commissioner for Commerce and Industry, Mrs. Ugo Nnachi explained that about five thousand, six hundred civil servants had keyed into the programme while about two thousand, four hundred of them had been financially empowered.
Two beneficiaries commended the State Government for responding positively to their complaints against the Bank of Industry over the disbursement of the fund.
Radio Nigeria gathered that the loan had five percent interest rate.