Ondo State Governor, Oluwarotimi Akeredolu yesterday called on the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to support the state Seaport Project.
Akeredolu said this in his remark at a one day stakeholders forum on the review of the existing revenue allocation formula for the 36 states and Federal Capital Territory by RMAFC in collaboration with Ondo State government on Tuesday in Akure.
Represented by his Deputy,Mr Lucky Aiyedatiwa, Akeredolu said with adequate support, the seaport would become a major revenue spinner for the state by facilitating its approval and eventual take off.
He pointed out that the current revenue formula does not reflect the existing reality on ground, hence the need for it to be reviewed for the overall development of every sector of the economy.
The Governor Akeredolu said his administration has made frantic efforts to improve the state’s internally generated revenue with over N2 billion naira revenue generated monthly from around N700 million during the previous administration.
“It is also worth mentioning that the current level of insecurity of lives and property has further put a great deal of responsibility on our States, in the bid to confront crime and criminality within our borders.
“It is daily becoming more apparent that Federal government alone can no longer bear the burden of providing adequate security for the entire country.
“This, among other things, informed the collective determination of the South West Governors to establish the Western Nigeria Security Network, otherwise known as ‘Amotekun Corps” which is indeed an effort in keeping faith with our unwavering resolve to ensure the security of lives and property of our people.
“As we all know, maintaining a security outfit of this magnitude requires a lot of financial and material resources.
“I must stress that we have not thrown our hands up in the air in dire frustration, rather we are exploring all avenues to bring more development, and by extension, more funds to the state.
“Consequently, we are in the process of establishing Port Ondo, having been blessed by providence with the largest coastline with its great potential for a viable Seaport.
“The revenue that will be accruable from an Ondo seaport is better imagined as this project alone is capable of transforming the economic narrative of the State and equally compete with oil as a major ‘cash cow’ for the county.
“We, therefore, enjoin RMAFC to support Ondo Seaport Project, as a major revenue spinner and support the State in ensuring its approval and eventual take off,” he said.
Akeredolu hoped that the efforts of RMAFC in reviewing the existing revenue formula will yield results and position of the people given the best consideration in reviewing the revenue formula.
Earlier, Federal Commissioner, representing Ondo State at RMAFC, Mr Tokunbo Ajasin reiterated their commitment to a fair and equitable revenue formula to the three tiers of govt.
Ajasin said that the last general review of the Revenue Allocation Formula was carried out in 1992 and political structure of the country had changed with creation of six additional states and increased number of local governments.
He said that the last attempt to review the Formula was in 2014 by the commission but failed at the final process.
The federal commissioner hoped that the exercise would produce a just and accepted sharing revenue formula for the federal, state and local govt to achieve their desired goals.