Mimiko calls for review of revenue allocation formula

Ondo State Governor Olusegun Mimiko has called for a review of the revenue allocation formula.

He said the current formula cannot facilitate meaningful development.

Mimiko urged in-coming members of the National Assembly to enact legislation on forced compliance with the principles of true federalism.

He spoke yesterday while declaring open an Induction Workshop for members-elect of the National Assembly in Akure, the state capital.

Mimiko said: "A situation where a disproportionate percentage of national revenue goes to the Federal Government is crippling of development, subversive of the federal arrangement and oppressive to the constituting states."

On the solution to the rising rate of unemployment in the country, Mimiko said: "We need to concentrate on revamping the energy sector and resuscitating our moribund industries. This would create new jobs and possibly mop-up the army of unemployed youths."

He urged the legislators-elect to facilitate bitumen exploitation in the state to serve as a viable alternative to petroleum as the mainstay of the nation’s economy.

Mimiko said: "Nigeria is a federation of states. You must make laws that will enable states to harness their national resources and develop at their own pace.

"Ondo State is naturally blessed with the largest bitumen deposit in West Africa and it is crying for exploitation, which falls within the exclusive list of the Federal Government."

He urged them to be true representatives of the people and to deliver on the dividends of democracy.