The Minister of Federal Capital Territory (FCT), Malam Muhammad Bello, has advocated a special revenue status for the territory to meet up with its infrastructure quest.
Bello made the call at an advocacy and sensitisation meeting on the review of the existing revenue allocation formula on Tuesday, in Abuja.
The minister also emphasised the need for the review of revenue sharing formula that would be fair and equitable to the territory, considering its role in national development.
Represented by the Director of Human Resources Management, Malam Bashir Mohammed, said with increased revenue formula more quality projects would be executed in the territory.
“FCT needs special revenue package to carry out more projects that will have direct impact on the residents, there are ongoing projects that need chunk amount of money, so there is need for additional budget.
“In FCT, there are issues of compensation, abandoned and ongoing projects, so the present allocation is inadequate.
” We want a revenue formula that enhances the capacity to deliver high-quality services and dividends of democracy to Nigerians,” he said.
Bello stated that the review of the current formula was long overdue, as the prosperity of a capital territory directly or indirectly had its multiplying effect on the entire country’s development.
Earlier, the Commissioner, representing the FCT at Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Alhaji Tanko Abari, commended the FCT minister for organising the meeting.
Abari said that RMAFC began the process of reviewing the subsisting vertical revenue allocation formula in line with changing realities as the last review was done in 1992.
He enjoined stakeholders to participate actively and effectively as the commission would take all views and recommendations into consideration