TUESDAY 5TH OCTOBER 2021

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Fiscal Federalism: Lagos Demands 1% in Revenue Allocation Formula Sanwo-Olu reiterates demand for special status Says prosperity of Lagos has multiplier effect on S’West, Nigeria Segun James Lagos State Government yesterday demanded one per cent share in the federal revenue allocation formula, maintaining that the state’s unique features and its prosperity bear on development

in the South-west and Nigeria, generally. The government canvassed a special status designation for Lagos State, and proposed that the revenue sharing formula should be 34 per cent for the federal government, one per cent

for the Federal Capital Territory, 42 per cent for state governments, 23 per cent for local governments, and one per cent for Lagos State (Special Status). This is against the current revenue allocation formula, which gives the federal government 52.68 per cent, the 36

state governments 26.72 per cent, and the 774 local governments 20.60 per cent. The Lagos State government’s demands were made by Governor Babajide Sanwo-Olu at the opening of a two-day Southwest zonal public hearing on

review of the revenue allocation formula, organised in Lagos by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC). In a memorandum on review of revenue allocation formula, which he submitted

to the RMAFC, Sanwo-Olu declared that allocating one per cent to Lagos State (Special Status) and allowing the three tiers of government to share 99 per cent in a new revenue sharing formula Continued on page 10

Supreme Court Reserves Judgment on Funding of States' Courts, Executive Order 10... Page 11 Tuesday 5 October, 2021 Vol 26. No 9678. Price: N250

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Buhari Presents 2022 Budget Thursday, Lays It at FEC Tomorrow Blessing Ibunge in Port Harcourt

L-R: Former Vice Chancellor, Lagos State University (LASU) and Non-Executive Board Advisor, Jagal Group, Prof. Olanrewaju Fagbohun (SAN); renowned economist/former Chairman and CEO, FSB International Bank Plc., Mohammed Hayatu-Deen; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote; Managing Director & CEO, Jagal Group, Maher Jarmakani; Co-CEO, Jagal Group, Manssour Jarmakani and Chairman, PHOTO: Abiodun Ajala Nigerian Ports Authority (NPA), Emmanuel Olajide Adesoye (FCA), during the special memorial service themed: ‘A Legacy of Excellence,’ for late founder, Jagal Group, Anwar Jarmakani, in Lagos...recently

All things being equal, President Muhammadu Buhari, has been scheduled to present the 2022 budget proposal before the National Assembly this Thursday. This, however, would be after he would have presented same to the Federal Executive Council (FEC) tomorrow, a source in the Continued on page 10

South-south Governors Resolve to Join VAT Collection Suit Urge FG to constitute NDDC board by law, demand forensic audit report be made public Set to commission regional security outfit S'East govs, leaders to meet over rising insecurity Obi: Situation is disheartening Gunmen enforcing stay-at-home order set tricycle ablaze in Enugu Chuks Okocha in Abuja, DavidChyddy Eleke in Awka, Gideon Arinze in Enugu and Blessing Ibunge in Port Harcourt South-south Governors Forum, yesterday, declared support

for states’ collection of Value Added Tax (VAT) as ordered by a Federal High Court in Port Harcourt. The forum, comprising governors of the six oil-rich Niger Delta states of Rivers, Continued on page 10

Ladi Williams, SAN: Exit of a Legal Luminary...See LAWYER inside

TAKING EXPORT PROMOTION TO WTO... L-R: Chief Executive Officer, Nigerian Export Promotion Council (NEPC) and President, ECOWAS Trade Promotions Network (TPO), Mr. Olusegun Awolowo (left) with the Director General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, at the Public Forum meeting in Geneva, Switzerland... recently


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TUESDAY 5TH OCTOBER 2021 by THISDAY Newspapers Ltd - Issuu