Oyintiloye who spoke against current hardship witnessed in the country which has resulted into many states’ inability to pay workers salary, said the implementation of the formula was necessary, with a view to giving the states and local governments more fund to stabilise the economy.
According to him, the present sharing formula,whereby the Federal Government alone takes 52.68 per cent, leaving the 36 states with 26.72 per cent and 774 local governments with 20.60 per cent would continue to affect the economy negatively if not addressed.
Noting that the situation requires that more money be given to states and local governments, he said the conference’s recommendations of 42.5 per cent, 35 per cent and 22.5 per cent for federal, states and local governments respectively would help to a large extent.
The lawmaker, who lauded President Muhammadu Buhari for his commitment to refunding the money expended on federal projects executed by states, said the gesture would only provide immediate succour to states.
“Presently, Nigeria is in economic crisis, and that is why states find it difficult to pay salaries for months and we must explore long term and sustainable means to resolve the crisis.
“The truth is that states and local governments need more fund to be made available to them and in my view, we must ensure the systemic implementation of 2014 national conference report on the revenue allocation formula to achieve this.
“The President can exercise his discretion to implement this portion, as a matter of urgent national importance aimed at solving the economic problem,” he said.
While describing the outcome of the national conference, its recommendations and documents as national property, Oyintiloye noted that investment of the federal government on the conference should not be allowed to go down the drain and the baby should not be thrown away along with the bath water.
Oyintiloye also applauded the commitment of the Buhari-led administration to block leakages and ensure the recovery of funds stolen by government officials who abused their offices in the recent past.
He said the decision and the tackling of the atrocities allegedly committed with the Excess Crude Account since 2011 and stoppage of payment of national revenue into any account other than the Federation Account among other measures, would go a long way to assist the government put the economy back on track.
Oyintiloye urged stakeholders to rally this position and lobby Mr. President to act on it as this is the most plausible and shortest route to more resources for states.