By Samuel Oyadongha

Yenagoa — Bayelsa State governor, Mr.  Seriake Dickson, yesterday, called for the review of the country’s revenue sharing formula to reflect true federalism.

According to the governor, the current 13 per cent derivation has become increasingly inadequate to surmount the huge developmental challenges confronting oil producing areas.

Dickson, while declaring open a two-day South-South public hearing on the review of the nation’s revenue allocation formula in Yenagoa, organised by the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, also called on the National Assembly to expedite action on the Petroleum Industry  Bill.

This, according to the governor, would address the current disparity in revenue allocation formula especially to the oil producing states and communities in the Niger Delta.

Represented by the Secretary to State Government, Prof. Edmund Allison-Oguru, Governor Dickson, said: “You will all agree with me that before the discovery of crude oil in commercial quantities in Oloibiri in the present day Bayelsa State in 1956, cocoa, groundnut, cotton and other agricultural produce were the mainstay of Nigeria’s economy.

“The regions producing these agricultural produce were given 100 per cent derivation formula and as time progressed, it was revised to 50 per cent and later to 30 per cent but after the discovery of oil, these agricultural produce were relegated to the background.

“It, therefore, behoves on  RMAFC to revisit the era of 100 per cent, 50 per cent or 30 per cent derivation formula to reflect true federalism. It is a well known fact that the exploration of oil in the Niger Delta region has not only exploited the people but has also made the area toxic and polluted the environment, a situation that has adversely affected the agrarian and subsistence lifestyle of the people.

“The current 13 per cent derivation has become increasingly inadequate to surmount the huge developmental challenges confronting the area. That is why it has become imperative for the National Assembly to expedite action on the Petroleum Industry  Bill, which I believe, when passed into law, will adequately address the lopsided revenue allocation formula, especially to the oil producing states and communities of the Niger Delta.”