By Chidi Nkwopara

OWERRI—A new revenue formula will soon be put in place to replace the existing formula, which has been in operation for the past seven years.

The Commissioner representing Imo State at the Revenue Mobilization, Allocation and Fiscal Commission, Dr. Casmir Anyanwu, stated this at Aboh Mbaise Local Government Area headquarters, Aboh Mbaise, during his visit to the council headquarters.

Anyanwu hinted that the new formula would reflect the present realities, as well as favour the states and local governments because of the high demand for development at these levels.

According to the Commissioner, the states and local governments would get 52 percent, while the Federal Government will get 48 percent, in the new proposal.

He was of the opinion, that the responsibility for primary education should be transferred to the states to ensure transparency and fair treatment.

On the joint execution of state/local government projects, Anyanwu said it was acceptable and proper, as long as the terms of agreement were strictly adhered to, even as he advised the local councils to maximize their interest in such ventures.

Speaking also, the Council Treasurer, Mr. L.N. Uzowuru, stated that primary school education was a major financial burden to local governments.

He complained that many items have been removed from the local governments’ internally generated revenue list, adding that it has badly affected the solvency of the local councils.