TUC urges federal government to review revenue sharing formula
The Trade Union Congress of Nigeria (TUC) has called on the Federal Government to urgently review the revenue sharing formula of states and local government in order to empower them undertake significant projects to impact lives of Nigerians.
The union said the current revenue sharing formula renders states financially impotent.
President of TUC, Quadri Olaleye said this when the leadership of Nigerian Union of Journalists (NUJ) Lagos state chapter paid him a courtesy visit.
According to him, there is no significant project undertaken by the states and local government because of the huge percentage of revenue that is retained by the federal government.
Olaleye, who spoke on the recent ban of foreign exchange for importation of food, advised government to be mindful of its policies so existing companies are not lost to smuggling.
He said the union has written to the Central Bank of Nigeria (CBN) to be cautious in releasing forex as many privileged individuals now trade in dollars, adding that they are not being fair to the local industries and the economy.
He said: “Milk is a raw material and we are not producing enough to meet our need, so we must import. Dangote has tomatoes paste company but can the tomatoes available meet up to 70 per cent of his company’s installed capacity for one month? No. We are a cocoa producing country yet companies import to remain in business.”
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