Rivers State Governor, Nyesom Wike has described as unacceptable the current revenue sharing formula that allows the federal government to take 52.68 percent, and the states and local government councils to take 26.72 percent and 20.60 percent respectively.
Wike, disclosed this when the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), paid him a courtesy visit at Government House, Port Harcourt.
He said despite the changes that the country had been through in the past 29 years, it is regrettable that it has continued to use the 1992 revenue formular prescribed by the military.
He urged the commision to reduce revenue accruable to the federal government from the federation account to 40 percent, and increase those of States and local government councils to 40 and 20 percent respectively.
