THE Bayelsa State Government has called on the Revenue Mobilization, Allocation and Fiscal Commission and the Federal Inland Revenue Service to recalibrate the extant formula for sharing revenue in respect of oil and gas production in the country.
The state Governor, Douye Diri, made the call while declaring open a two-day stakeholders’ sensitisation forum on the use of natural gas as alternative energy in Yenagoa, the state capital.
Diri, who was represented by his Deputy, Lawrence Ewhrudjakpo, frowned at the present revenue sharing formula, saying it grossly lacked equity and justice for gas-producing states like Bayelsa.
He noted that although Bayelsa ranked as the highest gas-producing state in the country, it was yet to enjoy full benefits of its huge natural gas endowment.
He said, “Bayelsa State, as we all know, is the leading producer of gas in the country. For this reason, we should be principal stakeholders in the decisions and outcomes of any conversation about the future of gas in the Nigerian economy.
“The environmental and socioeconomic impacts of gas flaring have resulted in estimated losses of over N11bn in Nigeria. Yet Nigeria continues to pay lip-service to the menace of gas flaring and has severally shifted the target date for stopping this misnomer.
“We, therefore, use this opportunity to again call on RMAFC and the Federal Inland Revenue Service to recalibrate their revenue sharing formulae, especially as it concerns the production of oil and gas.”