Lagos State Governor, Babajide Sanwo-Olu has urged the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) to consider Lagos State population  in determining the state’s revenue allocation.

Sanwo-Olu, while delivering his address Monday at the opening of a three-day retreat of members of Revenue Mobilization Allocation and Fiscal Commission (RMAFC) with theme: ‘Consolidating RMAFC for Great Efficiency – Issues, Expectations and Way Forward’, canvassed the need for the commission to take a more critical look at some of the parameters being used to determine what is allocated to each state and local government.

According to him, Lagos State has the peculiarity of being Nigeria’s smallest state by land mass, but at same time it is most populated.

This, he opined puts the state at the very top of the population-density table “a status that comes with it’s own special challenges.

“We are also the state with the fastest growing population in Nigeria and fastest growing urban areas in the world. Lagos State has been projected to increase by 100% by 2050 when it would rank as the 3rd largest city in the world,” he said.

“Mr. Chairman and distinguished members, the significance of all these vital statistics is to draw our attention to the fact that the needs of this growing population must be catered for. To this end, population density must therefore attract significant weight as a critical parameter in determining a fair and just revenue formula,” he urged.

On Tax increment he said “our tax policy must be progressive to reflect present realities an also align with best global practises.

“Our Fiscal policy regime must be sustained and further strengthen as part of strategies to increase the tax component of our revenue,” he stated.

Also speaking, the chairman of the commission, Engr. Elias N. Mbam who appreciated the Lagos State Governor for playing host to the retreat, stated that his acceptance of the responsibility is a clear manisfestation of the Governor’s commitment to good governance and promotion of Inter-Governmental collaborations.

According to the chairman, The retreat is aimed at preparing members and management to deliver efficiently on the mandate of the commission and contribute to Nation Building.

The RMAFC is one of the 14 executive bodies established by the 1999 Constitution of the Federal Republic of Nigeria as amended.

The commission’s functions include; monitoring all the accruals and disbursement of revenue from the federation account, determining the remuneration appropriate to political office holders, advising the Federal and state government on fiscal efficiency and methods by which their revenue can be increased.