Again, stalemate in National Conference over Nigeria’s revenue formula

Based on the disagreement on Thursday, the Confab was forced to adjourn about one hour ahead of its 3.30 p.m. closing time.

For the second consecutive day, there was a stalemate at the National Conference as delegates disagreed on the revenue derivation formula.

On Thursday, the Conference Chairman, Idris Kutigi, announced that he would meet with the 50-member Elders/Consensus Building Committee, as well as chairmen and vice chairmen of all the conference’s standing committees by 11 a.m. on Friday on the issue.

That means the chairman would meet with about 90 delegates to review the possibility of arriving at a consensus on the controversial derivation formula.

An earlier one proposed by the Elders committee on Wednesday was rejected by several delegates especially those from the southern part of the country.

The committee had proposed an increase in the derivation formula that would see oil producing states get 18 per cent of revenue from oil gotten from each state – up from 13 per cent -, 5 per cent of the revenue to develop mineral producing communities, and 5 per cent of Nigeria’s resource revenue for Northern states ravaged by the Boko Haram insurgency.

Based on the disagreement on Thursday, the Confab was forced to adjourn about one hour ahead of its 3.30 p.m. closing time.

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