Governor of Imo State, Senator Hope Uzodimma, has advocated for the creation of Special Fund to compensate the South East for the losses the people suffered during the Nigerian civil war with attendant consequences today.

Governor Uzodinma who made the call while flagging off the Zonal Public Hearing on the Review of the Current Revenue Allocation Formula for the South East States organised by the Revenue Mobilization and Fiscal Commission in Owerri, the Imo State capital, also urged RAMFAC to come with a new equitable formula which would ensure that Imo benefits maximally from oil and gas deposits in the state.

According to a statement by the Chief Press Secretary and Media Adviser to the Governor, Oguwike Nwachuku, Governor Uzodinma said the essence of the demand for special fund for the South East region was predicated on the fact that the Civil War resulted in loss of millions of lives, with women and children losing their bread winners.

He reasoned that if for the reasons of Boko Haram, there is the North East Development Commission; and for the sake of oil, there is Niger Delta Development Commission; then there was every reason to create a special fund and or South East Development Commission to bring succour to the people of the region who were devastated during the war.

While commending RAMFAC for its bold steps towards reviewing the current revenue allocation formula, which he said was long overdue, the Governor requested the Commission to look at the oil well matter between Imo State and Rivers State and help to resolve the matter for the sake of justice.

He explained that Imo State has the highest gas deposits in Nigeria, yet revenue from these deposits and production does not accrue to Imo State per se.

According to him, oil politics was in no way favourable to the State as it (Imo State) has suffered great injustice on revenue sharing and demanded for justice and fair play as the yardstick for equity.

"The injustice has snowballed into gross underdevelopment of the oil and gas producing areas. This has resulted to youth restiveness, insecurity and other vices," the Governor said.

He noted that oil companies were more interested in exploiting the oil and gas in their area of operations without making commensurate efforts to reinvest the proceeds into the producing areas, citing Imo State as a case in point.

To ameliorate the situation, the Governor requested the oil and gas companies to develop a process that would result in creating a value chain.

"This is necessary because Imo needs petrochemical industries, fertilizer plants and other oil and gas establishments to improve on her economy, create jobs and stem the tide of insecurity," he explained.

The Governor also used the occasion to make a case for RAMFAC to be given more powers to introduce checks and balances on the activities of national revenue bodies such as Nigerian Ports Authority (NPA), Nigerian Liquefied and Natural Gas Company (NLNG), Federal Inland Revenue Services (FIRS), Customs and others, to ensure that all states, especially Imo State, get their appropriate royalties and compensations.

Governor Uzodimma assured RMFAC of support to enable the body achieve more as a committed organization, either through legislation or executive council presentations.

Addressing the audience, the Chairman of RAMFAC, Engr. Elias Mbam, explained that the review was to ensure conformity with changing realities, "provided that any revenue formula which had been accepted by an Act of the National Assembly shall remain enforce for a period of not less than five years from the date of commencement of the Act."

Pursuant to the above, Mbam said that "there have been several socio-economic and political changes since the last review of the Revenue Allocation Formula in 1992. These changes, amongst other considerations, informed the Commission to commence the review of the formula to reflect changing realities."

To achieve the goals for the review exercise, Mbam appealed to all stakeholders, especially the different sectors of the society that were invited, to effectively participate in the public hearing and assured that "the Commission shall take serious consideration of all views and recommendations that will emanate from the public hearing."

In her welcome address, the Chairman of Imo State Committee on Revenue Allocation Review who is also the state Commissioner for Finance and Coordinating Economy, Dr. (Mrs.) Doris Uzoka-Anite, expressed gratitude to all that honoured the invitation and reminded the participants that the Public Hearing was meant to articulate the stand of each of the five South East States for inclusion in the RMFAC demand for overall Allocation Formula Review.

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