BEVERLY HILLS, July 14, (THEWILL) – Lagos State Governor, Akinwunmi Ambode, has described the continuous operation of the Federal Land Registry in Lagos as an aberration which the current ongoing Constitutional amendment process must address in line with the principle of fiscal federalism.
He made this known on Friday at a retreat of Senate and House Representatives Committees on the Review of 1999 Constitution held in Lagos.
While faulting the Federal Land Registry, which was established when Lagos was the Federal Capital Territory, the Governor said the continuous operation of the registry was an aberration and it ought to have been closed and all title therein moved to the Lagos State Land Registry.
He also called for the restriction of Land Use Act only to the Federal Capital Territory on the basis of the fact that land had always been and should remain a residual matter for the State Houses of Assembly to legislate upon, hence the need for the Act to become Land Use Law of the States.
“I will also like to express the imminent dangers inherent in the proposed Stamp duties Bill which no doubt seeks to cripple the internally generated revenue due to States in the federation in favour of a Federal Government Agency- NIPOST,” he further argued.
“The Bill is presently before the National Assembly and it is a grave threat to the principles of fiscal federalism and as representatives of the true beneficiaries of the Act as it presently stands, there is need to put an urgent and immediate end to its further coordination by the National Assembly which also has the noble tradition that once a matter is before the Court, all activities on the matter would be suspended.
“The current revenue allocation formula by which the Federal Government takes as much as 52.68% of centrally-collected revenues in the Federation Account, leaving the States and Local Governments with 26.72% and 20.60% respectively has created a glaring and unacceptable imbalance in the financial resources of the three tiers of government.
“The sharing formula should be limited to Federal and State governments. Since Local Governments are to come under the purview of the States, allocations to them should be shared to States as they can have as many Local Governments as they wish. The 774 formula is inequitable.”