Babajide Sanwo-Olu, has said there is urgent need for a new revenue sharing formula that is fair and equitable, reflecting the contribution of stakeholders to the common purse.

The governor also called for a special status for Lagos over its “huge financial obligations” to the national coffers.

Sanwo made these remarks at the opening of a two-day South-west zonal public hearing on the review of the revenue allocation formula organized by Revenue Mobilization Allocation and Fiscal Commission (RMAFC) in Lagos.

The governor added that the states also wanted a revenue formula that enhances the capacity to deliver high-quality services and dividends of democracy to Nigerians.