Abuja — The Senate yesterday raised the alarm over what it called the "looming danger of bankruptcy in most states of the federation" and called on the Federal Government to expeditiously review the revenue sharing formula in favour of the state and local governments.
Adopting a motion sponsored by Senator Olubunmi Adetunmbi (ACN, Ekiti North), the Senate also directed its Committees on National Planning; States and Local Government; and Finance to study the situation and make recommendations on possible remedial measures to avoid total collapse of the economy of the affected states.
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