By Olasunkanmi Akoni
LAGOS—GOVERNOR Babajide Sanwo-Olu of Lagos State, yesterday, tasked other state governments to look for other sources to generate more revenue rather than relying on federal allocations to fund huge responsibilities in their states.
Sanwo-Olu said this at the opening ceremony of the Federation Account Allocation Committee, FAAC, retreat, held in Lagos.
The retreat was themed: Efficient Federation Revenue Allocation as a Nexus for National Economic Diversification.
Sanwo-Olu, represented by his deputy, Dr. Obafemi Hamzat, stressed that the era of relying entirely on federal allocation was over in the country.
He said: “The Nigerian government needs to diversify its source of revenue. We must do anything we can to boost revenue along the line of manufacturing. It is important every state first look for ways to diversify. We must reduce our dependence on federal allocation.
“To make revenue sharing formula fairer, equitable, and more…
Source: Vanguard Newspaper
