He revealed this at the opening ceremony of the Federation Account Allocation Committee, FAAC, retreat, held in Lagos.
According to him, the era of depending on federal allocation is completely over in Nigeria.
He added that diversification of sources of revenues is important in each state so development can happen without hitches.
His words, “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 development-oriented, there is the need to attach increased value to population density as a critical factor, in addition to the nominal population figure.”
Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed also added, “For the states, these measures included various financing options made available in the form of bailout funds, budget support facility, and relaxation of conditions for borrowing and ease of doing business. Over the years, governments have been committed to the efficiency of our common resources through fair, just and equitable distribution of the federation revenue to the three tiers of government as monthly statutory allocations.”
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