Sanwo-Olu calls for new Revenue Sources, Sharing Formula

Must Read

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...
- Advertisement -

Lagos State Governor, Babajide Sanwo-Olu has called for the creation and boosting of new sources of export in Nigeria’s bid to meet the yearning and aspiration of Nigerians just as he demanded a fair and just revenue sharing formula.

 

Speaking through his Deputy, Dr. Obafemi Hamzat at the opening ceremony of the Federations Accounts Allocation Committee’s Retreat being hosted by Lagos State,he declared; ‘’We must do everything within our power to create and boost new sources of export, especially along the lines of value-added agriculture and manufacturing’’

He urged State Governments to ‘’explore ways of reducing dependency on what comes from the federation account on monthly basis by adopting creative and innovative strategies to boost IGR’’.
While calling for innovative strategies by State Governments in the area of internally generated revenue, the Governor called for ‘’a new fair and just revenue-sharing formula for federation revenues’’.

- Advertisement -

He added ‘’there is actually a correlation between an appropriate revenue formula and the ability of federating units to achieve a meaningful diversification and sustainable growth in IGR’’.

Declaring further that Lagos deserves a special status funding, Sanwo-Olu said ‘’Lagos shoulders a heavy burden, which if not properly discharged poses great danger to the attainment of our national economic growth aspirations’’. He stated that Lagos needs help if it is to be able to meet the challenges of half a million people migrating into Lagos daily.

According to the Governor, the new revenue formula should take cognisance of population density in addition to nominal population while also increasing Lagos’s Share of VAT. He decried Lagos getting 10% of VAT while contributing 55% as equitable.

Read Also:  SEC Nigeria Launches Green Bond Rules

Speaking earlier, the Minister of Finance, Budget & National Planning, Hajia Zainab Shamsuna Ahmed while praising the synergy between the federal and all other tiers of government urge States to consider IGR as a critical instrument of funding by blocking leakages and ensure effective and efficient collection of revenue.

- Advertisement -

She further stated that the introduction of State’s Fiscal Transparency, Accountability and Sustainability (SFIAS) in partnership with World Bank was to strengthen fiscal discipline and financial stability. She added that a regime of peer learning will help States in revenue drive.
While acknowledging States’ interest and efforts to meet the eligibility criteria and conditions for Disbursement Linked Indicators, the Minister said States will soon benefit from the grants.

Read Also:  Lagos State Governor commissions new VIS headquarters (Photos)

She further explained that the Federal Government is committed to achieving a revenue to GDP rate 15% in the medium term adding that there will be efforts to improve investment in agriculture and industry as well as curtail imports.

In his welcome address, Benue State Commissioners of Finance who is also the Chairman, Forum of Commissioners of Finance, Hon David Olofu described the retreat as a training for all new members.
He noted that the retreats theme ‘’Efficient Federation Revenue Allocation as a Nexus for Economic Diversification’’ is a pointer to the ‘’need for a synchronised consistent and sustained effort at all levels to diversify the economy and provide opportunities for our people’’.

- Advertisement -
Sanwo-Olu calls for new Revenue Sources, Sharing Formula - Brand SpurSanwo-Olu calls for new Revenue Sources, Sharing Formula - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sanwo-Olu calls for new Revenue Sources, Sharing Formula - Brand SpurSanwo-Olu calls for new Revenue Sources, Sharing Formula - Brand Spur

Latest News

Nigerian Exchange (NGX Group) Unveils New Corporate Identity

Nigerian Exchange Group (NGX Group) Plc, a leading integrated market infrastructure Group in Africa, has announced the launch of...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Sanwo-Olu calls for new Revenue Sources, Sharing Formula - Brand SpurSanwo-Olu calls for new Revenue Sources, Sharing Formula - Brand Spur