Lagos State Governor, Babajide Sanwo-Olu has 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 Internally Generated Revenue.
Sanwo-Olu also 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’’.
“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.
“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.
“The new revenue formula should take cognisance of population density in addition to nominal population while also increasing Lagos’s Share of VAT. Lagos getting 10% of VAT while contributing 55% as equitable,” Sanwo-Olu decried.