The Governor of Lagos State, Babajide Sanwo-Olu, has advised his fellow governors to diversify the revenue base of their states from sole dependence on federal allocation.
This was as he advised the Federal Government to begin to pay attention to the manufacturing sector for revenue generation, rather than continue to depend on crude oil.
He was said to have been represented by his deputy, Obafemi Hamzat, at the FAAC retreat with the theme, “Efficient Federation Revenue Allocation as a Nexus for National Economic Diversification.” However, he made a case for “a new, fair and just revenue-sharing formula for federating units to achieve a meaningful diversification and sustainable growth in their IGR.”
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