Sanwo-Olu canvasses new revenue source, sharing formula

Lagos State Governor Babajide Sanwo-Olu has said that the current revenue sharing formula in the country is far from being fair, just and equitable. SanwoOlu Lagos RevenueAllocation Nigeria

The governor, who canvassed a new sharing revenue formula, urged his counterparts across the federation to explore ways of reducing dependency on monthly federal allocations by adopting creative and innovative strategies to boost their Internally-Generated Revenue .

“There is actually a correlation between an appropriate revenue formula and the ability to federate units to achieve a meaningful diversification and sustainable growth in IGR. “The new revenue formula should take cognisance of population density in addition to the nominal population while also increasing Lagos Share of Valued Added Tax . Lagos getting 10 per cent of VAT while contributing 55 per cent as equitable,” he said.

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