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The Akwa Ibom state government has bemoaned the continued drop in its revenue from federal allocation saying the situation has worsened in the last couple of months.
Nsikan Nkan, Akwa Ibom State commissioner for finance stated this when he received a team from the Revenue Mobilisation and Fiscal Commission (FMAFC) in her office in Uyo, the state capital. He said that appropriate “indices” should be adopted to enable the State earn its due benefit.
Nkan called on the commission to aid in facilitating the correction in the derivation formula.
Noting that revenue was an indispensable tool for development. He said Governor Emmanuel has taken concrete steps to diversify the state’s revenue sources to stimulate wealth for the socio-economic advancement of the people.
According to him, the state government has the State government has to look inwards to generate more funds to cushion the effect of the dwindling revenue following the drastic drop in oil price.
He applauded RMAFC for initiating and embarking on the pilot study on revenue to fashion out how the revenue base of the federal, states and local governments could be expanded, describing the survey as a dynamic response to tackle the prevailing financial challenges in the country.
Nkan called on the commission to aid in facilitating the correction in the derivation formula.
Noting that revenue was an indispensable tool for development. He said Governor Emmanuel has taken concrete steps to diversify the state’s revenue sources to stimulate wealth for the socio-economic advancement of the people.
According to him, the state government has the State government has to look inwards to generate more funds to cushion the effect of the dwindling revenue following the drastic drop in oil price.
He applauded RMAFC for initiating and embarking on the pilot study on revenue to fashion out how the revenue base of the federal, states and local governments could be expanded, describing the survey as a dynamic response to tackle the prevailing financial challenges in the country.
He noted that ” we cannot continue to do the same thing and expect a different result, hence an evolution of new ideas to either alternate or improve our main sources of revenue .”
While acknowledging RMAFC as a critical organ of government, the Finance Commissioner expressed the state’s readiness to strengthen partnership with the Commission as well as key into their economic diversification strategies.
Earlier, the leader of the delegation from the Revenue Mobilization and Fiscal Commission, Welanye Damni said they were in Akwa Ibom to conduct the pilot study on revenue increase which would include obtaining opinion of stakeholders and the tiers of government on their sources of revenue and the possibility of expanding them.
Damni stated that the survey came as a result of the dwindling revenue and finances facing the nation and hence the need to carry out a comprehensive review of sources of revenue available to the three tiers of government.
He pointed out that Akwa Ibom State is one of the three States in South-south States chosen for the revenue research in view of its strategic position in the region and called for inputs from state government to aid the preparation of new revenue blueprint.
While acknowledging RMAFC as a critical organ of government, the Finance Commissioner expressed the state’s readiness to strengthen partnership with the Commission as well as key into their economic diversification strategies.
Earlier, the leader of the delegation from the Revenue Mobilization and Fiscal Commission, Welanye Damni said they were in Akwa Ibom to conduct the pilot study on revenue increase which would include obtaining opinion of stakeholders and the tiers of government on their sources of revenue and the possibility of expanding them.
Damni stated that the survey came as a result of the dwindling revenue and finances facing the nation and hence the need to carry out a comprehensive review of sources of revenue available to the three tiers of government.
He pointed out that Akwa Ibom State is one of the three States in South-south States chosen for the revenue research in view of its strategic position in the region and called for inputs from state government to aid the preparation of new revenue blueprint.
He expressed optimism that the study would yield mutual benefits for both the State and federal government as there would be a synergy to create ideas to bolster fiscal efficiency in revenue mobilisation such as broadening the tax net, blocking of revenue leakages as well as securing public buy-in on voluntary tax compliance.
