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Develop other revenue sources – Ambode advises FG, states

By BusinessNews Staff on September 2, 2015

Governor Akinwunmi Ambode of Lagos State has advised state governments and the Federal Government to develop alternative revenue sources as persistent declines in global oil price continue to impact negatively on the nation’s oil revenue.

He also said that the current economic challenges facing Nigeria called for greater commitment and contribution from all stakeholders particularly professional bodies.

The governor made this known in Lagos at the investiture of the 12th President of the Chartered Institute of Taxation of Nigeria, Dr. Olateju Somorin.

He said, “Today, a major challenge facing government at all levels is the diversification of our revenue base as a result of the dwindling revenue from oil.

“There is a compelling need for us to identify and develop other sustainable sources of revenue that is sufficient enough to support the rate of economic growth and development that we all desire.”

Ambode, who was represented by the Permanent Secretary, Civil Service Pension Office, Lagos State, Mrs. Olabowale Ademola, submitted that the solution to the dwindling economic fortune of the country was for the federal and state governments to identify and develop other revenue sources.

While felicitating with the new CITN president, the governor charged members of professional bodies in the country to uphold ethics and best practices that would move the nation forward economically.

He added, “We must be truly professional in our conducts and practice. This is the only way we can continue to earn the respect and trust of all those who look up to us as people of honour and integrity.”

He further acknowledged the relevance and role of professional bodies in the successful realisation of government fiscal policy objectives.

He noted that the professional inputs of the CITN in the implementation of the various government reforms aimed at repositioning the economy was crucial to the overall objectives of his administration.

Emphasising the administration’s resolve to run an all-inclusive government, Ambode said the government was open to “ideas and suggestions that will add value to governance in Lagos state.”

Somorin, in her acceptance speech, rolled out the five-point agenda of her tenue.

She said the institute was ready to collaborate with other professional bodies and chart a new course for the economy from time to time.

According to Somorin, the CITN will pay attention to human capital development through training and retraining of personnels. Adding that “this is vital to the development of any organisation.”

[Punch]

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