Abia State Governor, Alex Otti, has said that Nigerian States should focus on generating their own income and rely less on the monthly FAAC.
He pledged full support for the nationwide data verification exercise being carried out by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to review and update the data used to share revenue among the federal, state, and local governments.
The governor gave the assurance on Wednesday during a meeting with a delegation from the commission at the Government House in Umuahia.
The team was in the state to begin the verification exercise, which forms part of efforts to review the country’s revenue allocation formula.
Otti said his administration is ready to work with the RMAFC team. He had already directed relevant ministries, departments, and agencies to cooperate. They are to provide the commission with all the information and support needed for the successful completion of the assignment.
He added that the Commissioner for Finance and other government officials had been instructed to work closely with the team to ensure a smooth exercise.
During the meeting, the governor said that revenue sharing remains important. He noted that states should pay more attention to generating their own income.
According to him, building strong and self-sustaining economies at the state level is necessary for long-term growth and stability.
He explained that heavy dependence on oil revenue could become a challenge in the future. Otti pointed out that many countries continue to move away from fossil fuels.
Otti said states should begin preparing for a time when oil revenue may no longer be enough. He stressed that stronger domestic revenue generation would help them remain financially stable.
The governor also spoke about the business potential of Abia State, describing its people as hardworking, creative, and entrepreneurial.
He encouraged members of the delegation to visit commercial and industrial centres. These centres are across the state to better understand its economic opportunities.
Several top government officials attended the meeting. They include Chief of Staff Pastor Caleb Ajagba and Commissioner for Finance Uwaoma Ukandu. The Chairman of the Board of Internal Revenue, Dr Emmanuel Okpechi, and Special Adviser on Media and Publicity, Ferdinand Ekeoma. The Chairman of the Association of Local Governments of Nigeria in Abia State, Chinedu Ekeke.
