Stop depending on oil, diversify revenue sources, Okonjo-Iweala urges govs-elect

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The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala has advised incoming governors to stop depending on crude oil and diversify the sources of revenue in their domains.

She spoke on Monday during an induction organised for elected governors in Abuja, two weeks before the May 29 inauguration. According to her, states with over-dependence on the monthly Federation Account Allocation Committee (FAAC) would be badly hit.

“We need to start preparing now for a time when our oil and gas will no longer serve us as the main sources of revenue. States with a heavy dependence on FAAC allocation will be particularly hit,” Okonjo-Iweala stated.

“It is important that you governors start now to diversify your revenue sources. We ought to be seeking to double our growth rate and sustain that higher growth until we attain upper middle-income status.”

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