Zainab Ahmed says it has become necessary for governments at both the federal and state levels to diversify their sources of revenue as there is danger in oil dependence.
Ahmed said this in Abuja on Tuesday at a workshop on Process of Revenue Generation, Accounting, and Reporting to the federation allocation accounting committee, FAAC.
She noted that with the on-going reforms, the time-lag between collection and remittances into the federation account will be lowered.
Revenue is a determining factor for the provision of public goods and services. The template for revenue to the federation account has for some time been an issue leading to a review and eventual approval of a new template which commenced from November 2018.
At the workshop to examine the revised reporting template, the Finance Minister represented by Mohammed Dikwa, said apart from the review, there is a need to diversify the economy.
The forum of finance commissioners through its Chairman, Mahmud Yunusa, said the workshop was timely.
Revenue generating agencies like the NNPC, Department of Petroleum Resources, the Nigeria Customs Service and FIRS gave assurance of their readiness to increase collection and remittance to the federation account
The ideas from the workshop will ultimately help to clear any issues between revenue agencies and states as the process of revenue generation, accounting, and reporting is been perfected.