CALABAR â€” Internally generated revenue in Cross River State has hit N6.5 billion annually up from less than N500 million annually in 1999, Cross River State Governor, Liyel Imoke, has said.
He made this known while presenting a paper titled, Innovate or Perish: Building Internally Generated Revenue Through Economic Growth and DevelopmentÂ Lessons from Cross River State at the 1st Governorâ€™s Forum on surviving the downturn, re-focussing on Internally Generated Revenue in Abuja.
Imoke, who called for the introduction of innovation to improve Internally Generated Revenue (IGR) among states rather than depend solely on Federal Allocations, said Cross River had to come up with innovations because of the loss of 76 oil wells to Akwa Ibom State.
He said he had in mind a situation where the innova-tions introduced would help the state to get 50 percent of its revenue from IGR in 2020.
Imoke said the state intended to create innovative economic programmes in which industries would play a greater role in a conducive environment for growth, explaining that there should be peace to enable an economic growth.
The governor commended the Governors Forum for putting the three-day workshop together, adding that the platform provided stakeholders the opportunity to share ideas on improving IGR.
He admitted that Cross River State saw Lagos as a model, havingÂ experienced unusual reduction from the Federal Allocation because of economic meltdown and had been forced to go back to the drawing board to achieve its dreams.