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Friday, 13 July 2012

SENATE RESOLVES TO REVIEW REVENUE SHARING FORMULA TO AVERT LOOMING DANGER OF BANKRUPTCY IN STATES.




The senate today renewed its commitment to review the current revenue sharing formula to prevent looming danger of bankruptcy in some states.

The senate also urged the 36 states government in the country to diversity their economics in order to enhance internally generated revenue in such areas as agriculture, tourism in such areas as agriculture, tourism, solid minerals among others.

The above are part of the recommendations adopted by the senate while considering the reports of its Ad-hoc committees on National Planning, Economic Affairs, Appropriation finance and states and local government that earlier investigated the alleged looming bankruptcy in some states.

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