Oil producing states that are top receivers from the Federal Account Allocation Committee – FAAC, have been asked to look inward and improve on their Internally Generated Revenue for economic sustenance.

It might interest you to know that 90% of Akwa Ibom’s revenue comes from the FAAC, with less than 10% revenue, internally generated by the state.

The statistics were presented to stakeholders by BudgIT Foundation; A civic organization that encourages citizens’ engagement, during the week, at a focus Group discussion, which centered on Akwa Ibom’s readiness for Energy Transition.

With the increasing conversation on Energy Transition and how ready oil dependent societies are for a renewable energy dependent society, the stakeholders noted that it has become necessary for Akwa Ibom state, to be more intentional about economic diversification.

Speaking with Inspiration FM News, Head of Research and Advisory Unit at BudgiT, INIOBONG USEN specified the urgency at which the sub nationals must work, to mitigate the impact of Energy Transition in their states.

INIOBONG USEN also highlighted areas for diversification and income generation which the state needs to prioritize, to raise the percentage of its internally generated revenue from 9%.

The BUDGIT focused group discussion was held in collaboration with Policy Alert and Natural Resource Governance Institute ( NGIR). It featured stakeholders from the business sector, the civic space, and the media.