The News Agency of Nigeria reports that Babangida made the call when the Chairman of Revenue Mobilisation, Allocation and Fiscal Commission, Chief Elias Mbam, paid him a visit at his Minna residence.
The former president said that besides proper devolution of powers, there was need for a review of revenue sharing formula in favour of the states and the local government councils.
He said that a greater percentage of revenue should go to the state and local governments because of their closeness to the masses.
The former military president also canvassed for diversification of the economy from the current mono-source – oil, to other revenue alternatives.
Babangida commended the commission for carrying out its assignment diligently in spite of the challenges.
Earlier, Mbam said the visit was part of extensive consultation with all stakeholders before drawing up a new revenue sharing formula.
He noted that the review of the revenue sharing formula was last held during the Babangida regime.
The chairman said the new revenue sharing formula would be ready by December.
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