The situation, he said, underscores the need to explore other means of raising funds to drive development.

Ahmed, who spoke at the weekend while declaring open the first Annual General Meeting of Harmony Holdings Limited, a state government-owned investments company, said irrespective of misgivings about the company which manages government’s investments and assets, it has come to stay.

“Harmony Holdings has turned around the fortunes of all entities under its umbrella just as it has shored up the internally generated revenue portfolio of the state.  As a government, we cannot continue to rely on federation allocation for growth and development. The reason is because the allocation is becoming smaller daily. More people are pursuing the allocation that is not growing. What does that tell us? It tells us that as a government, we must begin to think strategically. It is no more business as usual,” he said.