The event took place at the Conference Room of the Ministry of Local Government and Chieftaincy affairs.
Alimi said the bad financial state occasioned by the persistent dwindling revenue from the Federation Account coupled with the poor internally generated revenue has not only made it difficult for local governments to meet recurrent expenditures but has equally hindered their capacity to deliver dividends of democracy to the grassroots.
He added that it was necessary to have the committee that will advise the government on how to improve revenue generation of local government.
The commissioner then charged the committee to take the assignment with zeal and commitment it deserves.
Permanent Secretary of the ministry, Mr Muftau Oluwadare, advised the committee to identify loopholes in the internally generated revenue in the local governments and suggest ways of blocking those loop holes.
The NULGE President in the state, Babatunde Adekomi, expressed the readiness of the local government staff to cooperate with the government in the revenue generation drive.
He also charged the revenue collectors in the system to brace up.
Chairman of the committee who is also the Executive Secretary of Olorunda Local Government, Mr Akeem Okunade, explained that the committee was ready to work to improve the revenue base of the local government at this challenging period.
He added that setting up of the committee is an effort towards liberating the local governments in the state from the agonising effect of dwindling revenue from the Federation Account.