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Ekiti, Yobe, Borno, 12 other states may go bankrupt - Report

27 June 2016, 16:01

Abuja - Fifteen states in Nigeria may go bankrupt as over 90 per cent of their revenues come solely from the Federation Account Allocations (FAA) according to Vanguard

The states’ Internally- Generated Revenues (IGRs) in 2015 were far below 10 per cent of their FAA in one year from June 2015 to May 2016 covering the one-year of President Muhammadu Buhari’s administration.

This precarious situation is making the financially sick states gasping for survival under the country’s current economic situation. Already, many of the states have arrears of unpaid workers’ salaries while some of them have resorted to loans from banks to meet their financial obligations.

A report by the Economic Confidential, an economic intelligence magazine, released yesterday, indicates that the IGR of Lagos State of N268 billion is higher than that of 32 states combined, excluding Rivers, Delta and Ogun, whose IGRs are very impressive.

According to the study, the 32 other states merely generated a total of N257 billion in 2015.

The IGR of the 36 states of the federation totalled N682.67 billion in 2015, compared to N707.85 billion in 2014, representing a drop of N25.18 billion or a minus 3.56 per cent.

Also on the list are Taraba which generated N4.1 billion compared to FAA of N56 billion representing 6.4%; Nassarawa N4.4 billion compared to FAA of N50.5 billion representing 8.5%;  Adamawa N4.4 billion compared to FAA of N62.2 billion representing 7.1%; Gombe N4.7 billion compared to FAA of N49.8 billion representing 9.6%; Jigawa N5bn compared to FAA of N73 billion representing 7%; Bauchi N5.3bn compared to FAA of N72.6 billion representing 7.4%; Imo N5.4 billion compared to FAA of N71.6 billion representing 7.6%; Katsina N5.7bn compared to FAA of N88.8bn representing 6.5 %; Niger N5.9 billion compared to FAA of N74.8 billion representing 8% and Sokoto N6.2 billion compared to FAA of N69.7 billion representing 8.9%.

See list below

- News 24


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