Thursday, June 30, 2022
Home State of the States

State of the States

There are concerns that Nigeria’s worsening revenue challenge may escalate into a financial implosion, with the 36 states and the Federal Capital Territory (sub-nationals), being the worst hit. The situation is aggravated by the nation’s escalating public debt stock (now over N35 trillion). The debt stock comprises domestic and external loan obligations of the Federal Government and the sub-nationals. With over 70 percent of the nation’s revenue committed to debt servicing annually, governments at all levels are struggling to survive. There is little left for capital budget, pay salaries and undertake other priorities to grow the economy. Moreover, there is a limit to which the people and corporates could be taxed. Yet, profligacy and waste take the centre of our governance space while frugality assumes the back seat. As such, the sub-nationals are hemorrhaging huge resources in paying salaries and other emoluments of a bloated bureaucracy. To survive, they are urged to diversify their revenue base, embark on aggressive internally generated revenue (IGR) and depend less on the shrinking federal allocations. The purpose of State of the States project, is to present evidence-based alternatives. These include avenues for the sub-nationals to become more viable and less dependent on the Federal Accounts Allocation Committee (FAAC) – referred to as Abuja handout. State of the States, a bi-weekly publication, features two states per edition. It endeavours to unearth hidden treasures in each state and ascertain, through consultations and evidence-based survey, areas of comparative advantages and economies of scale. The publication will show-case, in no exaggerated terms, the socio-economic status of each state and highlight the opportunities and threats. Furthermore, State of the States will examine existing realities that hinge on sector-specific areas of competitive advantage – Agriculture, Tourism, Transportation, Education and Skill Acquisition, Wellbeing and MSMEs. Ultimately, the project seeks to create the desired spotlight on the sub-nationals to motivate them to venture into something different for better results. We have featured Lagos and Ogun, Kwara and Kogi, Anambra and Enugu, Benue and Taraba, Kebbi and Sokoto, Cross River and Akwa Ibom, Ekiti and Osun, Bauchi and Gombe, Rivers and Bayelsa, Kano and Jigawa. This week periscopes Imo and Abia.

Ask ZiVA 728x90 Ads

 

45 YEARS OF CBN INTERVENTION: Lagos State

LAGOS STATE Real Sector Support Facility- Differentiated Cash Reserve Requirement (RSSF-DCRR) Dangote Oil Refinery- is a 650,000 barrels per day integrated refinery and petrochemical project under construction...

45 YEARS OF CBN INTERVENTION: Ogun State

INTRODUCTION The Real Sector development initiatives of the Central Bank of Nigeria, introduced to stimulate and sustain growth in key sectors of the economy,...
Fintiri caricature

State Of The States: Adamawa State

March 14, (THEWILL) - Adamawa is a state in northeastern Nigeria. It was created from old Gongola State in August 1991. Its capital and...
Umahi caricature

State Of The States: Ebonyi State

March 14, (THEWILL) - Ebonyi State is in Nigeria’s south-east region. It was created in 1996, carved out of both Enugu and Abia States...

State of the States: Plateau State

February 27, (THEWILL) - Located in the North-Central geopolitical zone, Plateau State was created in 1976 out of the old Benue-Plateau State. Its capital...
Masari caricature

State Of State: Katsina state

February 27, (THEWILL) - Katsina State was created from Kaduna State on September 23, 1987, its capital and main town is Katsina. It borders...
Niger state

State Of State: Niger State

February 13, (THEWILL) - Niger state is found in the Middle Belt Region of Nigeria. It is the largest state in the country by...
Zamfara state

State of the States: Zamfara State

February 13, (THEWILL) - Situated in north-western Nigeria, Zamfara State was carved out of Sokoto State on October 1, 1996.  Its capital is Gusau. Its...
MAKinde caricature

State Of States: Oyo State

January 31, (THEWILL) - Oyo State in southwestern Nigeria was created on February 3, 1976 from the former Western State. Ibadan, the state capital...
El-Rufai Caricature

State Of State: Kaduna State

January 16, (THEWILL) - Kaduna State was created in 1967 with Kaduna as the capital and major city.  It used to be called the North-Central...