A recent investigation by the Economic Confidential has shown that Fifteen States may go bankrupt as their Internally Generated Revenues (IGR) in 2015 were far below 10% of their Federation Account Allocations (FAA) in one year from June 2015 to May 2016. The report further indicates that the IGR of Lagos State of N268bn is higher than that of 32 States combined together excluding Rivers, Delta and Ogun whose IGRs are very impressive. The 32 other states merely generated a total of N257bn in 2015.
The report provides shocking discovery that indicates that 15 states may go bankrupt and may not stay afloat outside the Federal Account Allocation due to lack of foresight in revenue generation drive coupled with arm-chair governance. The states that may not survive without the Federation Account due to poor internal revenues include Yobe which generated meagre N2.2b compared to a total of N57.4bn it received from the Federation Account Allocation (FAA) from June 2015 to May 2016 representing about 3.9%. Others are: Zamfara with IGR of N2.7bn compared to FAA of N56.6bn representing 4.8%; Ekiti N3.2bn compared to FAA of N50.460bn representing 6.5%; Borno with N3.5bn compared to N78.7bn of FAA representing 4.5% and Kebbi with IGR of N3.5bn compared to N64.8bn of FAA representing 5.5% within the period under review.