68 Views

Here Are The 15 Nigerian States That Might Go Bankrupt – Report

According to the report, the IGR of Lagos State of N268 billion is higher than that of 32 States combined.

Fifteen Nigerian states may go bankrupt due to their poor Internally Generated Revenues (IGR) in 2015, which were as low as 10% of their Federation Account Allocations (FAA) in one year from June 2015 to May 2016, an investigation by the Economic Confidential has shown.

According to the report, the IGR of Lagos State of N268 billion 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 N257 billion in 2015, it said.

In its latest report on IGRs, Economic Confidential, an economic intelligence magazine, revealed the total allocation each state in Nigeria received from the Federation Account Allocation (FAA) between June 2015 to May 2016 which signified one year of the President Muhammadu Buhari adminsitration.

As revealed in the report, only Lagos State generated more revenue than its allocation from the Federation Account by 150% and no other state has upto 100% of IGR to the federal largese.

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

The report indicated that 15 states may not stay survive outside the Federal Account Allocation due to lack of creativity and foresight in revenue generation drive.

The potentially bankrupt states include Yobe which generated N2.2 billion compared to a total of N57.4 billion it received from the Federation Account Allocation (FAA) from June 2015 to May 2016 representing about 3.9%.

ALSO READ  Kaduna State Governor El-Rufai Said He Always Pray Nigeria’s Oil Dries Up, Find Out Why.

Other states are Zamfara with IGR of N2.7 billion compared to FAA of N56.6 billion representing 4.8%; Ekiti N3.2 billion compared to FAA of N50.460 billion representing 6.5%; Borno with N3.5 billion compared to N78.7 billion of FAA representing 4.5% andKebbi with IGR of N3.5 billion compared to N64.8 billion of FAA representing 5.5% within the period under review.

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%; GombeN4.7 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%.

Lagos State however leads the pack in IGR with a total revenue generation of N268.22 billion in the year under review;  followed by Rivers State N82.10billion, Delta StateN40.80 billion, Ogun State N34.59 billion and Edo state with N19.11 billion.

The following five states are also on top of the current economic challenges – Enugu, Oyo, Anambra, Akwa Ibom and Kano with N18.08bn, N15.66bn, N14.793bn, N14.791bn, and N13.611 bn respectively.

 pulse.ng

 

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Read The Reply MTN Gave Lady After She Mistakenly Bought N15k Airtime, Instead Of 1500
Shocking
5 views
Shocking
5 views

Read The Reply MTN Gave Lady After She Mistakenly Bought N15k Airtime, Instead Of 1500

MT - January 17, 2018

Lady cried out yesterday after she mistakenly bought an Airtime of 15k instead of 1500 from MTN VTU, she posted the screenshot of Twitter, But Got disappointed…

This 1962 Cardilac Fleetwood Limousine Recently Spotted In Lagos Is A beauty To Behold (Photos)
Lifestyle
9 views
Lifestyle
9 views

This 1962 Cardilac Fleetwood Limousine Recently Spotted In Lagos Is A beauty To Behold (Photos)

MT - January 17, 2018

If it is 1962, this limousine will be termed the Rolls Royce of all cars as it is exclusively for the rich. But it has gone vintage…

Why We Rejected Grazing Colonies – Ohanaeze
Politics
20 views
Politics
20 views

Why We Rejected Grazing Colonies – Ohanaeze

MT - January 17, 2018

OHANAEZE Ndigbo, the Apex Igbo socio-cultural organisation, has urged the people of the South East region to reject the proposed grazing colonies by the federal government. The…

Meet Meggy Linus, New Akwa Ibom Teen Queen, She Replaces Abasiodiong Eyo Inyang
Entertainment
21 views
Entertainment
21 views

Meet Meggy Linus, New Akwa Ibom Teen Queen, She Replaces Abasiodiong Eyo Inyang

MT - January 17, 2018

Meet the New Akwa Ibom Teen Queen 2017/2018, Miss Meggy Linus. She replaces Miss Abasiodiong Eyo Inyang who was dethroned for “immoral behaviors and indiscipline”. Miss Meggy…

Three Nigerian Female Athletes Celebrated In New Beats By Dre Advert. Photos
Entertainment
18 views
Entertainment
18 views

Three Nigerian Female Athletes Celebrated In New Beats By Dre Advert. Photos

MT - January 17, 2018

Congratulations are in order for Nigeria’s first bobsleigh team after being celebrated in the new Beats by Dre advert. Beats by Dr. Dre launched the latest installment…

Buhari Hosts Saraki And Other Principal Officers Of The National Assembly. Photos
Politics
23 views
Politics
23 views

Buhari Hosts Saraki And Other Principal Officers Of The National Assembly. Photos

MT - January 17, 2018

Yesterday, President Muhammadu Buhari hosted principal officer’s of the National Assembly in State House, Abuja. Those present include, Senate President Abubakar Bukola Saraki, Deputy Senate President Ike…

9ice Celebrates His 38th Birthday. Check Out Then Vs Now Photos
Entertainment
30 views
Entertainment
30 views

9ice Celebrates His 38th Birthday. Check Out Then Vs Now Photos

MT - January 17, 2018

9ice,  Alexander Abolore Adegbola Adigun Alapomeji Ajifolajifaola was born today, 17th of January. 9ice was at the centre of the Nigerian music scene in the year 2010…

Here Is Why Jordon Ibe Turned Down Offer To Represent Nigeria At Russia 2018
Sports
38 views
Sports
38 views

Here Is Why Jordon Ibe Turned Down Offer To Represent Nigeria At Russia 2018

MT - January 17, 2018

Former England youth international Jordon Ibe has turned down a fresh approach by Nigeria to represent them at the World Cup 2018 in Russia. Ibe has been…

Breastfeeding For Over Six Months May Reduce Diabetes Risk – New Study Reveals
Food and Health
31 views
Food and Health
31 views

Breastfeeding For Over Six Months May Reduce Diabetes Risk – New Study Reveals

MT - January 17, 2018

A 30-year U.S. study has revealed that Breastfeeding for six months or longer appears to significantly cut the risk of a woman developing type II diabete. According a…

Davido Threatens To Publish The Names Of His Debtors
Entertainment
29 views
Entertainment
29 views

Davido Threatens To Publish The Names Of His Debtors

MT - January 17, 2018

Days after being accused of evading tax, Nigerian singer ,Davido has threatened to publish the names of his debtors, as he calls for the release of his…

Unemployment Is The Reason Behind The High Rate Of Murder In Nigeria – Dangote
Business
28 views
Business
28 views

Unemployment Is The Reason Behind The High Rate Of Murder In Nigeria – Dangote

MT - January 17, 2018

  Africa’s Richest man, Aliko Dangote, has given his two cents on the rise in killings in the country. According to the business mogul, the high rate…

Wenger Brands Referee Dean A ”Disgrace”
Sports
53 views
Sports
53 views

Wenger Brands Referee Dean A ”Disgrace”

PH - January 17, 2018

Arsene Wenger called Mike Dean a "disgrace" and accused the referee of dishonesty after barging into the official's dressing room for a furious rant following Arsenal's controversial…

10 Things You Should Know In The Finance Markets Today
Business
42 views
Business
42 views

10 Things You Should Know In The Finance Markets Today

PH - January 17, 2018

  1. Odeon‎, Britain's biggest cinema chain, is preparing to hire bankers to oversee a blockbuster summer flotation on the London Stock Exchange, Sky News reports.Sources said that…

Kanu Nwankwo Decries AMCON’s Action Against His Heart Fundation
Business
62 views
Business
62 views

Kanu Nwankwo Decries AMCON’s Action Against His Heart Fundation

PH - January 17, 2018

Nigerian football legend, Kanu Nwankwo is on the news again and this time he needs the general public to come out and speak for him since AMCON…

Pretty Teen Nollywood Actress, Regina Daniels And Wale Ojo Grace The Cover Of House Of Maliq Magazine
Entertainment
55 views
Entertainment
55 views

Pretty Teen Nollywood Actress, Regina Daniels And Wale Ojo Grace The Cover Of House Of Maliq Magazine

MT - January 17, 2018

Nollywood’s finest, Wale Ojo and Regina Daniels are the cover stars for House of Maliq Magazine‘s January 2018 issue. Teen sensation, Regina Daniels was born on October…

Court Trash Evans’ N300m FR Suit Against IGP And Others
General
39 views
General
39 views

Court Trash Evans’ N300m FR Suit Against IGP And Others

PH - January 17, 2018

Justice Abdulazeez Anka of the Federal High Court, Lagos has dismissed the N300 million fundamental right enforcement suit, instituted by suspected billionaire kidnapper, Chukwudumeme Onwuamadike aka Evans. Justice…

Ghana Discovers New Mineral Resource And Is Banking On Commercial Quantities
General
28 views
General
28 views

Ghana Discovers New Mineral Resource And Is Banking On Commercial Quantities

PH - January 17, 2018

The discovery of the new mineral was announced by the Chief Executive of the Minerals Commission, Kwaku Addai Antwi Boasiako, in an interview with Joy News. According to him,…

Why Court Ordered Forfeiture Of N6bn, 12 Houses Owned By Jonathan’s Cousin & Aides To FG
Buzz & Trends
39 views
Buzz & Trends
39 views

Why Court Ordered Forfeiture Of N6bn, 12 Houses Owned By Jonathan’s Cousin & Aides To FG

PH - January 17, 2018

Justice Nnamdi Dimgba of the Federal High Court sitting in Abuja on Tuesday ordered the temporary forfeiture of N6,584,785,000; $222,000 and Aso Savings Limited shares valued at…

Loading...