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ONLY 3 STATES CAN SURVIVE ON THEIR OWN, REPORT

 

Only Lagos, Rivers, Anambra can survive on IGR, VAT – Report 


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Only three states in Nigeria can survive without support from the Federal Government.

This was disclosed in BudgIT’s report ‘State of States, 2021 edition: Fiscal Options for Building Back Better’ released on Tuesday.

Similar posts:  

https://www.edoborsblog.com/2021/09/southern-governors-support-vat.html

https://www.edoborsblog.com/2021/09/firs-seeks-exclusive-power-on-vat-write.html

 According to BudgIT, these three states are Lagos, Rivers, and Anambra.

The report said, “Only three states in the country can meet their operating expenses obligations with a combination of their IGR and Value Added Tax as measured in our ‘Index A’ ranking; these states are Lagos, Rivers, and Anambra and they appear at the top of the ‘Index A’ ranking.”

According to the organisation, states that rank high on its index A have comparatively limited dependence on federally distributed revenue for their operations and are more viable with the capacity to exist as independent entities.

While Lagos, Rivers, and Anambra occupy the top three spots, Benue, Taraba, and Bayelsa states are the bottom three states.

BudgIT said, “These states at the bottom of ‘Index A’ ranking include Jigawa, Delta, Benue, Taraba and Bayelsa.

Nevertheless, all Nigerian states still need to work hard to build economic prosperity and create more jobs in their states to ensure that there is more money in circulation and economic activities that can be taxed to improve their IGR.”

The organisation added that all 36 states saw a 3.43 per cent decline in their 2020 IGRs (N1.21tn) from (N1.26tn) in 2019.

It said that 18 states saw a decline in their year-on-year revenues, while the remaining 18 states grew their revenues – in some cases by as high as 87.02 per cent.

According to BudgIT, the total debt burden of the states increased by N472.63bn (or 8.78 per cent) from N5.39tn in 2019 to N5.86tn in 2020.

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