I dont know how true this is... But please read, brace up and reposition.

So of all the 36 states of Nigeria, only Lagos can survive an economic tsunami if oil revenue dries up today? Hmmm...interesting. Very very interesting. Oil revenues are falling drastically, the allocations for the states are falling and the Nigerian Central Bank has devalued the naira. The Excess Crude Account has been sucked with huge straws to $4.1 billion so no financial cushion for the states while Nigeria's gross external reserves have also plunged from $43.5 billion to $37.2 billion in a matter of few months. CBN, una welldone o! Some people are still deceiving themselves this is the biggest economy on the continent. Your rebase dey deceive una. However, in the midst of all these, Lagos State shows that it is far ahead of others in terms of strategic economic planning and revenue generation.

As a matter of fact, 75% of Lagos' revenue is not from the clueless federal government but from internally-generated revenue (IGR) according to the National Bureau of Statistics. Last year, Lagos State generated N384.25 billion or 76.9% of its revenue internally out of a budget of N499.10 billion. Of all the other 35 states that remain, all of them failed woefully as none was able to generate more than 30% of their revenue internally.

Nigeria gets about 75% of budget financing from oil revenues and now that that is drying up as America is not buying our oil again and global oil prices are falling, many states will suffer if they don't use their brains. Iweala don already tell una to get set for difficult times ahead (I wonder what can be more difficult than this) and Jonathan is going to remove more subsidy in 2015 so etirinkenken.

People of Zamfara will be the number one to suffer as 97% of all their revenue is from oil and they generate only 3% internally, can you just imagine that I wonder what they are doing with the money sef because not too long ago, the citizens of the state trampled themselves to death at the gate of a politician while they were doing aluta for Ramadan food. Many of these governors in the north, I really pity them because by the time they cannot pay the salaries and their people turn against them, eyes go clear. By the way, where is Sani Yerima? I thought he was saying in 2001 that sharia will bring an end to all economic woes in northern Nigeria. Part of the money that his state got, we all saw what he did with it. Without oil money, his state is going DOWN.

Anyway, apart from Lagos, some other states also tried small in generating some tidy sums of money internally. These include Rivers (N87.9b), Kwara (N13.83 b), Enugu (N20.2b), Katsina (N6.85b) and Taraba (N3.34b). But Lagos gave all of them a very clear gap with its mighty N384.25 billion all raised internally. If you are a Lagosian, you should be proud. If you are from Zamfara, Bayelsa, Akwa Ibom, Delta, Anambra and Yobe, I really pity you. That is because these states generate almost nothing on their own and depend greatly on oil revenue. Apart from Lagos, virtually all other 35 states cannot survive without oil money. Now that the oil revenue is drying up, everybody will soon have common sense.

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