http://punchng.com/states-may-go-bankrupt-over-dwindling-oil-revenue/

The Chairman, Fiscal Responsibility Commission, Chief Victor Murako, has warned of a possible shutdown by some states of the federation in the next six months unless they find creative ways of handling their dwindling allocations from the Federation Account.

Murako, who spoke at the opening of a two-day study tour of the FRC by officials of the Ebonyi Fiscal Responsibility Commission in Abuja on Monday, expressed shock that the Nigerian Governors’ Forum had declared that the states could no longer meet the payment of the minimum wage of N18,000 per month.

The FRC boss said many states were dishonest about their level of indebtedness, adding they were much more indebted than the governors were willing to admit in public.


He said, “The truth is that if the situation we are in persists for the next six months; I said six months, not one year or two years; we will be on the floor. If the revenue continues to dwindle for the next six months and the allocations continue being low, some state governments that refuse to look for alternative revenue sources will definitely crash and there will be a labour crisis.

“Debts and borrowing have become the biggest problem of subnational governments. If most state governments will be honest and tell you their accurate debt profile, you will marvel. A lot of them try to hide by different strategies. They take short loans; some, long-term ones that will go beyond their tenure, which ordinarily, they should not do.”

http://www.vanguardngr.com/2015/11/naira-in-free-fall-as-dollars-scarcity-paralyses-activities-at-parallel-market/

Murako said both the Federal Government and the state governments must look inward in order to generate resources to run their operations.

He said it was regrettable that the nation was no longer discussing how to meet the infrastructure gap, but how to finance recurrent expenditure.

The FRC boss also chided the state governments for lack of creativity, saying that if they were private concerns; they would be generating profits from the huge endowments found in the different states of the federation.

Haa na wa o

Opin aye news.... Uwa mmebi 6 months.
Nigeria ...na our politicians spoil u o

why won't they go bankrupt when the citizen's of the states refuse to pay task

Dūllàrdïnhö

The should first of all,reduce the number of
Special assistant
Senior special assistant.
Deputy senior assistant.
Assistant to the senior special assistant .
Deputy Assistant to the senior special assistant.
Assistant to the assistant to the deputy assistant to the senior special assistant

When they cross that road, the should write me a letter

I just woke to about 4 terrible news about Nigeria. This is a record.

I won't say too much, so they don't term me a wailer but When it gets real, we will know who the real wailers are.

this is just a simple truth. most governors will not disclose their actual level of indebtedness from all the different types of loans, bonds, bailout and the likes they have collected and still collecting...
let's wait and see

The zoo in its glory

That worthless tissue paper you call Naira will exchange for 300 by Feb 2016

What do you produce?

You steal money from Biafran oil and congregate every month in Abuja to share it

Then you use the money to Import tin tomatoes, rice and sardine and the remaining you use it to host a Q'ran reciting competition.

Baboons everywhere

yang:

The zoo in its glory

That worthless tissue paper you call Naira will exchange for 300 by Feb 2016

What do you produce?

You steal money from Biafran oil and congregate every month in Abuja to share it

Then you use the money to Import tin tomatoes, rice and sardine and the remaining you use it to host a Q'ran reciting competition.

Baboons everywhere

BIAFRA OIL?or you mean Niger Delta oil

one day the northerners & westerners will regret why they voted for Buhari.
They will cry 'had I know, we would had sticked with Mr Goodluck'
I'm not surprised because we are used to the bad news

.

GEJ got us in this mess... right now I wish he won so that Nigeria will crumble under him at least nobody was shouting biafra then.

PMB has an heculian task to bring Nigeria out of recession. It's not going to be easy. Job loss everywhere, fuel wahala, biafra wahala, boko haram, drop in crude prices, no buyer of Nigerian crude, insecurity, bad roads..... too many problems... I know Buhari is not even the messiah, I just need him to be like John the Baptist and pave way for the messiah to come...

God help PMB!!!

Wish there would be further crash on the price of crude, then diversifying the economy will no longer be mere talk and wastage in government will become an issue to deal with!