Lagos most prepared for oil slide as IGR tops 75% of budget

Most Nigerian states, except Lagos are ill-prepared to adjust for a prolonged slide in oil prices, the most recent internally generated revenue (IGR) data from the National Bureau of Statistics (NBS) shows.

Lagos State, in South West Nigeria, had internally generated revenues of N384.25 billion, equivalent to 76.9 percent of its 2013 budget of N499.10 billion.

No other state was able to go beyond the 30 percent mark for IGR as a percentage of budgeted expenditure for 2013, the NBS data showed.

Oil revenues account for up to 75 percent of the Federal budget. However, in some states like Zamfara, it goes as high as 97 percent.

The poor fiscal position of most Nigerian states come amid a 30 percent decline in oil prices since June 19, which has left the Organisation of Petroleum Exporting Countries (OPEC) disunited and dependent on non-members to shore up the market, according to former Qatari oil minister, Abdullah Bin Hamad Al Attiyah.

OPEC meets on Thursday Nov. 27 in Vienna. However, further complicating the cartels’ task is the boom in U.S. shale production, which has put the world’s biggest economy on course toward energy self-reliance.

U.S. output is expected to grow 12 percent next year, to the highest since 1970, according to the U.S. Energy Information Administration.

An analysis of the most internal revenue generating state in Nigeria, from each region for 2013 showed that for the South-West region, Lagos led with N384.25 billion, South-South: Rivers N87.9 billion, South-East: Enugu N20.2 billion, North-Central: Kwara N13.83 billion, North-West: Katsina N6.85 billion, and North-East: Taraba N3.34 billion.

The data is showing that most states will be unable to pay salaries if the slide in oil prices continues, even as the Nigerian finance minister, Ngozi Okonjo –Iweala, says the country must adjust to a potential oil price shock.

“We have to adjust to the possibility that it is a permanent shock,” Okonjo – Iweala, said in an interview in London last week.

The states will have no comfort from fiscal buffers, with the Excess Crude Account depleted to $4.1 billion.

Nigeria’s gross external reserves, which are managed by the Central Bank (CBN) have also dropped 17 percent this year, to $37.2 billion as at November 20 from $43.5 billion, recorded on January 02.

The CBN will announce the outcome of its MPC meeting today (Tuesday) as it battles with a falling naira and depleting reserves.

“The CBN will be having a very important MPC meeting before the OPEC meeting as the country faces macro-economic challenges from oil price decline, reserve depletion, naira depreciation and inflation threat,” Kayode Omosebi, an equity analyst with UBA capital Plc, a Lagos based investment bank, said.

Further analysis of the NBS IGR data showed that Akwa Ibom’s IGR of N15.39 billion was equivalent to 3.25 percent of its 2013 budget of N470.1 billion.

Bayelsa’s IGR of N10.5 billion is equivalent to 3.45 percent of its 2013 budget of N304.05 billion, Delta States IGR of N50.2 billion is equivalent to 10.63 percent of its 2013 budget of N472 billion.

Anambra State’s 2013 IGR of N8.73 billion is only equivalent to 7.87 percent of its 2013 budget of N110.9 billion, Taraba’s IGR of N3.34 billion is equivalent to 4.57 percent of its 2013 budget of N73 billion, and Yobe’s IGR of N3.072 billion represents just 3.46 percent of its budgeted N88.6 billion for 2013.

Plateau State comes in at just 6.3 percent as IGR as percentage of the N133.4 billion it budgeted for 2013, while Katsina’s IGR of N6.85 billion is equivalent to 6 percent of its 2013 budget of N114.1 billion.

The import of the NBS data is that most Nigerian states are not viable without oil allocations from the centre.

BusinessDay November 25, 2014 | Filed under: Exclusive,main story | Author: PATRICK ATUANYA

http://businessdayonline.com/2014/11/lagos-most-prepared-for-oil-slide-as-igr-tops-75-of-budget/

All States govt should get sense and begin to work on how to increase their IGR. Oil money may no longer do the magic as usual. Oil fame is gradually fading out. Everyone should better think of the alternative now before the final collapse of oil economy.

Very good news we have here

A people who have failed to be prudent in times of surplus should not mind suffering the consequences of their financial recklessness in times of shortage.

If one takes a look at what this country has earned from "oyel" in the past decade alone and compare it to where we are, one would have no choice than to conclude that we have missed our golden opportunity to be great.

The careless spending, looting and corruption is done on a scale that makes you wonder if the stuupid leaders ever thought of tomorrow. Unfortunately the "tomorrow" is here with us now and we will suffer as a nation.

We can still get certain things right if we go back to the drawing board and do the needful by making our leaders accountable. And again, unfortunately the so-called youths whom you would expect to do the right things are even worse than the so-called looters of yesteryears.

Another reason why I think fashola should replace GEJ. 80% of Nigeria revenue is gotten from oil and we need to diversify our revenue and rely less on oil

The diversification of the economy by the Jonathan-led government will on the longrun absolve us from this impending economic challenge, however, it is high time Nigerians started to listen to Dr. Ngozi Okonjo-Iweala, she is really an Amazon. Nigeria will flourish no matter the scheming of the enemies within. By the way, where is kettykin, Frank-C, taharqa, when you need them?

Lagos is working

Tinubu God bless you.
We are very grateful

tomakint:
The diversification of the economy by the Jonathan-led government will on the longrun absolve us from this impending economic challenge, however, it is high time Nigerians started to listen to Dr. Ngozi Okonjo-Iweala, she is really an Amazon. Nigeria will flourish no matter the scheming of the enemies within. By the way, where is lettykin, Frank-C, taharqa, when you need them?

What do you eventually get when you have diversification going on one hand and reckless spending and looting on the other? It comes to naught at the end of the day.

Our leaders, present and past, lack sincerity of purpose. Simple.

So as big and famous Kano State claims to be, there is no much to show for IGR!

Disappointed with Anambra, Abia, Kano, Kaduna, Oyo and Ogun States

kmariko:
Disappointed with Anambra, Abia, Kano, Kaduna, Oyo and Ogun States

These States should go and learn from Kwara State o. I am just wondering about the secret of that State.

kmariko:
Disappointed with Anambra, Abia, Kano, Kaduna, Oyo and Ogun States

These States should go and learn from Kwara State o. I am just wondering about the secret of Kwara.

Lagos State, in South West Nigeria, had internally
generated revenues of N384.25 billion,
equivalent to 76.9 percent of its 2013 budget of
N499.10 billion.

An analysis of the most internal revenue
generating state in Nigeria, from each region for
2013 showed that for the South-West region,
Lagos led with N384.25 billion,

South-South:
Rivers N87.9 billion, South-East: Enugu N20.2
billion, North-Central: Kwara N13.83 billion,
North-West: Katsina N6.85 billion, and North-
East: Taraba N3.34 billion.

NA ONLY LAGOS WAKA COME.. GOD BLESS TINUBU FOR GIVING US HIS ILLUSTRIOUS SON SAN BABATUNDE RAJI FASHOLA..

WHERE IS ANAMBRA DUBAI OF AFRICA?

What has Fashola used all the money for?
Where are the legacy projects?
Why toll gates after these huge funds?

Fashola is the most deceptive Nigerian politician and corruption personified.

God Bless Bola Ahmed Tinubu, God Bless Ambode, God Bless Babatunde Raji Fashola.

You guys are the heroes of the TRUE SPIRIT OF LAGOS.

The IGR of Lagos will eclipse that of the whole country with the massive infrastructures and investments and innovation been introduced by the Lagos State Government. Kudos also to the Commissioner of economic planning Ben Nwabueze imagine this guy as the Minister of Finance in Nigeria, not Harvard Trained yet his achievement eclipsed that of a so called professor that 5years ago was and still coordinating the biggest REVENUE INCOME FROM MASSIVE INCREASE IN OIL PRICE, TO HUGE RETURNS BY CUSTOMS, HUGE TAX INCOME FROM FIRS, the best revenue drive in the history of Nigeria since 1960 yet there is nothing to.show for those income, no roads, no airports worth its name even in Africa, no light, no youth employment, no industrial revolution, less money ever in the Foreign Reserve, Less money in the Excess Crude Account despite OBJ paying $12bn in one swoop to.the Paris club he had more monies in the excess crude account in 3years than jonah.thief had in 5years yet more crude oil was exported and crude price per barrel sold higher than the years of OBJ, nothing at all that could hold our economy together after just two months of a crash in oil prices.

The Nigeria situation is clearly manifested in Kogi, Benue and other states that cannot afford to pay salaries since federal allocation was reduced. Thanks to OBJ for punishing Lagos by withholding our Local Government allocation those months, you made us stronger and better, you challenged the JAGABAN to put on his accounting cap and today Lagos is better for it, no FG can mess or mess with lagos, we arent cap in hand beggars, LIKE THE POPULAR IKORODU MAXIM, ILU TI OSI OMO ODO, OMO OGA NI WA, that's the spirit of lagos.

Amaechi has been withdrawing from his Extra savings for periods like this, kudos to him and his team also.

Why is it so hard for Nigerians to think, reason and comprehend the value the APC represents and the change they bring to the TABLE. We don't just Think it, we DO it.

sensing danger...

Another lie and deliberate attempt to mislead the public.

How is N168 billion, 23.1% of N499 billion?


Nigeria’s top 10 federal revenue receiving states
Posted by: Lekan in News, News Update June 1, 2014

Finance Minister, Dr Ngozi Okonjo-Iweala, has listed Nigeria’s 10 highest revenue receiving states based on the federal allocations in 2013.
The states, according to her, earn more than the annual budgets of some neighboring countries.

The allocations are as follows:
Akwa Ibom N260 billion,
Rivers N230 billion,
Delta State N209 billion,
Bayelsa N173 billion,
Lagos N168 billion,
Kano N140 billion,
Katsina N103 billion,
Oyo N100 billion,
Kaduna N 97 billion
Borno N94 billion.

Okonjo-Iweala gave the breakdown of the allocations on Sunday at Babcock University’s 12th Convocation at which she delivered a lecture with the theme: ‘Transforming Nigeria economy: Opportunities and Challenges’

“These were the allocations that all these states got last year, so the question is what did they do with it? Analysis shows that many Nigerian states receive revenue allocation which are larger than budgetary allocation of neighbouring countries such as Liberia which is $ 433 million, Gambia $210 million.

http://thenationonlineng.net/new/nigerias-top-10-federal-revenue-receiving-states/

tomakint:
The diversification of the economy by the Jonathan-led government will on the longrun absolve us from this impending economic challenge, however, it is high time Nigerians started to listen to Dr. Ngozi Okonjo-Iweala, she is really an Amazon. Nigeria will flourish no matter the scheming of the enemies within. By the way, where is lettykin, Frank-C, taharqa, when you need them?

What nonsense is this baba arugbo talking? Is senility setting in already? I don't know why you TANdroids are all so routinely and shamelessly dishonest. Failure to diversify the economy, and move it away from a reliance on oil earnings, has been a constant criticism of the GEJ Government. Economic experts have always stated that the 419 'achievements' of GEJ is nothing more than dubious propaganda not seen or felt anywhere on the ground. Now the current tragic state of the Nigerian economy is proof of the total mismanagement of affairs by GEJ.

Next time kindly keep your old mouth shut instead of opening it to lie. Respect your age. GEJ has failed woefully to diversify the Nigerian economy and he has performed abjectly in relation to aiding the growth of the SME which is the lifeblood of most successful Nation's economy. When you want to lie, then try little lies first because there are too many posters here who are far more intelligent, more honest and better-read than you are.




http://www.nigeriaintel.com/2012/09/03/worries-over-greater-reliance-on-oil-neglect-of-real-sector/

Worries Over Greater Reliance on Oil, Neglect of Real Sector
Posted by Editor on September 3, 2012.
By: Moses Ebosele and Femi Adekoya.

ALTHOUGH Nigeria’s revenue from oil is still rising, some key players in the economy have expressed concern over the nation’s increased dependence on oil and called for an immediate diversification of the economy.

In their appraisal of President Goodluck Jonathan’s economic policies at the weekend, the experts claimed that nothing serious had been done to diversify the economy.

According to them, opportunities in the wider sectors of the economy, particularly agriculture, have been untapped contrary to the claims by the authorities that significant progress had been made.

http://nigeriantimes.ng/news/25-of-smes-have-failed-in-5-years-expert/

25% of SMES have failed in 5 years – Expert
July 4, 2014 1 Comment

Prof. Fidelis Oditah, Managing Director, Fidelis Oditah and Co, on Thursday said that more than 25 per cent of viable Small and Medium Enterprises (SMEs) have collapsed in the last five years.

Oditah made the assertion in an interview with the News Agency of Nigeria (NAN), on the side line of the Annual Conference of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN).

He said that SMEs have become victims of economic recession, poor access to funds, dearth of infrastructure and poor management framework.

According to him, the formulation of sustainable policies for SMEs’ would grow the country’s Gross Domestic Product (GDP) by 40 per cent annually.

He urged government to walk their talk by providing effective support for the SMEs, to drive the nation’s economic development.

“Small businesses mostly have been victims of economic recession and they are faced with major challenge of access to funds, dearth of infrastructure and poor management framework.

“Insolvency of these businesses due to these challenges is not because the businesses are not viable, but because there are no rescue mechanisms to rescue the failing ones.

“A business can just fail due to bankruptcy, or lack of funds while growing, so a ‘fresh start policy’ and a personal property security law should be put in place,” he said.

The 2014 "austerity"reality clearly revealing the hideous failings of GEJ and Okonjo Iweala to plan adequately/proactively and shield the economy form oil-based vulnerability. They promoted runaway corruption and failed totally to reign in ten-plane profligacy and bloated governance. Now, there are virtually no buffers in place at all for the Nigerian economy and people because of corruption, economic cluelessness, lack of focus and sheer ineptitude and unacceptable indolence. Now I suggest you shamelessly dishonest TANdroids get out of this thread and let intelligent folks discuss the immense stride forward Lagos has made, under the APC and Fashola, while all PDP States have meagre IGRs they have failed to develop appreciable over many years.

http://allafrica.com/stories/201411181676.html

Nigeria: Mixed Reactions Trail Introduction of Austerity Measures



Lagos, Nigeria
By Francis Onoibholo, Philip Oladunjoye, Sylvester Enoghase, Bamidele Ogunwusi, Austin Adah, David Agba, Chinwendu Nnadozie, Oladele Ogunsola
Finance Minister and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, did not hide the fact that Nigeria's economy is in dire straits. She has announced a multi-pronged strategic response to mitigate the adverse effects of the decline in the price of crude oil in the global market.

Some of the new measures include proposing $73 oil benchmark for the 2015 budget, taxes on luxury goods as well as non-sponsoring of overseas training for civil servants and full implementation of the Oronsoye Committee Report on MDAs, amongst others. Some Nigerians have expressed mixed reactions on the new measures.

Reacting, constitutional lawyer, Itse Sagay, on Monday, advised the Federal Government to tackle corruption and increase productivity in the non-oil sectors of the nation's economy.

Sagay gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos.

Sagay, however, said the oil glut could be a blessing in disguise for Nigeria.

He said that the country must stop its dependence on oil as the major source of its revenue and diversify into other sectors.

On his own, Yinka Farounbi, Chairman, Nigerian Bar Association (NBA), Ikeja branch, also called for the diversification of the economy.

"We have been saying this all along that our dependence on crude oil as the mainstay of our economy should be minimal.

"There are other natural resources that can enhance the country's internally generated revenue.

Also, Edo State Publicity Secretary of the All Progressive Congress (APC), Godwin Erhahon, said: "it is good that the FG has finally owned up that all is not well with the nation's economy, especially with her earnings from oil.

"What our economy is suffering from is the laziness and insincerity of our leadership.

"Is it not a shame that Late President Yar'dua was able to protect our crude oil from thieves, but stealing of crude thrives under President Jonathan unabated? The solution to our economic woes is not austerity but removal of a prodigal regime with its lazy and clueless leadership."

On his part, former deputy governor of Lagos State, Prince Abiodun Ogunleye, said the decision stemmed from bad leadership, which has failed to manage the economy properly. "We wouldn't have been talking of introducing austerity measures at this time if the leadership of the country was able to manage the vast resources properly," he said.

Ogunleye stated that the country is naturally endowed, "that we don't need to depend on oil. God has blessed this country that every part of the country has the needed resources that if properly harnessed, could turn around the economy of the country.

"When I came back from Korea in 1974, its Gross Domestic Product (GDP) of the country was the same with Nigeria but today, Korea is regarded as one of the Asian tigers and Nigeria's major exporting country".

The former governor expressed doubt over the success of the measure and urged the Federal Government to diversify the economy instead of wholly depending on oil.

Also, the Lagos Chamber of Commerce and Industry (LCCI)'s Director General, Muda Yusuf, while reacting to the inherent dangers that may befall the nation's economy following the introduction of austerity measures, stated that the salaries and wages would be adversely affected

He said: "The introduction of austerity measure by the Federal Government is inevitable in the light of the current situation of a decline in the price of crude oil, but the dangers in the policy would be a sudden reduction in spending and adjustments on capital projects as part of the sacrifice to the paid by Government."

Contributing, the organised labour, under the aegis of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) has warned the Federal Government to ensure the new policy does not inflict more hardship on Nigerians.

NLC General Secretary, Comrade Peter Ozo-Eson, while reacting to the new policy, stated that the Federal Government must be transparent enough to ensure that more hardships are not inflicted on the Nigerian masses.

In his reaction, President of TUC, Comrade Boboi Bala Kaigama, stated that there is the need for the Federal Government to tell Nigerians the relevance of the policy that never favoured the nation's economy during the administration of former President Shehu Shagari.

According to Oscar Odiboh, publisher of Newsletter and a consultant in the auto industry, people knew that the economy was unstable, saying that Okonjo-Iweala has been at the vanguard of defence and denial of the fact that the economy was not working well.

According to him, the fact is just manifesting, noting that the economy has been bad. He said Okonjo-Iweala, by her pedigree, should not have put her hands in it.

On his part, Kehinde Olawumi, a chartered accountant, said the situation was as a result of insensitivity of the government to the people. He said the country has relied too heavily on oil, which they don't have control over the price.

For Wale Omole, President of Peoples Problems and Solutions, a non-governmental organisation, which assists Nigerians in poverty eradication and other economic problems, the move has shown that the current government has failed in its responsibilities to Nigerians and Nigeria as a country.

His words: "Austerity measure is not a bad thing on its own. It has been used by governments in the developed world of recent to redress their spending and return their economies back on its feet, but the problem with Nigeria is that we are not suppose to be experiencing this. The way we waste money on frivolities in government has led to this state.

Jude Udeozor of Financial Initiatives Limited told Daily Independent that: "Even Dr Okonjo-Iweala knows it that she can only bark but she cannot bite; all what they are doing is playing to the gallery and they would always protect themselves.

"Some others said, 'if the government was truthful and ready to protect the masses, all those driving expensive cars would be made to pay heavy duties and taxes on those facilities as this is the only way that the poor would be protected."

Imo State Internal Revenue Grosses Past N1bn Per Month

Imo State has grossed past the N1 billion mark in its internally
generated revenue (IGR) by end of September 2014, BusinessDay
reliably gathered from Chike John Okafor, the immediate past
commissioner of finance in the state, who has just resigned his
appointment to pursue a political career at the House of
Representatives by 2015.
The amount indicates an increase of more than 233 per cent
from about N300 million recorded by the state by end of May
2011, when the Governor Rochas Okorocha administration
assumed office in state.
Okafor, a former senior bank manager at Zenith Bank plc
Owerri, before being snapped up in June 2011, from the
financial world by Governor Rochas Okorocha, said, the IGR
jump was as a result of government’s moves to block most of
the revenue leakages in the system.
The Umuoke, Obowo local government area-born crown prince
and investment banker, said the State’s IGR profile grew from
N221m in March 2011 to N300m by June, and N400m in
October of same year, before hiking through 2012 to notch
N750m by close of 2013 fiscal year.
He said in 2014, the state’s IGR drive has changed
tremendously, as the state government’s method of revenue
collection has engendered confidence in the tax payers, who he
said, now feel no hurt in paying their taxes promptly, “due to
what they saw in the number of projects being built by the
Owelle Rochas Okorocha’s rescue mission government.”
“Imolites now have confidence in the Governor Okorocha’s All
Progressives Congress (APC) state government’s prudent use of
public funds to build projects that touch the lives of the
masses,” stated Okafor; adding that the revenue from internal
sources would keep on improving, as long as the rescue
government would be on the saddle in the state.
Explaining the public current view of perceived increased sources
of the funds for Imo, which may have informed the upsurge in
projects development, the Imo State University (IMSU)
Economics graduate said, the rising IGR, coupled with prudent
financial management of the Okorocha have combined to
accentuate things.
He said: “Imo only picks around N4.7bn from the Federation
Accounts Allocation Committee (FACC), whereas states like Akwa
Ibom collects around N32bn, Rivers 25bn, Bayelsa N18bn. Ours
is just the way we manage our funds with respect to projects
execution.”

http://businessdayonline.com/2014/11/igr-imo-grosses-past-n1bn/

halleluyah! shi.t is about to get real.

it is in times like this that one knows sensible and intelligent leaders.

kudos to fashola and even tinubu for seeing the future and taking measures on time.

kudos to amaechi for even shoring up rivers igr to 90billion. I see no reason why aggressive tax drive cannot drive that value up to at least 150billion.
with drastic cut down in the states civil service, rivers will be just fine.

where is akwaibom? where are MY south eastern states.
its obvious governance goes way beyond building stadiums,swimming pools and viewing centers.

kmariko:
Disappointed with Anambra, Abia, Kano, Kaduna, Oyo and Ogun States

anambara - - yes

[size=58pt]abia[/size]

bros abeg abeg abeg comot osendo

@Topic.


I am very proud of the achievements of Lagos. It is times like this that the reality of who is leading well, and who is failing, becomes crystal-clear despite how Nigerians like to play politics of ethnicity and sectional bias. Let oil fall to $10 per barrel. When Nigerians begin to suffer terribly then they will hopefully learn a lesson or two about putting sentiments aside to vote out terrible leaders who maintain ten air-planes,at hideously monumental costs, in a poverty-ridden nation .

If this article is not refuted, some people will take them as fact.

168÷499/100 = 33.7% hence the percentage error in this article is

33.7 - 23.1 = 10.6

Therefore 10.6 ÷ 33.7 * 100 =

31.45 percentage error

phantom:
halleluyah! shi.t is about to get real.

it is in times like this that one knows sensible and intelligent leaders.

kudos to fashola and even tinubu for seeing the future and taking measures on time.

kudos to amaechi for even shoring up rivers igr up to 90billion. I see no reason why aggressive tax drive cannot drive that value up to at least 150billion.
with drastic cut down in the states civil service, rivers will be just fine.

where is akwaibom? where are MY south eastern states.
its obvious governance goes way beyond building stadiums,swimming pools and viewing centers.

Well-said bro. The above in bold is precisely what I stated also in my post before this one. Shebi Nigerians all had time to be arguing inanely before? Now that 'austerity' is officially here we will see what strength or focus a hungry people will have to be insulting those doing very well while same set of hypocrites had the time and zeal to be supporting and making excuses for a failed federal government led by the one of the most corrupt, most insensitively profligate and most incompetent leader in the world.

Soon, money to browse Nairaland will be a problem for the charlatans who have supported the worthless GEJ government that has gotten Nigeria to this awful scenario where we are almost totally unprepared economically for falling oil prices because of hideous corruption,anti-people economic policies, leadership deceit/lack of transparency, copious looting of Nigeria's oil income through the NNPC and slack policies of Government and the promotion/perpetuation of a monumentally bloated democracy leading to recurrent spending running at around 70% of annual budget when this figure is under 10% in many developed Countries.

Thanks for refuting this propaganda meant to manipulate gullible Nigerians.
If not for your correction, we have already accepted the junk as gospel truth.

Ngwakwe:
Another lie and deliberate attempt to mislead the public.

How is N168 billion, 23.1% of N499 billion?


Nigeria’s top 10 federal revenue receiving states
Posted by: Lekan in News, News Update June 1, 2014

Finance Minister, Dr Ngozi Okonjo-Iweala, has listed Nigeria’s 10 highest revenue receiving states based on the federal allocations in 2013.
The states, according to her, earn more than the annual budgets of some neighboring countries.

The allocations are as follows:
Akwa Ibom N260 billion,
Rivers N230 billion,
Delta State N209 billion,
Bayelsa N173 billion,
Lagos N168 billion,
Kano N140 billion,
Katsina N103 billion,
Oyo N100 billion,
Kaduna N 97 billion
Borno N94 billion.

Okonjo-Iweala gave the breakdown of the allocations on Sunday at Babcock University’s 12th Convocation at which she delivered a lecture with the theme: ‘Transforming Nigeria economy: Opportunities and Challenges’

“These were the allocations that all these states got last year, so the question is what did they do with it? Analysis shows that many Nigerian states receive revenue allocation which are larger than budgetary allocation of neighbouring countries such as Liberia which is $ 433 million, Gambia $210 million.

http://thenationonlineng.net/new/nigerias-top-10-federal-revenue-receiving-states/

Rexyl:
So as big and famous Kano State claims to be, there is no much to show for IGR!

Kano IGR in 2013 was around 25 billion therefore around 10-11% of their budget of around 220 in 2014, which is still very bad

They keep quoting the figures but at the end of every fiscal year barely 40 to 60% of budget is achieved in most States. Wake me up when you achieve 80% implementation.

Gbawe:


Well-said bro. The above in bold is precisely what I stated also in my post before this one. Shebi Nigerians all had time to be arguing inanely before? Now that 'austerity' is officially here we will see what strength or focus a hungry people will have to be insulting those doing very well while same set of hypocrites are supporting a failed federal government led by the one of the most corrupt, most insensitively profligate and most incompetent leader in the world. Soon, money to browse Nairaland will be a problem for the charlatans who have supported the worthless GEJ government that has gotten Nigeria to this awful scenario where, because of hideous corruption and monumentally bloated governance, we are almost totally unprepared economically for falling oil prices

I keep saying it that as Nigerians we must look beyond shiny objects, look at issues critically and objectively and proffer sensible solutions.
you want to kill a leader who taxes you to put good infrastructure in place but you have no problem relocating to a sane country like the UK and paying twice that amount in taxes.
this is a blessing. maybe we will be forced to hold our leaders by the jugular when they don't deliver after taxing the living daylights out of us because its inevitable.