With the exception of Lagos State, none of the states can sustain itself without funds from the monthly sharing of revenue by the Federation Accounts Allocation Committee (FAAC).
Their internally generated revenues are simply too hollow to sustain any proper fiscal activity. Misappropriation of funds, lack of vision, misplacement of priorities, award of dubious contracts and padding of payrolls by the bureaucracy, have conflated with the shortage of creativity in governance to deepen the mess.
The naira has been floated as the Federal Government forges a convergence of the exchange rate of the dollar in the official and parallel markets. This equilibrium was achieved last Wednesday with the N753 to $1 recorded in both markets. This has further devalued the naira, thus worsening inflation.
The phenomenon of ghost workers and pensioners has created a deep hole in the treasury of many states, such that 13 states had 15,397 ghosts on their payrolls in 2021. The number is still growing! Some states have been dealing with it tepidly, whereas it is an incubus that demands a decisive and fatal blow. This criminal behaviour recommends itself to penal clampdowns.
But with dwindling revenues and the fiscal exertions of such payments on the lean treasuries of states, it is time to abolish them. Continued receipt of such payments by these people already made rich by virtue of their previous political appointments, is the height of greed and insensitivity. Yet, a few ex-governors have refused to be part of this extortion because of its moral odiousness.
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