Ten states are not viable, according to the report.
The Economic Confidential has released the Annual States Viability Index which shows that seven States are insolvent as their Internally Generated Revenues in 2019 were far below 10 per cent of their receipts from the Federation Account Allocations in the same year., many states remain unviable, and cannot survive without the federally collected revenue, mostly from the oil sector.Pay-As-You-Earn Tax , Direct Assessment, Road Taxes and revenues from Ministries, Departments and Agencies s.
Lagos State remained steadfast in its number one position in IGR with a total revenue generation of N398 billion compared to FAA of N270 billion which translates to 147 per cent in the twelve months of 2019. It is followed by Ogun State which generated IGR of N70.
The report provides an amazing discovery, as most states have improved their IGR compared to previous years. In 2019 only seven states generated less than 10 per cent IGR compared to 17 states in 2018. The poor states with lower IGR may not stay afloat outside the monthly allocations from Federation Account due to lack of initiatives for revenue generation drive coupled with arm-chair governance. Some of the states cannot attract investors due to socio-political and economic crises including insurgency, kidnapping, armed-banditry and herdsmen-farmers clashes.
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