States may suffer financial crisis this year, says Niger Commissioner of Finance

By Ehi Ekhator

Alhaji Kpako Bello, Niger State Commissioner of Finance as said that many states may have financial difficulties this year if the revenue accruable to the federation account suffer depletion like last year.

Alhaji Bello revealed this during the media highlight of the state 2014 budget presided over by Commissioner of Economic Planning, Alhaji Yahaya Dansalau in Minna yesterday.

Drawing reference from Nigeria State, the commissioner said it will be difficult to survive should anything go wrong with the inflow of revenue from the centre since 82.4 percent of the state’s budgetary projection fund comes from the federation, account location.

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He added that the state internal generated revenue is 6.3 percent and cannot sustain for one month apart from 11.3 percent to be raised from bonds.

He reiterated that if Federal Government revenue agencies refused to remit revenue to the Federal Account, FAAC for sharing, many states would be thrown into unprecedented economical crisis.

 He said “The last three months of last year were really turbulent for states because most times, we gathered in Abuja for days without anything to share.”

He however said the state is puting in place policies aimed at cushioning the effect of any distortion of the revenue flow from the centres, “Last year, we never envisaged the kind of crisis that happened.”

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Bello blamed the drop in the income of the national tresury on “large scale of oil theft”. Thief at point of sale and after sale.

“We have reasons to believe what Governor of Central Bank Lamido Sanusi Lamido said over some missing money but it’s just that we were not bold enough to come out and support him. The figures may even be more than what he said was missing because oil theft is now carried out from source, at the point of and after sale”.

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