As Rivers, Kaduna, Enugu, others report impressive IGR in 2019
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says only concerted efforts by state governments at boosting their Internally Generated Revenues (IGR) can aid sustainable socio-economic growth and development in the country.
According to the Commission, over-dependence on the monthly Federation Account Allocation has regrettably proved an albatross and a clog in the wheel of development.
Chairman of the Commission, Engineer Elias Mbam said the three tiers of government must explore alternatives to the overstressed monthly allocation, adding that there urgent need for state governments to develop strategies aimed at boosting their internal revenues.
Speaking while receiving an Annual States Viability Index (ASVI) from the Editor-in-Chief of the Economic Confidential, Mr. Yushau A. Shuaib in his office, the RMAFC boss said; “the annual ASVI report apart from providing a good source of information to the general public also has been identified as a source of information that would drive RMAFC on its mandate to encourage states to improve their IGR
“I have come to realize that Economic Confidential has become a household name and its reports that are factual and authoritative should be useful, especially in guiding states whose revenues keep dwindling so that they can improve.”
The Editor-in-Chief of the Economic Confidential, Yushau Shuaib, who spoke on the ASVI report, said it assessed and ranked States by their annual IGR in comparison with their receipts from the Federation Account Allocation.
He said the report also proved that without the monthly disbursement from the Federation Account, many states cannot survive because the index showed that seven (7) States are insolvent due to very poor IGR that were far below 10% of their receipts from the Federation Account.
Shuaib stated that apart from Lagos and Ogun States that ranked high in the revenue generation in 2019, more states have impressive and encouraging IGR in 2019 compared to 2018.
Similarly, the report indicate that only Rivers, Kaduna, Enugu, Kwara and Zamfara States had most impressive Revenue generation in 2019 compared to their IGR in the previous year 2018 for improving by more than 10%.
In his remarks, the RMAFC secretary, Mr Mohammed Shehu encouraged the management of the Economic Confidential to produce and circulate more of such reports on economic indices that could help governments at all levels to improve in their fiscal efficiency.
He said the Commission would look at the report further for recommendation to Federation Account Allocation Committee (FAAC).
The ASVI is produced by the Economic Confidential, a publication of Image Merchants Promotion Limited