A new report reveals that Bayelsa, Kebbi, Katsina, Akwa-Ibom, Taraba, and Yobe States in Nigeria are insolvent and heavily rely on monthly revenue allocation from the Federation Account Allocations Committee (FAAC) to survive. These states have failed to generate even 10% of their cumulative revenue from internal sources, making them highly dependent on federal allocations. The report highlights the importance of the FAAC disbursement for the viability of many states.
Bayelsa, Kebbi, Katsina, Akwa-Ibom, Taraba and Yobe States are insolvent and may not be able to survive without the monthly revenue allocation from the Federation Account Allocations Committee ( FAAC ). New report shows that the six states failed to generate up to 10 per cent of the cumulative revenue they received from the federation account in 2022 due to their extremely poor internal revenue generation of less than 10 percent compared to their federal allocations .
Bayelsa, Katsina and Akwa Ibom States are the home states of former Presidents Goodluck Jonathan, Muhammadu Buhari and the current Senate President Godswill Akpabio respectively. The seventh Annual States Viability Index (ASVI) report that was released by Economic Confidential yesterday, showed that without the monthly disbursement from the FAAC account, many states remain unviable, and cannot survive without the federally collected revenue, mostly from the oil sector
Nigeria States Insolvent Revenue Allocation FAAC Internal Revenue Federal Allocations Viability
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