Senior Advocate of Nigeria (SAN), Olisa Agbakoba, has voiced strong concern over the fiscal dependency of most Nigerian states, claiming that they are “bankrupt” and rely on the Central Bank of Nigeria (CBN) for survival.
Agbakoba’s Claim and Proposed Solution
- Specific Claim: Mr Agbakoba stated that the majority of states are “absolutely fiscally deficit” and depend on “printed money from the Central Bank of Nigeria (CBN)” received as monthly allocations in Abuja solely to pay civil servants. He singled out Rivers and Lagos states as the possible exceptions to this widespread bankruptcy.
- Suggested Solution/Alternative: The senior lawyer strongly urged states to become self-reliant and move away from this dependency syndrome. He suggested that the nation’s political leaders—specifically mentioning the 36 governors and 774 Local Government chairmen—are “idle” and should become more actively involved in the process of generating economic prosperity to ensure states can function independently.
