If price of oil crashes today, govs flying jets will look for okada to ride – Delegate[/b]
A delegate representing the South West Geo- Political Zone of the country, Yinka Odunmakin told other delegates yesterday that if the price of oil crashes today, governors who he alleged to be going round the world with private jets, will look for motorcycles, known as Okada to ride.
Contributing to debate on report of the devolution of power Committee yesterday, Odunmakin also said that if no oil, only Lagos state out of the 36 states of the country would be able to use its Internally Generated Revenue, IGR to pay workers’ salaries.
He said, “The recommendations of the Devolution Committee to use 4.5 % of our annual budget to develop other mineral resources outside oil is the most apt thing to do now to get out of the sharing culture that is holding Nigeria down.We are engaged in one of Ghandi’s identified 7 Social Deadly Sins-Wealth Without Work.If oil prices should crash today,all our states would collapse and the governors flying jets all over the place will look for okada to ride.
“The grim reality below shows that we must embrace wealth flowing from work by going under the soil in our various states to diversify the economy.”
On IGR and States’ wages, the delegate said, “Only one of the 36 states can afford to pay workers’ salaries with internally generated revenues,
The remaining 35 states generate only a fraction of funds they require to settle their wage bills annually. This means that without federal funds, these states cannot even afford salaries payment, not to talk of executing any projects
“Information on states’ wage bills comparisons with data on their internally generated revenues (IGR), published by the National Bureau of Statistics. The result showed that only Lagos State can pay salaries of its workers by solely relying on revenues generated internally.
“None of the 19 Northern states has this much financial muscle. They all depend on federally-allocated subventions, mainly made up of funds generated from sales of crude oil that is extracted down south.
“Other components of the federal allocation, shared between the three tiers of government on monthly basis, include taxes collected by the Nigerian Customs Service and the Federal Inland Revenue Service.
“The data published by the statistics bureau showed that in 2010 and 2011, only seven states had IGR in two-digit billions. Lagos is the only one with a three-digit figure, while the remaining states had single digits.
In 2012, the situation improved slightly with 12 states recording double-digit figures in billions while Lagos remained the only with three-digit figures.
“The implication of the low revenue generation by the states is that most of them can barely sustain themselves without recourse to monthly federal subventions.
Most states have had to take short-term bank loans to settle wages whenever there were delays in the monthly disbursements by the Federation Accounts Allocation Committee (FAAC).
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