All Nigerian states are economically viable, says Ayo Teriba

Contrary to the belief in some quarters that some Nigerian states cannot survive without allocations from the federal government, the Chief Executive Officer of Economic Associates, Dr Ayo Teriba, says every state in Nigeria is viable.

Teriba blames Nigeria’s long military rule for the tendency to focus more on the government at the centre for economic prosperity.

The CEO of Economic Associates made this known at the Centre for International Advanced and Professional Studies (CIAPS) virtual public roundtable with the theme: ‘Fiscal Transparency Accountability and Sustainability of Nigerian States.’

He bemoaned the a situation where more emphasis is placed by governments on revenue than investment. According to him, revenue will continue to be harder to get, noting that states have more opportunities to generate investments than revenue.

Teriba harped on the need by states to collectivise strength, adding that there is a need for states to show a greater sense of responsibility by assisting in bringing dead businesses back to life after the COVID-19 pandemic.

Commenting on why Rivers, Zamfara, Bayelsa and Imo failed the federal government’s transparency test, the Editor-in-Chief of The Point, Yemi Kolapo, urged states to conform with the best standards of managing debts and resources.

She, however, said states that failed to get the federal government’s grants might not be due to their failure to meet the eligibility criteria, describing the States Fiscal Transparency Accountability and Sustainability programme as laudable, adding that “we need a little of private sector participation. That is how to ensure fiscal efficiency.”

Earlier, Rivers, Zamfara, Bayelsa and Imo states had failed to benefit from the N123.348 billion grant the federal government disbursed to states because they failed a transparency test designed to encourage those in positions of authority to be accountable.

“Bayelsa, Imo, Rivers and Zamfara states got zero allocation due to their inability to meet the 2019 eligibility criteria, which required states to publish online approved annual budgets and audited financial statements within a specific timeframe,” a statement from the Ministry of Finance, Budget and National Planning.