From all indications, though no state government has come out to categorically say that it is broke, stories in the last few weeks indicate that most of them may begin to owe their workers monthly salaries. Worries have been expressed in several quarters that as the price of crude oil continue to plunder, Nigeria is going into an election year and politicians are doing everything possible to mop up cash from every angle to finance the political ambitions.(…)
Fears are being expressed that should the trend of oil prices falling continue, most states will soon come out shouting that they are broke because most of them have very poor internally generated revenue base which should act as catalyst in times of oil price fall.