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State Governors, have ruled out the option of seeking external borrowing to meet their pressing financial obligations.
This came as the Federal Government, States Governors, met on Tuesday, to share N558.082 billion, as part of their monthly allocation.
The Chairman, States Commissioners of Finance Forum, Mahmood Yunusa, disclosed this to Journalists, during the question and answer session at the plenary session of the monthly Federation Account Allocation Committee, FAAC, meeting.
Responding to question by one of the Reporters who sought to know if States were considering taking loans in the face wage bill challenge, he retorted that: “States are not looking at borrowing to augment the funding gaps.”
Yunusa stated that State governments, “are now looking at cutting costs and working closely with the Federal Government, to increase non-oil revenue, particularly Value Added Tax (VAT), withholding tax, and stamp duty, so that at the end of the day, States will make more money.”
Meanwhile, for September revenue, Federal, States, and Local Governments, shared the sum of N558.082 billion.

According to the table of distribution made available, of the total collection including VAT, statutory, exchange rate gain, and Excess Petroleum Profit Tax, PPT, the Federal Government got N234.286 billion, while States and the Federal Capital Territory, FCT, got N152.739 billion, Local Government Councils received N114.918 billion.
Oil producing States got an additional N40.216 billion, under the 13 percent derivation principle.
The AGF put the gross statutory revenue at N423.961 billion for the month under review, a figure lower than the N550.992 billion received in the previous month by N127.023 billion.
“There was a significant increase in revenue from export sales of $176.4 million, due to an increase in crude oil production by 4.12 million barrels.
However, the average price of crude oil decreased from $50.44 to $46.29 per barrel”, he said.
He noted that “the activities resumed at Forcados Terminal for the first time since February 2016. There were shut-ins and shut-downs at Terminals for maintenance and repairs.”
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