Imo leads other states, such as Abia, Zamfara, Yobe, and Plateau States, to borrow to sustain recurrent and capital expenditures.
This was disclosed by BudgIT on Tuesday in its report, State of States.
According to the report, some of the recurrent expenditures include salary payments, pensions, gratuities, service-wide votes, and overheads.
“Five States—Abia, Imo, Yobe, Zamfara, and Plateau—did not raise enough total revenue (their combined IGR, federal allocations, and grants) for Carter to cover their recurrent expenditures. It means these states resorted to borrowing to manage some parts of their recurrent expenditures and capital expenditures.”part of the report states.
The situation is more problematic for Abia and Imo, which consistently receive 13 percent oil derivatives.
