”The national assembly needs to wake up to address this problem. It is incredible that an ordinary review of the revenue allocation formula would take more than fifteen years to address. Adams Aliyu Oshiomhole will confirm that labour movements could be most unreasonable, obstinate and ruthless when it comes to the pursuit of their interests. It is better we don’t get to that stage that the hungry masses on the streets will start chasing those of us who have on the streets” This is why I say it is our common problem that could negatively impact the society” HOW WE COLLECTIVELY CAUSED THE PROBLEM —- An Irish proverb asserts that: ‘’A small debt makes a man your debtor, a large one your enemy’’ Elsewhere, another post on an online publication Moneycrashers counsels against lending money to family members because ‘’The uncertainty can lead to stress as the borrower may worry that the lender expects payment and the lender worries about when he or she will be repaid’’ In the context of the usage of these two comments, Federal and State governments in Nigeria are regarded as members of the same family as bound by the Constitution of the Federal Republic. Two days ago, the Federal Government referred to as the ‘big brother’ demanded the repayment of a loan of N614bn secured by 35 states under the National Budget Support Loan Facility. UNCOMFORTABLE POSTURE: State governors were reportedly jolted by the decision coming at a time many states had yet to comfortably pay the new National Minimum Wage of N30, 000. Each State is reportedly indebted to the Federation Accounts to the tune of N17.5bn. At the last National Economic Council meeting, governors decided to constitute a team from the Nigeria Governors’ Forum to meet with the Central Bank of Nigeria and the Ministry of Finance, to finalize modalities for commencement of repayment. But it is certain they are very uncomfortable given the likely negative effect of repayment. This development forms the bedrock of this analysis that examines how and why this situation got to a seemingly irredeemable condition, and the possible steps that could be taken to avert future occurrences of over-reliance on Abuja for monthly sustenance by States and local governments. GENUINE FEARS: Understandably, a loan is not a grant; so it must be repaid. It is to be noted that state governors have genuine fears. One could hazard a…
