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RMAFC: 36 states risk bankruptcy

CHAIRMAN of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Elias Mbam, has warned against looming bankruptcy in the 36 states of the federation, lamenting that the external debts of the states as at December, 2011 stood at $2.165 billion. Mbam said yesterday that there have been various signs of distress in the finances of the states over the past years before and after the passage of the New National Minimum Wage Act last year. “There was a series of outcries by the states ...
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Added March 14, 2012
from Nigerian Compass