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Editorial

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When the Imo State Government got enmeshed in a financial quagmire, unable to pay workers' salaries and pensioners' accrued pensions, including other obligations, well-meaning Imo citizens demanded a thorough fiscal income-and-expenditure position of the state under Governor Rochas Okorocha's watch.

When the Imo State Government got enmeshed in a financial quagmire, unable to pay workers' salaries and pensioners' accrued pensions, including other obligations, well-meaning Imo citizens demanded a thorough fiscal income-and-expenditure position of the state under Governor Rochas Okorocha's watch.


The uninitiated amongst the cohorts in the ruling All Progressives Congress (APC) bandwagon shouted down those who wanted Governor Okorocha to furnish the Imolites of the state's dwindling economic fortunes. The demand came before the first Federal Government bail-out to states that were in distress, especially in the payment of their workers' salaries and pensioners' arrears of their dues as retired senior citizens of the land.
The first bail-out fund appeared to have snow-balled into fresh demands, because, in some states of the federation, the usual cries of non-payment of salaries have become ever strident especially in Imo State where insincerity has become the norm in administration.
Recently (in fact, this week) the Federal Government published the financial status of the states as par their accruals from the Federation Allocation and Income Generated  Revenue (IGR) within this first year of the new administration, code-named 'CHANGE'.
Is it not sad to be told that a state like Imo, once described as financially buoyant, would now be ranked amongst the 15 others on the path to bankruptcy?
We of The MOMENT Newspaper are not in any way concerned with the fiscal position of the other states on the bankruptcy path, ethnic zeal is paramount in our feeling and sudden descent to the rung of the economic ladder in the scheme of things.
For example, according to statistical records, Imo is among the states stipulated not to “survive without the Federation Account due to poor internal revenues”. Imo State's record shows that of the N71.6 billion Federation Account within the period under review, its accrued internal record was a paltry N5.4 billion, representing 7.6 per cent of the amount.
This dismal performance as indicated above does not speak well of Imo State, blessed with human and natural resources. Even with the obnoxious straddling somewhat irredeemably on the path to insolvency.

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