Rufus Anthony
In 1973, Gowon the then Head of State of Nigeria proclaimed that money is not the country’s problem, but how to spend it. At that time, Nigeria was awash with oil money accruing to her from the oil boom. Today, Nigeria is regarded as the poverty capital of the world making scholars of development to question what really went wrong; where did the country got it all wrong? It is thus in view of this rapid decline from abundant wealth to chronic borrowers that this study was developed. The study relied on secondary sources of data for information. Thus, the theory of fiscal federalism as developed by K.C Wheare was applied and the findings of the study revealed the political, economic and social structure of the country to be an enforcer of poverty. To this end, the study recommended that if the country is to escape the poverty trap which she finds herself, there must be a complete overhaul of the present structure to allow for more economic flexibility of the constituent unit as the present structure was noted for being too rigid for development.
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