States' Public Debt Stock Is N1.8 Trillion - Politics - Nairaland
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| States' Public Debt Stock Is N1.8 Trillion by Nobody: 9:29pm On Feb 21, 2013 |
* Lagos, Bayelsa, C'River top list of borrowers * Borno, Yobe least indebted * Oyo, Jigawa and FCT liabilities unknown WITH a huge debt portfolio of N1.86 trillion, the country's 36 states and the Federal Capital Territory (FCT) are in dire financial straits in their bid to ensure development. The Debt Management Office (DMO), which in a report put the total liabilities at N1.86 trillion as at the end of June last year, said that this figure was up from the N1.42 trillion level of December 2011. A breakdown of the figure indicates that local or domestic debt obligations account for N1.186 trillion with the balance being the foreign debt liabilities. Contractors' liabilities top the chart on the debt table followed closely by commercial banks' loans, bonds, pension and gratuity and government-to-government debt in that order. The DMO's report said: "The total public debt of the 36 states rose from N1.42 trillion as at December 31, 2011 to N1.86 trillion by June 2012. The marginal increase of about 3.32 per cent was as a result of slight increases in both the external and domestic debt stocks. As in 2011, domestic debt dominated the total public debt portfolio of the 36 states of the federation in June amounting for over 77 per cent of the total as it did in the previous year." The entire records of Oyo and Jigawa states' liabilities and those of the Federal Capital Territory (FCT) Administration are the only data missing out in the report of the exercise begun some five years ago and concluded December last year by the DMO. The three administrations reportedly didn't co-operate much with the DMO during the exercise. This, however, could not be confirmed yesterday, as all efforts to speak with top officials of the debt management agency were not successful. The report titled "Five years of Effective Sub-National Debt Management in Nigeria" was obtained exclusively by The Guardian under strict confidentiality as members were still studying it preparatory to their meeting on the report next March 11. The report listed Lagos State as the highest borrower with a contingent liability of N238.262 billion, comprising a local debt of N157,536 billion and a foreign component of N80.726 billion. Lagos is followed by oil-rich Bayelsa State with a contingent liability of N167.173 billion, made up of a domestic debt stock of N162.822 billion and a foreign debt liability of N4.350 billion while Cross River State is placed third with a total public debt of N113.598 billion, consisting of a local debt component of N96.544 billion and foreign debt of N17.053 billion. Next to Cross River is Rivers State, which as at June last year had contracted a total public debt of N112.229 billion made up of N106.880 billion local debt and N5.349 billion foreign debt. The state is followed by Delta State with a public debt of N93.304 billion, comprising a local debt of N90.843 billion and a foreign component of N2.46 billion. Imo and Kaduna states are next with total debts of N69.979 billion and N53.808 billion respectively. Crisis-torn states of Borno and Yobe emerged the least indebted with Borno pulling the least public debt of N3 billion, consisting of N1.684 billion local debt and N1.894 billion foreign debt. Yobe on the other hand has only contracted a debt toll of N6.939 billion, made up of N2.088 billion local debt and N4.851 billion external debt. However, on a debt solvency and liquidity ratio analysis relative to revenue inflow to states, Cross River State is the heaviest debtor as it scores the highest burden rating of 138.86 per cent as at December 2011, representing her total public debt to total revenue ratio. The state's public revenue is put at N77.489 billion while its public debt is far above the figure at N107.600 billion. Also, on a scale of domestic debt stock analysis relative to Internally-Generated Revenue (IGR), Cross River polls 584 per cent, next to the highest ranked Bayelsa State, which pulled 1,712 per cent. Cross River's domestic debt stock relative to IGR at the period was only N16.553 billion. On the total public debt sustainability score, Bayelsa is next to Cross River with a burden score of 104.93 per cent and a debt stock of N167.123 billion relative to its revenue base of N159.278 billion while it has the highest domestic debt burden score of 1,712 per cent relative to its IGR. The state's local debt stock at the time of the analysis was N162.822 billion while its IGR was a paltry N9.510 billion. Lagos State is placed as the third risky state in the total public debt solvency analysis as it polled 73.21 per cent after Cross River and Bayelsa. Lagos public debt at the time was N234.608 billion while its revenue base was put at N320.474 billion. It equally scored a ranking of 61 per cent on the domestic debt solvency analysis, as its domestic debt stock was N157.536 billion, relative to its IGR base of N257.419 billion. Source: http://odili.net/news/source/2013/feb/21/3.html |
| Re: States' Public Debt Stock Is N1.8 Trillion by manny4life(m): 5:14am On Feb 22, 2013 |
Nigerian states are really heading up the bind with their large debt, tell me what a state like Bayelsa is doing with billions of $$$ in debt? This is really serious, do they borrow and then siphon the money or what? Imagine so-called oil producing states are the ones highest in debt?  None of these debt has any effect on there citizens, yet they're borrowing. Rivers is building monorail in the billions, Bayelsa want to build overhead bridge worth billions that serves little or no purpose, meanwhile Lagos being the third risky with it's debt accounting for 73% debt to revenue ration, one is not surprised why LASG is desperate for money... smh, to what end? |
| Re: States' Public Debt Stock Is N1.8 Trillion by EASTSIDAZ: 5:56am On Feb 22, 2013 |
Imo state under okorosha has borrowed over 70 Billion going by the records for his APC party where they promised him presidential running ticket. Imo state is going down everyday while Okorosha is busy borrowing money for thiefbu APC party, thereby mortgaging the future of the state because of his personal agenda. Even with all the loan there is nothing on the ground to show for it, all the roads has been abandoned while the contractors are heavily owed. Ohakim could have done better. We can't wait for this hausaman pretending to be onye igbo to be swept out just like ohakim and co. This eddiot is a fraudster sucking already poor imo state dry.. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Nobody: 5:57am On Feb 22, 2013 |
The DMO (Debt Management Offiice) keeps saying that as long as the debt is less than 20% of GDP, there is need to worry. However, it might not be long before the debt reaches an alarming stage. To be forwarned is to be forearmed. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Ngwakwe: 8:54am On Feb 22, 2013 |
Reason with your brain and do so after reading the article. Benefits from former Career Politician is over. EASTSIDAZ: Imo state under okorosha has borrowed over 70 Billion going by the records for his APC party where they promised him presidential running ticket. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Nobody: 9:02am On Feb 22, 2013 |
The sad thing is we do not see where all that money goes to.  |
| Re: States' Public Debt Stock Is N1.8 Trillion by slimfit1(m): 9:09am On Feb 22, 2013 |
EASTSIDAZ: Imo state under okorosha has borrowed over 70 Billion going by the records for his APC party where they promised him presidential running ticket. I dont like tinubu, but think you need to think before you talk sometimes otherwise you are making a fool out of yourself. When did the party merged that Okorocha will be paying tinubu? You just hate him for no reason this is telling us that. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Joey82(m): 9:11am On Feb 22, 2013 |
its rather surprising that states with so much oil wealth and jumbo federal allocations are the ones borrowing most. what is Bayelsa doing with all these monies with a small land mass, just eight local govts and a comparably smaller population. looks to me like the northern states are less greedy. |
| Re: States' Public Debt Stock Is N1.8 Trillion by vanstanzy(m): 9:31am On Feb 22, 2013 |
No, its actually like this. Debt: .8 trillion naira. Embezzeled fund: 1 trillion naira. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Numerouuuno: 9:34am On Feb 22, 2013 |
can someone tell me why the oil rich regions are topping the debt chart?and also lagos with its loads of taxation is also there despite that the major projects are sponsored by the private sector and partnerships? Who will save this country from its mess,ehn? |
| Re: States' Public Debt Stock Is N1.8 Trillion by kutchs: 10:12am On Feb 22, 2013 |
Lagos state I can understand, Rivers and Cross Rivers I can understand bc of the projects going on in the aforementioned states but Imo State? It‘s too bad that Okorocha is heavily indebting th poor state without anything tangible to point at as consequences of the heavy debts. Ndi Imo pls shine ur eyes well well, do the right thing come 2015 b4 this conman ruins the state. |
| Re: States' Public Debt Stock Is N1.8 Trillion by gratiaeo(m): 10:15am On Feb 22, 2013 |
This is were you must love Peter Obi of Anambra state..... Imagine lagos state topping the list? Look at even Bayaesa with population of one Local Govt in lagos borrowing? By now states like Lagos, Delta, Bayelsa, Cross-river should be giving loans to other poorer states like Ekiti, Nasarwaw etc Nigeria is in trouble |
| Re: States' Public Debt Stock Is N1.8 Trillion by asha80(m): 10:18am On Feb 22, 2013 |
kutchs: Lagos state I can understand, Rivers and Cross Rivers I can understand bc of the projects going on in the aforementioned states but Imo State? It‘s too bad that Okorocha is heavily indebting th poor state without anything tangible to point at as consequences of the heavy debts.are you saying imo was debt free before okorocha came on board? 1 Like |
| Re: States' Public Debt Stock Is N1.8 Trillion by gratiaeo(m): 10:23am On Feb 22, 2013 |
kutchs: Lagos state I can understand, Rivers and Cross Rivers I can understand bc of the projects going on in the aforementioned states but Imo State? It‘s too bad that Okorocha is heavily indebting th poor state without anything tangible to point at as consequences of the heavy debts.What project is going on in lagos? Do you know lagos GDP at all? My many project you are seen in lagos is building by private sectors apart from cleaning of the market and sowing uniform to touts. Lagos has the lowest standard of public school (Awori college in mind) Health center zero BRT very poor management 1 Like |
| Re: States' Public Debt Stock Is N1.8 Trillion by theripper3: 10:40am On Feb 22, 2013 |
Bayelsa ke? Borrow for wetin na? |
| Re: States' Public Debt Stock Is N1.8 Trillion by PROUDIGBO(m): 11:05am On Feb 22, 2013 |
Brand_new: The sad thing is we do not see where all that money goes to. ^^^The one of Bayelsa is just plain criminal! There's next to nothing on ground in that state to justify this debt of 167 billion naira, esp' when you consider their annual budget of close to 300 billion as well! This is what you get when you create a state for people that aren't prepared mentally, or have the human resources capacity and political maturity to run it......you get charlatans and thugs like Alamesiagha and Silva at the helm of affairs, with the inevitable looting and lack of focused leadership that is bound to follow. 1 Like |
| Re: States' Public Debt Stock Is N1.8 Trillion by LagosBoi2(m): 11:34am On Feb 22, 2013 |
[quote author=gratiaeo] What project is going on in lagos? Do you know lagos GDP at all? My many project you are seen in lagos is building by private sectors apart from cleaning of the market and sowing uniform to touts. Lagos has the lowest standard of public school (Awori college in mind) Health center zero BRT very poor management[/quote] this one has never stepped foot in Lagos, he was born and still living in borno 1 Like |
| Re: States' Public Debt Stock Is N1.8 Trillion by ikweremilitant: 11:43am On Feb 22, 2013 |
Lagos_Boi:leave dat almajiri |
| Re: States' Public Debt Stock Is N1.8 Trillion by kalunomics(m): 12:06pm On Feb 22, 2013 |
EASTSIDAZ: Imo state under okorosha has borrowed over 70 Billion going by the records for his APC party where they promised him presidential running ticket. 1 Like |
| Re: States' Public Debt Stock Is N1.8 Trillion by kalunomics(m): 12:09pm On Feb 22, 2013 |
EASTSIDAZ: Imo state under okorosha has borrowed over 70 Billion going by the records for his APC party where they promised him presidential running ticket.you are just so full of shit! Toilets should envy you. Can you atleast name one road that is being abandoned in owerri? Not suprised though! One of those insulting GEG for the UNILAG name revert. Smh for you and your likes! |
| Re: States' Public Debt Stock Is N1.8 Trillion by Symphony007: 12:18pm On Feb 22, 2013 |
I can understand what states like cross river and lagos are using borrowed money for but bayelsa? What is bayelsa borrowing money for? What projects are they executing? Plus all the money they get in royalties and allocations. A small state like that? Hmmm...the senate had better start considering merging staes like bayelsa back with rivers for efficency not thinking of creating more stupid states like lagoon state.:@:@ |
| Re: States' Public Debt Stock Is N1.8 Trillion by Ejine(m): 12:22pm On Feb 22, 2013 |
EASTSIDAZ: Imo state under okorosha has borrowed over 70 Billion going by the records for his APC party where they promised him presidential running ticket. Chino, you truly have no shame. Anambra state is actually poorer than Imo. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Ejine(m): 12:27pm On Feb 22, 2013 |
asha 80: are you saying imo was debt free before okorocha came on board? The guy is a dunce. Don't engage the retaard. How do you expect a petty trader from Onitsha market to know anything about government fiscal debt management? |
| Re: States' Public Debt Stock Is N1.8 Trillion by joshuaidibia(m): 12:28pm On Feb 22, 2013 |
WEAK MAN. @jonathan. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Capnd143(m): 12:33pm On Feb 22, 2013 |
[center]Whaat?[/center] |
| Re: States' Public Debt Stock Is N1.8 Trillion by kutchs: 12:47pm On Feb 22, 2013 |
asha 80: are you saying imo was debt free before okorocha came on board?I neva said Imostate was debt free b4 Okorocha but that there‘s nothing on the ground to justify the huge debts the state govt is running up. You may argue that Ohakim and Udenwa ran up the debts but what has ur Owelle done to reduce the debt given that we cant see what he‘s spending money other than on state sponspored propaganda on tv. |
| Re: States' Public Debt Stock Is N1.8 Trillion by Ejine(m): 12:51pm On Feb 22, 2013 |
kutchs: Why don't you first visit the state instead of saying absolute crap you know nothing about? People like you sit on the couch and run their mouths all day when they've never been to the places they speak of. |
| Re: States' Public Debt Stock Is N1.8 Trillion by rhymz(m): 1:29pm On Feb 22, 2013 |
Joey82: its rather surprising that states with so much oil wealth and jumbo federal allocations are the ones borrowing most.as small Bayelsa is, the federal allocation to it is 12billion naira yet they are at the top of the borrower's list. What exactly is the government of Bayelsa doing with the state's fund. |
| Re: States' Public Debt Stock Is N1.8 Trillion by kutchs: 1:32pm On Feb 22, 2013 |
Ejiné:Except something special has happened bw Jan 6th when I left home and now, I dont need to go back home. Incase you dont understand what I mean above, am onye Imo nwa afo Mbaise. |
| Re: States' Public Debt Stock Is N1.8 Trillion by rhymz(m): 1:44pm On Feb 22, 2013 |
kutchs:Guy stop arguing like a kid. You are not the only one from Imo state. No matter how much you hate Rochas you can't claim he is not doing anything in Imo state. He is way better than Ohakim or Udenwa packed together. Forget all this childish emotions over APc AND oBI. 1 Like |
| Re: States' Public Debt Stock Is N1.8 Trillion by ddeola: 2:32pm On Feb 22, 2013 |
All these corrupt thieves,they have mortgaged the future of the entire country and to make matters worse stolen most of these debts. This is shameful ! |
| Re: States' Public Debt Stock Is N1.8 Trillion by kutchs: 2:41pm On Feb 22, 2013 |
rhymz: Guy stop arguing like a kid. You are not the only one from Imo state. No matter how much you hate Rochas you can't claim he is not doing anything in Imo state. He is way better than Ohakim or Udenwa packed together. Forget all this childish emotions over APc AND oBI.Mature boy do u mind telling me what he has done to justify the huge debts Imo State has. I dont hate Okorocha otherwise I wouldnt have campaigned for him, I rather hate his style of governance which I have mentioned elsewhere. Imo state has no business racking up such huge debts given how much it gets monthly, how is the debt going to be repayed with hurting future generation. It‘s unsustainable. Btw what‘s APC and Obi? |
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