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Nairaland Forum / Nairaland / General / Politics / Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC (10828 Views)
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Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by ujoinme: 3:25am On Sep 06, 2013 |
Nine states of the federation are in serious debts judging by their revenue profile, the Fiscal Responsibility Commission has said. http://www.punchng.com/news/lagos-ekiti-seven-others-are-heavy-debtors-frc/ |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by seanet02: 3:36am On Sep 06, 2013 |
Arrant nonsense! How can you decide the debt to revenue ratio without including the IGR? Du.mb people are always in charge in this country. 5 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by AkamuandStew: 3:38am On Sep 06, 2013 |
Fashola on Lagos' debt. Read and notice why I keep insisting that Lagos is in Safe hands.... Lagos is not broke – Fashola http://www.businessdayonline.com/NG/index.php/news/latest/42715--lagos-is-not-broke--fashola |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by ujoinme: 3:39am On Sep 06, 2013 |
seanet02: Arrant nonsense! the state refused to furnish their IGR but an estimate of the state IGR was factored in the calculations 12 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by Nobody: 3:53am On Sep 06, 2013 |
seanet02: Arrant nonsense! It seems the premise for this report was based on 2011 summation before the present ACN governors (aside Lagos and Edo). This is an excerpt from the article: According to the report, the total indebtedness of each of the states as of December 31, 2011 was beyond the limit set by the Debt Management Office. Anyway, borrowing isn't necessarily a bad thing, if the IGR is high; the indebted have enough to service their loans; and if the people can see what the money is being used for. 1 Like |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by mannobi(m): 4:53am On Sep 06, 2013 |
How can LAGOS, EDO BAYELSA, CROSS RIVER ONDO AND KADUNA be there with all d oiyel money and industries while zamfara, jigawa are omited. Nonsence |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by mekaboy(m): 5:55am On Sep 06, 2013 |
seanet02: Arrant nonsense! Even if the IGR was factored it won't make much difference because the money owed contractors was not included, if it was it cld cancel our part of the IGR. 1 Like |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by obitwo: 6:51am On Sep 06, 2013 |
mekaboy: Can you show me one ...just one of your post that was every truly analytical? LASG generates about N25bn in IGR monthly which is about N300bn annually In addition, Ekiti State generates N1bn monthly which is N12bn annually making their debt to revenue ratio very ideal |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by dridowu: 8:41am On Sep 06, 2013 |
legalcode: So all these noice about Fashola and Lagos State are borrowed funds. Chai!! Lagos don suffer, Tifnubu is really hitting them hard. one.east3:i want to believe u guys just read the topic only, u did not read the news content, the list of state mentioned are LAGOS, EKITI, KADUNA, CROSS RIVER, ONDO, EDO, BAYELSA, EBONYI AND KWARA. So next time read the full details before you comment. @topic, I can see major oil producing state included, anyway lagos also included. |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by Sunnybobo3(m): 8:46am On Sep 06, 2013 |
After some people will be asking why the FG refused to guarantee more loans for Lagos. |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by legalcode(m): 9:48am On Sep 06, 2013 |
So all these noise about Fashola and Lagos State are borrowed funds. Chai!! Lagos don suffer, Tifnubu is really hitting them hard. 2 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by abatajjvii: 9:50am On Sep 06, 2013 |
NAIJA MA DEY OWE SO WHAT IS THE BIG DEAL ABEG NEXT |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by ollyboy900(m): 9:53am On Sep 06, 2013 |
I wonder what bayelsa state is doing on this list, undeniably,lagos surely has a visible reason to be on this list but why bayelsa? |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by MrAboki: 9:55am On Sep 06, 2013 |
Surprisingly, RIVERS & AKWA IBOM are not on this list.. Bayelsa & Cross River needs to explain why they are in debt. What did they borrow money to do?! Because I cant see anything worthy of note to show in these two states.. Plus Bayelsa also collects 13% derivative from Oil sales, Federal allocation plus IGR, yet the development on ground dont match their income.. |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by strangest(m): 9:56am On Sep 06, 2013 |
Its well, borrow borrow, make me rich... End of days |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by playcharles(m): 10:00am On Sep 06, 2013 |
hmmm....lagos, eko o ni baje oni gba se....omo yi bo oshi |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by playcharles(m): 10:01am On Sep 06, 2013 |
hmmm....lagos, eko o ni baje oni gbe se....omo yi bo oshi |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by Nobody: 10:01am On Sep 06, 2013 |
But i dey find my state ABIA,where are thou? |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by taharqa: 10:04am On Sep 06, 2013 |
Where d HYPOCRITES at 1 Like |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by docjuli(m): 10:11am On Sep 06, 2013 |
All I can see is a list of performing states. |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by seanet02: 10:13am On Sep 06, 2013 |
taharqa: Where d HYPOCRITES at. Illiteracy, stone age ignorance and astounding folly are your prime problems. If you have gotten the least of cognitive and comprehensive abilities, you will not have throw this garbage out of your stinking mouth. |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by moodswing(m): 10:13am On Sep 06, 2013 |
As an economist, I have consistently argued that Lagos is borrowing more than it should and also not investing on strategic developmental projects with real economic value on the short/long term. Just like When Ngige was governor, he spent almost all the money the state had and borrowed just to finance wonder projects with no commensurate economic value. Just because we ignorantly see building of certain infrastructures especially roads as development, politicians use it to a grave advantage. Gov't should be strategic in drawing up it's scale of preference before arbitrarily spending on fancy projects just because it's an eye candy that appeals to the ignorant sense of the ordinary people. Billions were expended to plant flowers on bad roads, then Roads and bridges concessioned, because the state can't fund the project. Rochas is another dude preying on people's ignorance. In a bid to fulfill too many bogus campaign promises, he has extensively borrowed to finance dubious and highly inflated projects. Even Elechi of Ebonyi state is another sorry story not even worth going into. Brazil isn't as fancy as the UK, but the economy of Brazil did surpass that of the UK. Making more appealing to investment than the UK which in return boosts it's economic potential and growth. Lagos is politically astute but economically irresponsible. If Lagos state is well managed, in 7yrs, not only with she be without debt, but also become the Hong Kong of Nigeria. The potential is there but every economic decision is usually not without a greater amount of political undertone and interest. God help us and give us the leaders we need not the politicians we want. 11 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by constance500: 10:14am On Sep 06, 2013 |
Really
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Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by Nobody: 10:17am On Sep 06, 2013 |
Lagos State is owing almost 200 billion Naira ? Oh my Gosh, Rossikk was right oh. If you give Tinubu and Fashola access to the Presidency, then these APC guys will plunge Nigeria into blackhole of poverty. 11 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by taharqa: 10:18am On Sep 06, 2013 |
seanet02: . Illiteracy, stone age ignorance and astounding folly are your prime problems.lol... Were you d HYPOCRITE i was talking about?? Hehehehehe 9 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by chairman: 10:19am On Sep 06, 2013 |
Nigeria, why not use the idi amin solution, print more money and drill more oil and settle the dept 1 Like |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by asha80(m): 10:22am On Sep 06, 2013 |
moodswing: As an economist, I have consistently argued that Lagos is borrowing more than it should and also not investing on strategic developmental projects with real economic value on the short/long term.i wish more people have the same kind of insight you have. |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by Nobody: 10:24am On Sep 06, 2013 |
chairman: Nigeria, why not use the idi amin solution, print more money and drill more oil and settle the dept These are States Debts, and States dont mint or drill Oil. Even if it was a national debt. Doing so will be wrong economic principle cos there will be excess liquidity in the system which will lead to uncontrollable inflation. And I guess you understand that mopping up excess liquidity is tasking if not properly managed and will lead to unpredictable fluctuations that will send wrong signals to International Investors. Bottom-line is..These States MUST be banned from taking more loans and their Federal Allocations used to pay off the debts before their present administrations pack their bags. 4 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by oneeast3: 10:26am On Sep 06, 2013 |
moodswing: As an economist, I have consistently argued that Lagos is borrowing more than it should and also not investing on strategic developmental projects with real economic value on the short/long term. The highlighted is even the worst, pathetic and worrisome case study, because apart from their marginal federal allocation there is nothing meaningful or worth mentioning in that state. 2 Likes |
Re: Lagos, Ekiti, Seven Others Are Heavy Debtors –FRC by moodswing(m): 10:27am On Sep 06, 2013 |
chairman: Nigeria, why not use the idi amin solution, print more money and drill more oil and settle the dept Very intelligent. It's just like Taking your 12 months salary upfront to solve today's pressing financial burdens which will leave you with a lot of money to spend today but without pay for 11months. Maybe we should print enough money to buy all the dollars in US treasury right?. |
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