Atouke: State Amount Owed
1) Lagos $1,020,410 674 billion ( the most by any state and over 1/3 of the total amount owed by 36 states)
2)Ogun $116,689,249 billion
3)Ondo $51,439,910 billion
4)osun $73,404,212 billion
5)Oyo $80,112,064 billion.

TOTAL $1,342,056,129 billion equivalent to N 214,717,000,000 billion Naira

Total amount owed by 36 states in Nigeria = $3,013,216,977 billion

If all the states were borrowing at the rate that the south west states are then The country will be in a more serious trouble than we are at the moment.

all data from the debt management office http://www.dmo.gov.ng/oci/subn/docs/Federal%20and%20State%20Governments%20External%20Debt%20Stock%20as%20at%2030th%20June_%202014.pdf

atlwireles:

The states have borrowed more monies in the last 4 years than the federal government. When GEJ became president the National external debt was $4.5B in 2010. The federal government issued Euro bonds for about $1.5B and received another $1.1B concessionaire loans from China. Most of those monies are currently used for both the Airport and railways reconstruction projects. The other $3.5B are states loans, from Lagos metro project to Rivers City water project etc. The federal government can pretty account for its loans, the problem are the states.

Atouke: [size=13pt] Every newborn child That is born in the five SW states has a debt of N8,480 hanging on their necks the day they are born for no fault of their own, other than the fact that APC governors has mismanaged their economy and pilled these debts on their behalf.
We need to protest this injustice perpetrated by Tinubu and his Minions running the APC states in the SW [/size]

kel4soft:

Like seriously? Just for clarification, Is Rivers water loan on FG's head since she is gonna pay back in 22years time with an interest rate of 0.03%.

BTW, am not sure the $250m has been included in this since the state is yet to officially access the loan though appreciative progress had been made.

ola6: Notice my "sophisticated" progressives will avoid this thread. Are we Yorubas sane or blind?! Can't we see we are selling our future and kids future to the Tinubu/APC dynasty?!

Some "enlightened" people will soon come to start telling this is a healthy debt. We are killing our region with APC!!!

atlwireles:

The states have borrowed more monies in the last 4 years than the federal government. When GEJ became president the National external debt was $4.5B in 2010. The federal government issued Euro bonds for about $1.5B and received another $1.1B concessionaire loans from China. Most of those monies are currently used for both the Airport and railways reconstruction projects. The other $3.5B are states loans, from Lagos metro project to Rivers City water project etc. The federal government can pretty account for its loans, the problem are the states.

A break-down of the rising debt profile showed that Federal Government's external and domestic debts amounted to N8.8 trillion or $57.030 billion as at the end of June 2014


http://allafrica.com/stories/201408200348.html

ujoinme: Oh SW governors! please stop borrowing and squandering/mortgaging the future of your unborn children in the name of foreign debt that goes to your foreign accounts.

aresa:


Nonsense....

We know OBJ washed away at least our external debt before he left, but under the same GEJ/PDP...




Total state's debt both internal and external remains at around $13 billion while FG's external and internal total is $57 billion


Get educated and quit peddling rubbish...

aresa:


Where is the largest state budget in West Africa and N60 billion worth of Akwa Ibom debt? A few roads in Uyo, scores of uncompleted projects private jet, 4 luxury benz trucks, money for luxury gifts for celebrities and private Dubai wedding for dozes, free awoof dash dash on Abuja Hotel and confiscation in the US...

Who is going to pay all that debt? Poor people of Akwa Ibom right?

Atouke:

SW states are killing their generation unborn with debt. This is not to bash the region but for real their governors are taking them for a ride.
Its just plain injustice to borrow/owe such ungodly debt.

kel4soft:

Like seriously? Just for clarification, Is Rivers water loan on FG's head since she is gonna pay back in 22years time with an interest rate of 0.03%.

BTW, am not sure the $250m has been included in this since the state is yet to officially access the loan though appreciative progress had been made.

Atouke: Chei please we should reign in our south west governors before they borrow the whole country to death. These APC governors sabi borrow too much

ujoinme: The Debt in these five states are just too much . these governors are progressive borrowers.

Gbawe: The OP, likely another ethnocentric semi-illiterate, looking to tarnish the SW by hook or by crook writes, in a brazen show of 419 shamelessness, as his thread title: "Five South West Sates Owes 45% Of The Country's External Debt Stock."

He submits the total debt of SW States thus:

TOTAL $1,342,056,129 billion equivalent to N 214,717,000,000 billion Naira.

He puts the total that Nigerian states owe as the total external debt stock of the nation to make his ridiculous 45% argument !!!

I.e "Total amount owed by 36 states in Nigeria = $3,013,216,977 billion."


This is the deception he wanted to get away with i.e presenting the debt of SW States as 45% of Nigeria's total external debt stock he decieves others to be $3,013,216,977 billion when this is not the case because that figure excludes what the FG owes which contributes to total external debt stock.

The 419ner relied on most Nairalanders not reading through to see that the total external debt stock of Nigeria is actually $9,377,113,700.00 billion (see table and last figure to bottom right) consisting of what States owe i.e $3,013,216,977 billion plus what the FGN owe which is $6,363,896,722.40 billion !!!!! Naturally the OP, a Jonathanian empty barrel and anti-SW bigot, tried to hide how the FG is by far the most irresponsible borrower owing almost 70% of Nigeria's total external debt stock with virtually nothing on ground to show for this vast sum !!!!

Is the $1.3 billion approx owed by SW States 45% of Nigeria's total external debt stock of $9.4 billion approx? With this obvious attempt at deception , what is the point of even entertaining anything else the OP and his band of illiterate anti-SW brigade are saying here? Who has time for the amateurish and ultimately unintelligent witch-hunt these dunces think they can initiate against the SW? OP is clearly a crook and a fraudster. Same goes for his ALUU brigade who are even bigger m0r0ns. My advice is that you fools should inspect what you wish to put out in the public domain in your desperate effort, led by inferiority complex, to malign the SW by hook or by crook. Since the posters from the SW on this forum appear miles ahead of you in intelligence, they will discredit you easily. Better still, don't bother and save yourselves the embarrassment.

atlwireles:


You remembered the level of noise and political circus Amaechi provided when his $200M ADB loan was going thru the approval process or Fashola complains when the senate did not include his $600M installment as a part of the financial framework in 2012. We have to find a better way, to go about this loan, without holding a person from Delta responsible for loans used in Rivers.

Gbawe:

Ole, Barawo. Your 419 is busted already.Stop talking. What have you done with the $6.4 billion the FG owes when you made your own calculation of "the Country's External Debt Stock" and arrived at the figure of $3.013 billion instead of the real total figure of $9.4 billion including the $6.4 billion the FG owes whuich you tossed away fraudulently as if such does not exist? Is this how you guys steal and lie brazenly?

Olodo, the SW does not "Owe 45% Of The Country's External Debt Stock" as you assert with your primitive, unintelligent and desperate attempt at 419. Rather, the failed FG, currently led by your messiah GEJ, owes almost 70% of the Country's external debt stock with nothing on the ground to show for this. Go to the SW States to see, in contrast with the status quo for the looting FG led by GEJ the grand priest of corruption, what is on ground as evidence of borrowing.

Do you expect to see, as an example, the great strides in infrastructural development under Amosun in 3 years without an increase in debt which Ogun has no problem servicing? Mumu. In contrast, what is the FG doing with all it is borrowing? What happened to the $18 billion disbursed to fight Boko Haram only for our army men to be deserting in droves while complaining bitterly about lack of funding? Do you know the billions of dollars the PDP-led centre, since 1999, has sunk into the power sector, with nada seen as gains by Nigerians, to appreciate your own mumuism?

You only end up showing up the corrupt menace in Aso Rock looting profusely, while Nigeria sees nada in return, if we begin talking about what is most important in relation to States and Governments borrowing money. I.e what has been delivered on ground commensurate with what has been received rather than this amateur and bigotry-led scaremongering you are packaging for semi-illiterates too ignorant and too easily 'herded' to think for themselves and see the thousands of holes in your basket of ethnocentric and anti-SW deception.

manny4life:

Every foreign or external loan must be subject to statutory approval, which by virtue of the DMO MUST be GUARANTEED by the Federal Govt. No external agency will loan a state entity without FG approval.

atlwireles:

Did you grantee the loan or did the Nigerian federal government grantee the loan. When you default, who is going to pay it back?

atlwireles:

I truly don't have time for your lies. When Obj left office in 2006 Nigeria's external debt was $3.5B. You seem so well educated, yet, your lies are playing tricks on you.

http://www.dmo.gov.ng/oci/edebtstock/docs/External%20Debt%20Stock%20as%20at%2031st%20December,%202006.pdf

Atouke:

You and every member of your family owe N8,480 courtesy of your governors you better start strategising on how to pay your debt. assuming there are 5 people in your family ie you wifey and 3 kids thats about N50,000 minus interest

aresa:


And the rubbish you posted was for what reason? That the PDP and GEJ are not responsible for $57.030 billion or not sinking us into more debt hole?


Please stop the ignorant and ridiculous nonsense abeg..

Gbawe:

Yahoo-yahoo boy, why don't you go and face your primary job of distributing scam emails to people with mathematics skills poorer than yours which is awful anyway? Some of you should go and register for evening adult classes immediately yet you are here disturbing others who are productive members of society. 419 + inferiority complex + obsession with Yoruba land is a bastard of a mix certain to destroy minds. Seek help.

atlwireles: ....................

aresa:


Tinubu spent N66 billion worth of Enugu's debt, Eboyin's N43 billion debt or Anambra's N41 billion debt too?


Losers...

Atouke:

You are about paying for the sin of supporting progressive borrowers, they just put a N 8,580 debt on you and each member of your house hold and every child that will be born into your family. it will take generations to pay off those debt.
The progressive borrowers are the real yahoo boys but you cant see that because you have been blinded by APC stomach infrastructure.