Delta State faces perpetual deficits as debt now N773bn ...


[b]Nigeria’s oil rich Delta State is deep in debt, as N773 billion in outstanding liabilities from the previous administration, along with monthly expenditure which far outstrips earnings, leave the state with prospects of perpetual deficits.
The 40 percent slump in oil prices has reduced the state’s monthly revenue from the Federation Account to an average of N10 billion a month.

When states and local governments irrevocable bond servicing expenses are stripped out, net receipts from the Federal Accounts Allocation Committee (FAAC) and Internally Generated Revenue (IGR) fall to an average of N7.2 billion per month, according to documents seen by BusinessDay.

Delta state’s total expenditure of N16.3 billion a month (comprising of personnel costs, statutory transfers and other recurrent expenditure) means the state currently runs a monthly deficit of N9.1 billion.
This is compounded by N773 billion in outstanding liabilities owed to contractors, bond creditors and banks.
The state’s precarious fiscal position is making it difficult for the newly elected governor, Ifeanyi Okowa to fulfil campaign promises or govern effectively, according to sources.[/b]

States like Delta should boost taxes to cushion the dwindling allocation from the centre, enact more market friendly policies and be run more like economic units as opposed to political appendages of the Federal Government, said analysts who spoke with BusinessDay.

“This calls for hard choices and politically unpopular decisions. These must be preceded by effective and urgent sensitisation of the citizenry,” members of the new Governors Finance Sub transition Committee, said in its report. Documents seen by BusinessDay show that Ministry of Finance Handover Notes indicate that Delta state earned total revenue of N1.75 trillion during the timeline of the last administration (2007 – 2014), while total expenditure was N1.96trillion, leaving a deficit of about N210bn.

On the average, the level of performance of recurrent expenditure was 93 percent while Capital Expenditure was 56 percent in the time period.

Furthermore, Internally Generated Revenue (IGR) in the period was N257.65billion or about 15 percent of total revenue collected.

Nigerian states governors are powerful by African standards, with some controlling annual budgets bigger than most Sub Sahara African countries’ budgets.
okowa

Most, like Delta, borrowed heavily during the boom years to finance often bogus infrastructure projects and on political patronage. Current liabilities include N534 billion in contractor debts, N4.7 billion in external debts, pension liabilities of N39 billion, a revolving overdraft facility of N19 billion and a 7-year bond of N50 billion raised in 2011. Out of this bond value, the total actual proceed received by the state was N46.60billion, meaning total fees paid to regulatory agencies and parties to the bond was N3.40billion, representing 6.8 percent of total bond value as cost of issue.
So far, N41.44bn is reported to have been spent from the bond proceeds on the planned projects, according to documents seen by BusinessDay.

There is supposed to be a balance of N5.16 billion yet to be drawn from the bond proceeds, however the report from the Hand-over Committee revealed that only a little over N3 billion is left in the account where the bond proceed is warehoused.

The whereabouts of the difference has yet to be explained by members of the former administration. Delta state, which was part of a bailout package for states by the FG, needs a concrete plan on structural reforms, according to analysts.
“All the problems can be fixed fairly easily, but the irony is that even if one wished to help them, it would be very difficult – they don’t actually understand “governance,” said the analyst speaking off the record.

PATRICK ATUANY



http://bestcms.in/more/5944589_16/Delta-State-faces-perpetual-deficits-as-debt.html

With Delta state as the most indebted state in Nigeria with nothing to show for the huge debt, federal allocations and taxes, why are the wailers, TaNoids, biafra villagers and other enemies of Nigeria not concerned or bothered when it comes to Delta state and the huge debt generated by the PDP governors from Delta state?


Are they wailing to destroy Nigeria as usual..?

James Ibori & Uduaghan don mortgage the future of Delta's indigenes.

Ask em PDP

OP....SHATAP! We're wailing for CHANGE not MEDIA Propaganda.... Tell Amaechi to go and face his tribunal....

Ask Uduaghan he knows.

You know when someone steals akara from the potbof oil being cooked by the firewood, no matter how he cleans his hand to free him the oil stains, he can never remove the stench of smoke from his cloths.

Uduaghan and Ibori can change cloths because they have served as the head of the state. Such portfolio can't be unwritten.

Lagos state with the largest infrastructure upgrades in Nigeria and the second largest workforce in Nigeria owe N418 Billion.. We have proof on the ground per what Lagos state did with their debt, but exactly what did delta state did. With the largest state debt in Nigeria, IGR, allocations and derivations?

What exactly?

Wetin dem use d money do

Ironically the same victims of this post-maladministration of neocolonialism through kit and kin are the same people defending them with their sweat and blood.
Some times I wonder if vast majority of Nigerians are under an evil spell or they are hypnotised or brainwashed.
Well, someone can go and find out from Uduaghan and Onanefe, the answer is with them surely

[s]

yanabasee:
OP....SHATAP! We're wailing for CHANGE not MEDIA Propaganda.... Tell Amaechi to go and face his tribunal....

[/s]


This thread is not for unintelligent villagers...

...“Perhaps the Vice President-elect avoided the details so as not to expose the fact that the APC controlled Lagos state has both the highest external debt stock of $1,169, billion as well as the highest domestic debt stock of N278, 867 billion.

https://www.nairaland.com/2336408/apc-controlled-lagos-state-both

http://www..com/talk/topic,173274.0.html

aresa:
[s][/s]

This thread is not for intelligent people like you...

Have a good time mastubating your foolishness...

My goodness........ this is headache inducing.

So sad that all i can say/do is to just laugh at it.

South South people sha know how to fool themselves.

Whynotthetruth:
...“Perhaps the Vice President-elect avoided the details so as not to expose the fact that the APC controlled Lagos state has both the highest external debt stock of $1,169, billion as well as the highest domestic debt stock of N278, 867 billion.

https://www.nairaland.com/2336408/apc-controlled-lagos-state-both

http://www..com/talk/topic,173274.0.html

Olodo Villager...

Ambode Inherits N418.2 Billion

http://www.thisdaylive.com/articles/ambode-inherits-n418-2-billion-debt-burden/210573/

N773 - 418 = 335


When you minus Lagos state's N418 billion from Delta's N773 billion, you get N335 billion

Meaning Delta state owe N335 billion more than Lagos state.


Your job is nbow to show us what the people of Delta got for the largest debt in Nigeria.

Please don't come back with another idiotic and unintelligent post.

Okowa met a lot of mess on ground upon resumption including hyperinflation of budgetary allocations by MDAs. Apparently, lots of money were being paid monthly to ghost workers with the connivance of senior officials. I just learnt today that a circular was issued notifying the civil servants of cancellation of all arrears.

Let's hope Okowa will turn things around.

The Accountant-General of Delta State, Mr Cyril Agbele, has reappeared after absconding controversially from his post in the last week of ex-governor Emmanuel Uduaghan’s government.

Agbele ostensibly ‘vanished’ when the pressure from the former governor to release monies in the heyday of the outgone administration for reasons he could not explain.

However, the Accountant-General, according to government house sources, has re-emerged after the swearing-in of Governor Ifeanyi Okowa. He was seen conducting government business in his office this morning.

Though Agbele could not give any reasons for his disappearance, the Nigerian Times learnt that the AG was acting on the instruction of the then governor-elect, who asked him to disappear until he was sworn in.

Ex-governor Uduaghan admitted asking the accountant general to release money, but said he was asking for the money to cover the cost of entertainment and security during the inauguration which took place last Friday.

aresa:



With Delta state as the most indebted state in Nigeria with nothing to show for the huge debt, federal allocations and taxes, why are the wailers, TaNoids, biafra villagers and other enemies of Nigeria not concerned or bothered when it comes to Delta state and the huge debt generated by the PDP governors from Delta state?


Are they wailing to destroy Nigeria as usual..?

ignorance on their part
sentiment will not let them see sense in anything
as far as they are concerned northerners stole so they should also steal. they think two wrongs makes a right

Abugab:
Ironically the same victims of this post-maladministration of neocolonialism through kit and kin are the same people defending them with their sweat and blood.
Some times I wonder if vast majority of Nigerians are under an evil spell or they are hypnotised or brainwashed.
Well, someone can go and find out from Uduaghan and Onanefe, the answer is with them surely

nope, no spell Just simple psychology of mob mentality

Why wont okowa probe that big-headed uduaghan who did nothing for the state but ate everything that belong to it?
Useless man!

aresa:








N773 - 418 = 335


When you minus Lagos state's N418 billion from Delta's N773 billion, you get N335 billion

Meaning Delta state owe N335 billion more than Lagos state.


Your job is nbow to show us what the people of Delta got for the largest debt in Nigeria.

Please don't come back with another idiotic and unintelligent post.

And when you factor in the infrastructural requirements of lagos....coupled with a population at least five times that of delta.....you will realise these people have been shafted..... ......instead of dealing with that.....the flat.heads among them will be shouting falae has been kidnapped by Fulani....etc.....

aresa:
Lagos state with the largest infrastructure upgrades in Nigeria and the second largest workforce in Nigeria owe N418 Billion.. We have proof on the ground per what Lagos state did with their debt, but exactly what did delta state did. With the largest state debt in Nigeria, IGR, allocations and derivations?

What exactly?

I think they used it to service that rock-like head of Uduaghan.

coolitempa:


And when you factor in the infrastructural requirements of lagos....coupled with a population at least five times that of delta.....you will realise these people have been shafted..... ......instead of dealing with that.....the flat.heads among them will be shouting falae has been kidnapped by Fulani....etc.....

the ratio of asinines to intellectual in Biazoo is immeasurably large. So, don't blame them.

Sentiment apart.
Delta state is a scam.
Even the indigenes is not bothered once the allocation shared and.
No road, no light, no nothing. Delta state is not working at all.,

drake22:
Sentiment apart.
Delta state is a scam.
Even the indigenes is not bothered once the allocation shared and.
No road, no light, no nothing. Delta state is not working at all.,

Especially Warri, warri is gradually becoming like Sapele.

Is so disheartening.

Delta state is not owing 700 billion. APC stop the lies ooh

stanech:
Delta state is not owing 700 billion. APC stop the lies ooh

then counter it with an evidence

stanech:
Delta state is not owing 700 billion. APC stop the lies ooh

Oya tell us how much they are owning. Or is Delta state debt free state?


I am not An APC nor PDP supporter.

IdisuleOurOwn:


Oya tell us how much they are owning. Or is Delta state debt free state?

I am not An APC nor PDP supporter.

go to the debt mgt office and ask
Last time it was published it was Lagos with 1 billion dollars debt.
all this APC always pulling others down
tufialkwa unu

dridowu:

then counter it with an evidence

the last time the list was published Lagos was the highest with 1 billion dollars

other states were far behind

alaoeri:
James Ibori & Uduaghan don mortgage the future of Delta's indigenes.

Are you a deltan? Don't even mention ibori. Uduaghan is the greatest thief.