AS LAGOS, OSUN LEAD DEBTORS’ LIST
November 27, 2016 Sanya Adejokun- Abuja Top News

THE debt profile of the country and its component parts has recently come into focus, more especially since most states could hardly embark on any capital-intensive project or pay salaries due to huge domestic and foreign debts.



The South West and parts of South-South are said to be the highest indebted states in the country with Lagos, recently declared sixth largest economy in Africa by the United Nations Development Programme (UNDP), leading the pack with debt profile of at least N368,409,682,283.25.



Debts owed by states are in multiple categories: foreign debt, domestic debt, CBN bailout funds and the Budget Support Facility arranged for them by the Federal Government.



While Sunday Tribune was able to calculate foreign, domestic and bailout funds of states, details of the budget support facility of N510 billion to 35 states was yet to be made available as of the time of filing this report.

Presently, these are some of the heaviest indebted states in the country while their civil servants have not earned salaries for upwards of six months.

Ondo, an oil producing state, earning additional 13 percent derivation fund from crude produced from oil wells located within the state is owing N94,404,105,397.7 debts to various creditors.

Last year, outgoing governor of the state, Olusegun Mimiko disclosed that his government was working with different groups of investors to begin exploration of bitumen available in large quantities and also establish a chocolate manufacturing factory.

The state, aside owing staff salaries, was yet to see the establishment of promised development projects and is owing at least N51,978,164,924.55, according to figures from Debt Management Office.

Also, Rauf Aregbesola of Osun State promised to turn the state into a commercial hub when he was campaigning for office around 2007.

About a year into his administration, he told reporters that he would never wait for monthly allocation from Abuja to settle wage bill.

Presently and despite huge potentials of the state in terms of agriculture, mineral and human resources, civil servants are being paid half salaries which are not even paid up to date.

According to investigation, the state owes N203,151,879,799.5 without the running budget support facility.

Ogun is an aquatic state with all the accompanying potentials.

Available records show that Ogun is heavily indebted to the tune of N126,353,703,792.15.

Ekiti State, aside also depending almost solely on monthly disbursements from Abuja, is owing workers some arrears of salary in addition to Federal Government, other domestic and foreign creditors the sum of N78,938,996,132.51 in debts.
http://tribuneonlineng.com/states-groan-debt-bondage/

How did we even get here

The South West and parts of South-South are said to be the highest indebted states in the country



South-South States with huge oil allocation? May God Save us all

Aregbe gave Osun N200Bn+ in debt in exchange for questionable infrastructures that cannot influence the repayment of the debt in another 35 years.

basilo102:


Debts owed by states are in multiple categories: foreign debt, domestic debt, CBN bailout funds and the Budget Support Facility arranged for them by the Federal Govt.

. . .

Also, Rauf Aregbesola of Osun State promised to turn the state into a commercial hub when he was campaigning for office around 2007.

About a year into his administration, he told reporters that he would never wait for monthly allocation from Abuja to settle wage bill.

Presently and despite huge potentials of the state in terms of agriculture, mineral and human resources, civil servants are being paid half salaries which are not even paid up to date.

According to investigation, the state owes N203,151,879,799.5 without the running budget support facility.

http://tribuneonlineng.com/states-groan-debt-bondage/

It is obvious that a new looting pattern has emerged in the SW. It entails borrowing against the projected allocations of your successor and looting the money through questionable projects. I call it preemptive looting.

.. and they still want to collect another loan

And the governors keep wallowing the state neck deep into more debt.

I always say this, Lagos has never had a good Governor. Imagine a state with by far the highest IGR and a very high federal allocation with the highest debt.

Kudos to the northern governors for keeping a low debt profile despite having the lowest allocations and IGR

The federal govt should invest in MMM

Afonjas, Flatheaded, Almajuris, Brainless and Stubborn Southerners. It shall never be will well with whoever deceived these four peoples to come together as one.

Dangote lead Debtor's list but he is a Billionaire.

Lagos credit rating is good and infrastructure projects are ongoing.

While we know they will inevitably steal from the money they borrow,

Investing loan in infrastructure is a good idea.

Afonjas hahahaha una never see something shea una dey chop our oil money now but una still dey debtors list...

Aregbese

Afonjas n "gbese" are like 5&6

Afonja states are always leading in debt profile. It seems Ambode is spending beyond what accrues to the state to impress them.

Afonja and Bad leadership be like
Siamese twins

I dey laff for aregberascal. He can't pay the debt whereas ambode can.

emymeeky:
Afonja states are always leading in debt profile. It seems Ambode is spending beyond what accrues to the state to impress them.
Afonja and Bad leadership be like
Siamese twins

C'mon don't disgrace yourself.

You need to borrow to create infrastructures.
America's economy is one of the best in the world but they have a huge debt profile.

Dangote has huge debts but still the richest man in Africa.

Lagos state with his huge debts still has a better economy than your state.

If you don't borrow to create infrastructures, how then do you intend to improve on your IGR?

The Most important thing about debt is the ability to service it.

Most states in the south west are economically viable to service their debts .

Let me explain

Ogun state borrowed money to construct and expand roads in abeokuta, I mean roads with good drainage system not the roads i saw in the east without drainage ooo.

Now the roads have started generating money to ogun state through parking fees. Most of the buildings in the area has increased in value. So more money for government through property tax .

See, no financial institution will borrow you money if he is not convinced that your economy is viable enough to service it.

All business men borrow. If you an igbo trader selling wares and you want to make more profit, won't you borrow?

There's no crime in borrowing especially when you have a viable economy. only few states in Nigeria can do that. For instance how will a state like zamfara borrow huge amount of money when you don't have a viable economy in place to service the debts . Likewise ebonyi too.


That's why i keep telling people that most south west states don't depend on oyel money for development.. It's mostly foreign loans.

osun


lagos state should hold TINUBU responsible for that huge deBt..mbok




had it been that osun govoenor invested that money he use in building school on COCoA or other industry the dept will not be much.....






u build schools but u cant pay salaries...then what is the use of the school now





i pray osun overcome all this

A combination of Thi.efnubu, Fraudsola and Armedbode, cannot be good for Lagos financial sector

Hmmmm, this is sad.

Eko o oni baje!

Lagos of all States

Donlamzy:
And Aregbe is celebrating 6years in office, please what calls for celebration in his life?

Aminat is coming for your head

When most states depends solely on federal allocation....... Nigeria state governors re brainless and extremely corrupt

west

no wonder they are champion in shouting one Nigeria

It's a sophisticated State.
Is it out of place to expect sophisticated debts?

No wonder Ambode is ready to collect tax even from the dead