Mr Aluko, Vice Chancellor of the new University, Otuoke in Bayelsa State pointed out the following quote:

FEBRUARY 2011

QUOTE 

Lagos State, according to the breakdown, is the most indebted state of the federation. With a total foreign debt of $369.20m (N55.38bn), Lagos holds about 20 per cent of the country’s sub-national foreign debt stock.

The state’s foreign debt stock also represents 8.14 per cent of the country’s total foreign debt stock, according to the list.

Details of the facilities showed that the foreign debt liability of Lagos State had been ballooned by a World Bank facility obtained with the support of the 

Federal Government for its urban renewal programme about four years ago. 

Kaduna State followed on the list, with a liability of $143.45m (N21.52bn), while Cross River had $99.99m (N15bn).

Other states in the top league include Oyo, $88.16m; Ogun, $73.72m; Katsina, $72.72m; Osun, 59.81m; and Akwa Ibom, $59.48m.

The least indebted states were Borno, $13.58m; Delta, $16.6m; Anambra, $17.9m; Taraba, $19.07m; and Benue, $23.66m.

The 36 states and the FCT account for 40.62 per cent of the nation’s total foreign debt liability. 

UNQUOTE

AUGUST 2011

QUOTE

Among the states, Lagos is leading with external debt of $460.742million, representing 8.54 percent of the nation’s external debt.

Kaduna State owes $175.433million, representing 3.25 percent, while Cross River, which owes $124.022million, representing 2.30percent of the nation’s external debt, came third on the list of states with higher external debts.

According to the DMO: “These figures exclude arrears that only become obvious by the end of the year. Debt stock can only be computed bi-annually after aggregating half year deductions at the Federation Account and Allocation Committee (FAAC), when the first scheduled payments due in respect of all loans must have been made.

Attempt to report in-between the period will result in inaccurate data (over-payments/under-payments). FGN debt stock includes Non-Paris Club debt.” On other states, the DMO noted that Abia State ’s external debt stood at $34.048million as at the period under review, while Adamawa State ’s external debt was $29.45million.

Others, according to DMO, are Akwa Ibom ($70.56million); Anambra ($23.722million); Bauchi ($58.8million); Bayelsa ($28.77million); Benue ($25.016million); Borno ($14.036million); Delta ($17.63million); Ebonyi ($42.149million); Edo ($46.92million); Ekiti ($36.201million); Enugu ($41.66million); Gombe ($27.96million); Imo ($52.32million). In the period under review, DMO stated that Jigawa State’s external debt was $29.120million; Kano ($63.94million); Katsina ($78.75million); Kebbi ($51.644million); Kogi ($36.203million); Kwara ($48.557million); Nassarawa ($41.35million); Niger ($27.438million); Ogun ($91.902million); Ondo ($60.794million); Osun ($65.332million); Oyo ($93.990million); Plateau ($26.974million); Rivers ($36.501million); Sokoto ($41.206million); Taraba ($21.111million); Yobe ($31.690million); Zamfara ($27.186million) and FCT ($37.664million).

UNQUOTE http://elombah.com/index.php/special-reports/10891-nigeria-state-debts-rising-from-february-2011-to-august-2011-to-march-2012

Lagos state according to the breakdown, is the most indebted state of the federation. With a total foreign debt of $369.20m (N55.38bn), Lagos holds about 20 per cent of the country’s sub-national foreign debt stock.

Na Cross River debt of $124 million, i dey wonder for . . .How do they hope to pay back such huge debt with their low IGR generation and their monthly allocation severely slashed courtesy the 70 oil wells ceded to Akwa Ibom State. . . .

What of lagos state the loan does not justify the development on ground considering that lagos was once a formal capital

karl max: What of lagos state the loan does not justify the development on ground considering that lagos was once a formal capital

IMO, i still feel Lagos State has the capacity to offset a good sum of their debt if such loans are properly channeled . . .Their economy is the most robust of all states in Nigeria

jmaine: Na Cross River debt of $124 million, i dey wonder for . . .How do they hope to pay back such huge debt with their low IGR generation and their monthly allocation severely slashed courtesy the 70 oil wells ceded to Akwa Ibom State. . . .

The Dark Side of Tinapa...

Lagos State's debt profile is larger than Nigeria's GDP.

Nuff said!

Whoops! My bad.
I thought the figures were in BILLIYANZ.

Ejiné:

The Dark Side of Tinapa...

I See

Where is gbawe and his fellow never do wells to come and defend or basically tell us how the money was looted by their pay masters. With these huge debts, lagos state though a former federal capital can't still boast of a basic good road network, no good drainage system as people are losing millions anytime rain falls due to flooding despite the billions borrowed and budgeted to curb that, the streets are no go areas, igbo smoking area boys everywhere, local govt administration is virtually dead except as a medium for double taxation. The question is what is lagos state doing with all the federal allocations, internally generated revenues coupled with these huge borrowings as nothing is on ground compared with other states

karl max: What of lagos state the loan does not justify the development on ground considering that lagos was once a formal capital

Because Lagos was a former Capital(well over 20 years ago) means Lagos should not have 350 million that it needs for development today?