Now Attached is the current external debt profile of all the 36 states in nigeria released by the Debt management office.

http://www.dmo.gov.ng/oci/subn/docs/States%20and%20FGN%20External%20Debt%20Stock%20as%20at%2030th%20June,%202013.pdf

There are so many insolvent states in Nigeria. what should be done about this?

It'll load till 7:30am!

So where did the 'rumour' come from that Imo is owing as much as 200 billion in debt?

There is nothing to debate, compare or contrast until we have an overview of what their (States) respective balance sheets look like to ascertain the amount of Bank Overdraft issued to them by our commercial banks.

Most Governors don't do much during their second term or last years of their administration because it's normally time to payback overdraft which most times are deducted from Source as soon as allocation clicks.

IGBO-SON:
So where did the 'rumour' come from that Imo is owing as much as 200 billion in debt?

It came from your fellow Ibos who hate Rochas because he left APGA for APC. That is your people at best blackmailing opponents. This is the same Rochas who was the darling of all Ibos when he was with APGA. I am not surprised by anything Ibos do. COPY THAT!

ujoinme: Now Attached is the current external debt profile of all the 36 states in nigeria released by the Debt management office.

http://www.dmo.gov.ng/oci/subn/docs/States%20and%20FGN%20External%20Debt%20Stock%20as%20at%2030th%20June,%202013.pdf

There are so many insolvent states in Nigeria. what should be done about this?

Do you know the meaning of insolvency?

Do you even know why govt borrow money?

Ngwakwe: There is nothing to debate, compare or contrast until we have an overview of what their (States) respective balance sheets look like to ascertain the amount of Bank Overdraft issued to them by our commercial banks.

Most Governors don't do much during their second term or last years of their administration because it's normally time to payback overdraft which most times are deducted from Source as soon as allocation clicks.

When are your brothers going to help pay off this debt in Lagos abeg

IGBO-SON:
So where did the 'rumour' come from that Imo is owing as much as 200 billion in debt?

Most of IMO debts are local, Just like Edo. The list covers only external debts.

Do you take pleasure in discussing and critiquing people instead of their ideas and policies?

I don't do touch me, I touch you strictly comparative socio-political

Mayor_of_Lagos:

When are your brothers going to help pay off this debt in Lagos abeg

www.freedomafric.com

atlwireles:

Most of IMO debts are local, Just like Edo. The list covers only external debts.

Hold on, how did IMO raise the debts locally, do you mind explaining? Did they issue bonds or was this financed through local banks?

Ngwakwe: Do you take pleasure in discussing and critiquing people instead of their ideas and policies?

I don't do touch me, I touch you strictly comparative socio-political

I said when will 70% Ibo population (60% of its economy) in Lagos help settle the debt?

Who then is Lagos?

Mayor_of_Lagos:

I said when will 70% Ibo population (60% of its economy) in Lagos help settle the debt?

Ngwakwe: Who then is Lagos?

Thats what Im telling you..Lagos is Igbo. This is your debt, not Yoruba debt!

atlwireles:

Most of IMO debts are local, Just like Edo. The list covers only external debts.

^^^You mean those figures i'm seeing for Lagos, Cross River and Ogun are only for foreign debts, and local debts haven't even been added?

Mayor_of_Lagos:

I said when will 70% Ibo population (60% of its economy) in Lagos help settle the debt?

^^^No wahala! Just as soon as you vote in an Igbo as Governor! We can't have you borrowing and chopping, but when it's time to pay back the debt, you thrust the 'Demand Notice For Payment' letter into the palm of the nearest Igbo man and say 'Omo-nna pay up bros! No be una say you be 70% of Lagos population?'

Bros, stop your obsession with everyday Igbo people struggling to make ends meet after paying their dues in the streets of Lagos. They are not your problems, policy makers and politicians are.

Mayor_of_Lagos:

Thats what Im telling you..Lagos is Igbo. This is your debt, not Yoruba debt!

sincerenigerian:


It came from your fellow Ibos who hate Rochas because he left APGA for APC. That is your people at best blackmailing opponents. This is the same Rochas who was the darling of all Ibos when he was with APGA. I am not surprised by anything Ibos do. COPY THAT!

you are foolish, stop calling igbos, we have igbo apc pdp etc u can say apga members

Psylas: I am a fool, stop calling igbos, we have igbo apc pdp etc u can say apga members

Go and Die!

IGBO-SON:


^^^You mean those figures i'm seeing for Lagos, Cross River and Ogun are only for foreign debts, and local debts haven't even been added?

Correct, and those numbers are in dollars.

sincerenigerian:

am a great fool, infact lemme go and Die!

go die fast pls

Psylas: go die fast pls

Go and die! Worthless piece of work........

sincerenigerian:


It came from your fellow Ibos who hate Rochas because he left APGA for APC. That is your people at best blackmailing opponents. This is the same Rochas who was the darling of all Ibos when he was with APGA. I am not surprised by anything Ibos do. COPY THAT!

May AMADIOHA Strike you as you go on mentioning IBO in every of your discuss. HOMELESS APC GIPSY

Hon. SuQ Ma'DIQ:

May AMADIOHA Strike you as you go on mentioning IBO in every of your discuss. HOMELESS APC GIPSY

my brother don't the fool is only jealous of us,we are fast overtaken them in everything with only £20

Banks don't operate charities, if an entity can't repay debts no bank in the world would borrow such a penny.

IGBO-SON:
So where did the 'rumour' come from that Imo is owing as much as 200 billion in debt?

So you believed that?

atlwireles:

Most of IMO debts are local, Just like Edo. The list covers only external debts.

Imo's local debts have not increased either. Imo and Abia owe much of their debts as inheritance from monies borrowed over 30years ago by Mbakwe administration. Rochas has not borrowed yet but there is nothing wrong with borrowing.

http://dailyindependentnig.com/2013/03/states-debts-dogged-development-albatross/


For instance, in 2011, four state governments accessed the Nigerian capital market to raise funds for infrastructure facilities through issue of bonds. They are Delta State which issued a N50 billion bond; Ekiti, N25 billion; Benue, N13 billion; and Niger, N9 billion. According to their various prospectuses, the bonds were earmarked for the development of infrastructure projects in the affected states.

However, it was Bendel State (now Delta and Edo states) paved the way for issue of state bonds when in 1978, it accessed the capital market for N20 million, Other state governments that have successfully raised various sums of money from the market through bond issue, include, Lagos, Kebbi, Edo, Cross River, Akwa Ibom, and Yobe among others.

The states were also known to have raised money from foreign banks and other financial institutions for the purpose of improving the economic fortunes of their states.

Alongside, there has been a deluge of municipal bonds issued by local governments, also for infrastructure projects in their various communities, a development that has seen the Nigerian municipal bond market as the largest in Africa.

However, in the teeth of these enormous resources, apart from the infrastructure decay, most of the states are hard put to meet the obligations to its workers. Salaries are hardly paid on time, while payments of pension, gratuities and other entitlements have gone out of gear. The issue of N18,000.00 minimum wage has become an anathema which could only be visited with job cut threats.

Perhaps, this reprehensible state of affairs could have been swept under the carpet, but for the echoes beyond their various shores.

According to the Debt Management Office (DMO), the total external debts owed by the federal and state governments in Nigeria amounted to $6,527,074,997.20 as at December 31, last year.

Of this figure, states and the Federal Capital Territory accounted  for $2,384,179,007.97 or 33 per cent while the Federal Government share stood at $4,142,895,989.23 or 67 per cent.

Four states are on the top echelon of the debt list with over $100 million. Lagos recorded the highest external debt of $611,253,157,.43, followed by Kaduna with $215,683,732.56, while Cross River and Ogun trailed with $113,034,944.52 and $102,064,668,6.3 respectively.

These were followed by Oyo, Katsina, Bauchi which owed $76,683,670.85, $74,694,206.56, $67,131,718.36, while Osun, Kano and Ondo were next with $62,760,653.21, $61,792,864.24 and $51,851,443.85 respectively.

Three states with relatively low debts were Borno, $14,154,525.62; Plateau, $21,934,123.31; and Anambra, $26,708,648.52.

The deplorable situation was amplified  recently when seven states failed the domestic debt sustainable analysis carried out by the DMO.

According to the DMO board, headed by Vice , President Namadi Sambo which met recently to consider, the seven states’ domestic indebtedness relative to their internally generated revenue (IGR) positions, they were ranked  high beyond the recommended international threshold of between 92 per cent and 167 per cent.

Bayelsa was on top of the heavily indebted states with a score of 1,712 per cent insolvency with a domestic debt stock of N162.82 billion as at the end of December 2011, while its IGR stood at N9.510 billion.

Next was Cross River State, which by end of 2011 had a domestic debt stock of N90.750 billion, relative to its IGR size of N16.553 billion, recording indebtedness ratio of 548 per cent.

Zamfara State followed, total domestic debt of N12.968 billion as against N2.611 billion IGR with a score of 497 per cent.

It was trailed by Ebonyi State which has domestic debt stock of N40.239 billion relative to its IGR of N14.778 billion, translating to a score of 272 per cent.

Delta State’s score was  263 per cent, having recorded debt stock of N90.843 billion with IGR of N34.601 billion.

For Adamawa State, its score was 217 per cent, while the debt stock stood  at N25.954 billion, as against N11.948 billion of IGR.

For history sake, Achike Udenwa cleared or nearly paid off all Imo State debts during his second term in office hence your assumptions are null and void.

IMO State 2012 budget was N174Billion with a projected revenue of N50 Billion from Federal Allocation.

Where is the source of N124 Billion to finance the budget?

www.imostateblog.com/2012/01/20/gov-okorocha-proposes-n174-billion-budget-of-rescue-for-2012/

Abagworo:

Imo's local debts have not increased either. Imo and Abia owe much of their debts as inheritance from monies borrowed over 30years ago by Mbakwe administration. Rochas has not borrowed yet but there is nothing wrong with borrowing.

Hon. SuQ Ma'DIQ:

May AMADIOHA Strike you as you go on mentioning IBO in every of your discuss. HOMELESS APC GIPSY

May AMADIOHA strike you and your entire family. Ibos are who they are- grumpy f00ls.

thank God anambra state is in good hands
debt destroys the future!

proud Anambra son.

re@lchange:
thank God anambra state is in good hands
debt destroys the future!

proud Anambra son.

"..and Anambra, $26,708,648.52..."

Safe hands indeed! With a state whose IGR is a miserly N7.2billion yearly, i.e. a miserly N600 million monthly or even less, your debt to wealth ratio should tell you that you're heading in the path of destruction!

Omo_Tier1:

"..and Anambra, $26,708,648.52..."

Safe hands indeed! With a state whose IGR is a miserly N7.2billion yearly, i.e. a miserly N600 million monthly or even less, your debt to wealth ratio should tell you that you're heading in the path of destruction!

anambra is building more projects than your debt infested state
go to anambra and see projects everywhere
from roads to hospitals to schools, you name it we have it and will continue to build more with low debt
debt misconstrued as IGR is fraud!
God bless anambra state!