Lagos, Ekiti, Ondo seven others are heavy debtors – Fiscal Responsibility Commission
by Akinpelu Dada, Everest Amaefule, Oluwole Josiah and Akinwale Aboluwade


Executive Chairman, Fiscal Responsibility Commission, Aliyu Jibril Yelwa

Nine states of the federation are in serious debts judging by their revenue profile, the Fiscal Responsibility Commission has said.

The states are: Lagos, Ekiti, Kaduna, Cross Rivers, Ondo, Edo, Bayelsa, Ebonyi and Kwara.

In its Annual Report and Audited Accounts 2011, which was released in Abuja on Thursday, the FRC listed the nine states as being under the weight of huge debts.

The FRC also raised the alarm that given the rate of growth of the national debt and debt servicing, the nation’s debt was unsustainable except action was taken to reduce the rate of growth or increase the Gross Domestic Product growth rate.

According to the report, the total indebtedness of each of the states as of December 31, 2011 was beyond the limit set by the Debt Management Office.

The DMO had said that states’ indebtedness should never rise more than 50 per cent of their annual revenues in the previous 12 months, while the nation’s total indebtedness should not be more than 40 per cent of the GDP.

For each of the nine states, however, the total indebtedness as of December 31, 2011 was more than 50 per cent of their revenue profile.

For Lagos State, the debt to revenue ratio stood at 155.4 per cent, with the annual statutory revenue standing at N125.48bn and a debt profile of N193.44bn.

On a revenue profile of N44.97bn and a debt profile of N35.98bn, Ekiti State’s ratio stood at 80 per cent. Kaduna had a revenue profile of N63.94bn, debt profile of N40.08bn and debt to revenue ratio of 62.68 per cent.

For Cross River State, the ratio stood at 61.44 per cent on a revenue of N56.92bn and a debt of N34.97bn.

The ratios for Edo, Ondo, Bayelsa, Ebonyi and Kwara states stood at 56.03 per cent, 55.12 per cent, 54.5 per cent, 51.85 per cent, and 51.75 per cent, respectively.

Four other states whose debt to revenue ratio exceeded the states’ average of 36.36 per cent are Imo, 49.4 per cent; Ogun, 45.45 per cent; Bauchi, 41.97 per cent; and Osun, 36.52 per cent.

The least indebted states by the debt to revenue ratio include Rivers, 2.02 per cent; Borno, 3.28 per cent; Akwa Ibom, 3.88 per cent; Taraba, 6.79 per cent; Plateau, 8.02 per cent; and Adamawa, 8.72 per cent.

The FRC said the debt profile included external debts; money borrowed from banks and the capital market, but excluded debts owed to contractors, which could not be ascertained.

The FRC explained, “Only statutory revenue is used in the analysis because the states refused to supply data on their IGR. In any case, the IGR is not more than eight per cent of the states’ total except Lagos, which also refused to furnish its IGR. In essence, the omission of the IGR may not distort the result of the analysis.

“It is also pertinent to observe that the non-inclusion of the outstanding debt owed to contractors and contingent liabilities may more than offset the omission of the IGR.

“The Federal Government owes 111.63 per cent of its statutory revenue. In terms of debt to GDP ratio, the Federal Government debt stock is about 14.5 per cent. The national debt of N8.29tn is, however, about 22.1 per cent of the GDP. This is higher than the publicised figure of 17.5 per cent.

“At present, Nigeria’s GDP is growing at 7.45 per cent. The stock of debt is growing at approximately 23.75 per cent, while debt service is growing at 26.81 per cent.

“In a situation in which the growth rates of debt and debt service outstrip the growth rates of revenue and GDP, it is safe to say that debt is hardly sustainable, unless the rates of growth and GDP are stepped up and the rate of borrowing is reduced or held constant.”

For the Federal Government and its agencies, the statutory revenue stood at N5.54tn; while the debt stock stood at N6.19tn, thereby taking the debt to revenue ratio to 111.63 per cent. The entire country had a debt to revenue ratio of 85.38 per cent as of December 2011.

http://www.punchng.com/news/lagos-ekiti-seven-others-are-heavy-debtors-frc/

$2.4BN FOREIGN DEBTS: Mortgaging the future of Lagos and other States

Fashola Lagos leads the rest of states in Nigeria in a $2.4bn foreign debt. A detailed breakdown of figures from the Debt Management Office (DMO) revealed that Lagos, Kaduna and Cross River States recorded the highest external debt stock of $611.25 million (25.64 percent), $215.68 million (9.05 percent) and $113.03 million (4.74 percent) respectively in 2012.

Conversely, Borno, Delta and Plateau States had the lowest debt stock, ‘booking’ relatively paltry $14.15 million, $18.99 million, and $21.93 million, representing 0.59 percent, 0.80 percent and 0.02 percent respectively.

Additional information from the DMO shows that States borrowed more external loans last year than they did in previous years.

(See below Table for ALL the state allocation for May 2013, and the debt profile for each state)

Despite massive internally generated revenue and huge federal allocation (Lagos state allocation for the month of May 2013, is N30b), Lagos is sinking in debt! What is shocking is the level of secrecy surrounding this debt profile, the state is not forthcoming on the actual amount owed external creditors just as a high level of secrecy surrounds the exact amount of internally generated revenue, IGR.

Available records indicate 24 billion naira is collected monthly as IGR, using former governor Bola Tinubu's company, Alpha Beta as agents, but experts say the amount could quite higher.

Critics say the ambiguity in the monthly accrual IGR is due to the fact that the sum raised is quickly appropriated by the governor and his mentor, Asiwaju Tinubu.

Lagos state Commissioner for Budget and Planning, Mr. Ben Akabueze, said he could not give specific figures on the state’s debt profile.

Akabueze said: “We are not talking of static figure. By the time we conclude today’s activities, the figure must have either moved up or down. “If you are expecting me to give you specific amount, I am not going to do that,” he said.

The commissioner described as immaterial, the issue of ascertaining the exact amount of debt.

“What is going round as the figure is, at best, an aggregate sum. However, what is important is the sustainability of the debt. In Lagos State, the aggregate debt amounts to less than one percent of annual revenue. Because of this, it is not correct to say the State is having financial problem”, the Commissioner said.

After paying a total of $76.78 million for debt service in 2012, the total external debt stock of the 36 states and the Federal Capital Territory (FCT), Abuja, now stands at $2,384,178 million, according to official figures released by the Debt Management Office (DMO).

According to the Director-General of the DMO, Mr. Abraham Nwankwo, who was guest speaker at the Citizen Newspaper’s Annual Public Lecture in Lagos, last month, State governments borrowed more external loans last year than they did in previous years.

The DMO observed that total State Governments’ external debt stock as at the end of December 2012 represents 36.53 percent of the total external debt stock of the country.

Meanwhile, the Kaduna State Government has been under pressure over domestic and foreign debts incurred to finance various programmes, which the opposition considers as elephant projects.

The State’s foreign debt stock has reportedly hit over $380 million and domestic debt N45 billion since the former governor, and now Vice President, Alhaji Namadi Sambo, handed over to the late former Governor, Patrick Yakowa.

It is believed that debt servicing took a toll on the State’s economy, dwarfing the developmental efforts of the deceased governor, Yakowa.

The Kaduna State Chapter of the Action Congress of Nigeria (ACN) recently urged Governor Yero to resign if he could not run the State without foreign loans. State Chairman of the Party, Mohammed Soba, in a statement called on the State Assembly to probe all foreign loans obtained by Governor Yero with a view to ascertaining their economic viability.

The debt profile of Cross River State is estimated at about N80bn. Much of the debt was incurred during the construction of Tinapa Business and Leisure Resort, as well as the Cable Car in Obudu Mountain Resort under the administration of former Governor Donald Duke.

The State Governor, Senator Liyel Imoke, in his 2012 Budget presentation, had stated that, “as a state, we are committed to meeting our debt servicing obligations. In 2011, we spent over N10bn on servicing of our local and international debt obligations.

The various arms of government must take advantage of both the domestic and external market to mobilise resources to grow the economy, to generate employment/growth and reduce poverty.

Nwankwo noted that inefficiencies in public debt management, prior to the establishment of the DMO in 2000, had pushed Nigeria into unsustainable external debt. According to him, “there were a lot of inefficiencies in Nigeria’s public debt management to the extent that debt/credit auctions were scattered in the various departments of government. Of course, that was one of the factors that caused our unsustainable external debt.”

Below is the STATE ALLOCATION FOR MAY 2013

1. Akwa Ibom. 31LGCs. N69.4bn

2. Rivers. 23 LGCs. N67.6bn

3. Delta. 23 LGCs. N62.2bn

4. Bayelsa. 8 LGCs. N50.4bn

5. Kano. 44 LGCs. N34.5bn

6. Lagos. 20 LGCs. N30.0bn

7. Katsina. 34 LGCs. N25.5bn

8. Ondo. 18 LGCs. N24.8bn

9. Oyo. 33 LGCs. N24.6bn

10.Kaduna. 23 LGCs. N23.7bn

11 BORNO. 27 LGCS. 22.1BN

12 NIGER. 25 LGCS. 22.1BN

13.IMO. 27LGCS. 21.9BN

14.JIGAWA. 27LGCS. 21.6bn

15.BAUCHI. 20LGCS. 21.4BN

16.EDO. 18LGCS. 20.6BN

17.BENUE. 23LGCS.20.2BN

18.SOKOTO. 23LGCS. 19.8BN

19.KOGI. 21LGCS. 18.8BN

20.OSUN. 30LGCS. 18.76BN

21.ANAMBRA. 21LGCS. 18.74BN

22.ADAMAWA. 21LGCS. 18.6BN

23.KEBBI. 21LGCS. 18.3BN

24.OGUN. 20LGCS. 17.8BN

25.ABIA. 17LGCS. 17.48BN

26.TARABA. 16LGCS. 17.3BN

27.YOBE. 17LGCS. 17BN

28.PLATEAU. 17LGCS. 16.9BN

29.ZAMFARA. 14LGCS. 16.7BN

30.CROSS RIVERS. 18LGCS. 16.5BN

31.ENUGU. 17LGCS. 16.4BN

32.KWARA. 16LGCS. 15.6BN

33.EKITI. 16LGCS. 13.8BN

34.NASSARAWA. 13LGCS. 13.67BN

35.GOMBE. 11LGCS. 13.65

36.EBONYI. 13LGCS. 12.6BN

37.FCT-ABUJA. 6LGCS. 3.2BN



STATES TOTAL: 894BILLION NAIRA

38 FGN/FCT. 730BN

39 NCS/FIRS. 6BN

GRAND TOTAL: 1.6TRILLION NAIRA



BELLOW IS THE LIST OF HUGE DEBT PROFILE FOR ALL STATES IN THE FEDERATION

Its Time to ask Governors, like Fashola what they have been doing with all these debts they have accrued despite the huge monthly allocation they get from the Federal Govt.

Are these huge debts warranted especially by a state like Lagos with a massive monthly Internal Generated Revenue (IGR) of more than 50 billion Naira?

Note, below are just external debts and not Local debts owed to contractors, bankers etc..

Kano owes $61.7million

Katsina owes $74.6million

Akwa Ibom owes $61.6 million

Cross River owes $113million

Kebbi owes $47.8million

Kogi owes $33.8million

Imo owes $51.9million

Kwara owes $45.5million

Lagos owes $611.2 million

Nassarawa owes $36.9 million

Kaduna owes $215.6million

Niger owes $29.7million

Anambra owes $26.7million

Ogun state owes $102millio[/b]n

[b]Ondo owes $51.8 million

Osun owes $62.7million

Oyo owes $76.6million

Plateau owes $21.9million

Rivers owes $36.6million

Jigawa owes $33.6million

Gombe owes $31.7million

Enugu owes $50million

Delta owes $18.9million

Ekiti owes $36.1million

Edo owes $42.7 million

Ebonyi owes $41.5million

Bayelsa owes $28million

Bornu owes $24.1million

Benue owes 28.4million

Bauchi owes $67.1million

Adamawa owes $30.2million

Abia state owes $35.9 million

http://elombah.com/index.php/special-reports/16940-2-4bn-foreign-debts-mortgaging-the-future-of-lagos-and-other-states

geeez: How many times must I explain to ret.ards that there are five Cs of lending and the most important is Capacity?

Capacity is simply the ability to pay back. In the whole of Southern Nigeria, Lagos has the highest IGR, followed by Ogun, then Osun, then Oyo

If Mr. A earns N100k monthly and Mr. B earns N750k monthly and Mr. A owes a bank N1m while Mr. B owes the same bank N1.5m, will you say Mr. B is more leveraged? Mr. A owes ten times his capacity while Mr. B owes just two times his capacity.

Even banks make these considerations when lending to institutions and governments or why does the USA owe more than Nigeria? Loans are to aid development as they avail you immediate funds or why do you think Dangote is indebted to banks while your poor behind is not. Its simply because you either don't have a good Credit Rating or you dont have the Capacity, Character or Cash flow to pay back.

Get some education before you open another thread

TKO


BTW OP, is ondo an APC state?

bloggernaija: Another important point is that most of the debts precede ACN

Exactly.

Another important point is that most of the debts precede ACN

Half of Lagos $611.2 million has gone into Tinubu war chest for the 2015 election.

geeez: How many times must I explain to ret.ards that there are five Cs of lending and the most important is Capacity?

Capacity is simply the ability to pay back. In the whole of Southern Nigeria, Lagos has the highest IGR, followed by Ogun, then Osun, then Oyo

If Mr. A earns N100k monthly and Mr. B earns N750k monthly and Mr. A owes a bank N1m while Mr. B owes the same bank N1.5m, will you say Mr. B is more leveraged? Mr. A owes ten times his capacity while Mr. B owes just two times his capacity.

Even banks make these considerations when lending to institutions and governments or why does the USA owe more than Nigeria? Loans are to aid development as they avail you immediate funds or why do you think Dangote is indebted to banks while your poor behind is not. Its simply because you either don't have a good Credit Rating or you dont have the Capacity, Character or Cash flow to pay back.

Get some education before you open another thread

YOU ARE COMPLETELY BRAINLESS AND UNINTELLIGENT. LET ME REPEAT MY QUESTION MAYBE YOU WOULD UNDERSTAND IT THIS TIME. WHAT HAVE APC SOUTH WEST GOVERNORS DONE WITH THEIR HUGE DEBT ? WHAT ARE THE IMPACTS OF THEIR RECKLESS BORROWINGS IN THE SOUTH WEST ECONOMY ?

IN TERMS OF IGR, RIVERS STATE COMES SECOND AFTER LAGOS AND IN TERMS OF GROSS ALLOCATION AKWA IBOM COMES FIRST FOLLOWED BY RIVERS STATE YET RURAL AND UNDEVELOPED STATES LIKE OGUN, OYO, OSUN ETC HAVE FAR MORE DEBT BURDENS THAN RIVERS AND AKWA IBOM STATE. EVEN MY DELTA STATE THAT IS ECONOMICALLY DEVELOPED AND INDUSTRIALIZED WITH REFINERY, STEEL ROLLING MILL, VARIOUS OIL COMPANIES, GAS PLANTS, POWER PLANTS, OIL FLOW STATIONS. 2 AIRPORTS, SEAPORTS, INDUSTRIAL PARKS, MARKETS AND OTHER INDUSTRIES AND LARGE TOWNS OF ASABA, OGWASHI UKWU, WARRI, SAPELE, AGBOR, UGHELLI, IGUBUZO ETC, IS OWING JUST $18m COMPARED TO OYO $76.6m OGUN $102m AND OSUN $62.7m RESPECTIVELY AND THESE HUGE DEBT VALUES ARE NOT INCLUSIVE OF THEIR DOMESTIC DEBTS WHICH RUNS IN HUNDREDS OF BILLIONS.

SO WHAT HAVE THE SW APC GOVERNORS ACHIEVED WITH ALL THESE HUGE DEBTS ?

geeez: How many times must I explain to ret.ards that there are five Cs of lending and the most important is Capacity?

Capacity is simply the ability to pay back. In the whole of Southern Nigeria, Lagos has the highest IGR, followed by Ogun, then Osun, then Oyo

If Mr. A earns N100k monthly and Mr. B earns N750k monthly and Mr. A owes a bank N1m while Mr. B owes the same bank N1.5m, will you say Mr. B is more leveraged? Mr. A owes ten times his capacity while Mr. B owes just two times his capacity.

Even banks make these considerations when lending to institutions and governments or why does the USA owe more than Nigeria? Loans are to aid development as they avail you immediate funds or why do you think Dangote is indebted to banks while your poor behind is not. Its simply because you either don't have a good Credit Rating or you dont have the Capacity, Character or Cash flow to pay back.

Get some education before you open another thread

I suggest you concern your idiotic self with five Cs in lending and leave USA out of your silly dreams. What ability to pay back loan does any southwestern state possess that other states do not?

How Far?:
Half of Lagos $611.2 million has gone into Tinubu war chest for the 2015 election.

I SUSPECT THE BORROWED FUNDS WOULD HAVE GONE DOWN THE DRAIN BECAUSE YORUBA LAND REMAINS LARGELY AN UNDER DEVELOPED SLUM RAVAGED BY POVERTY, CORRUPTION, DISEASES AND DIRTY ENVIRONMENT.

Why is it that non-Yorubas are the ones complaining about Yoruba states? Why are the Nigerian Jews crying for the happy Yorubas? Is the Ikoyi-Lekki suspended link bridge not enough to keep you shut while your 11 SS and SE governors cannot build a shorter 2nd Niger bridge?

simpleseyi: Why is it that non-Yorubas are the ones complaining about Yoruba states? Why are the Nigerian Jews crying for the happy Yorubas? Is the Ikoyi-Lekki suspended link bridge not enough to keep you shut while your 11 SS and SE governors cannot build a shorter 2nd Niger bridge?

WHY ARE YOR0BAS THE ONES COMPLAINING OF IGBO STATES AND OTHER NON YOR0BA STATE ? YORUBA'S SHOULD KNOW THAT THERE LAND IS A BIG SLUM. BELOW ARE SOME PICTURES OF YORUBA LAND

Igbo Delta:

WHY ARE YOR0BAS THE ONES COMPLAINING OF IGBO STATES AND OTHER NON YOR0BA STATE ? YORUBA'S SHOULD KNOW THAT THERE LAND IS A BIG SLUM

But why have Biafrans flooded the Yoruba states so the extent of even having traditional rulers in Yoruba land e.g Eze Ndigbo Of Lagos, Eze Ndigbo of Ogun, Eze Ndigbo of Osun, even Eze Ndigbo of Oshodi. Finally, stop tribalism before tribalism stops you.

simpleseyi:

But why have Biafrans flooded the Yoruba states so the extent of even having traditional rulers in Yoruba land e.g Eze Ndigbo Of Lagos, Eze Ndigbo of Ogun, Eze Ndigbo of Osun, even Eze Ndigbo of Oshodi. Finally, stop tribalism before tribalism stops you.

IT IS YOU AND YOUR BIGOTED PEOPLE THAT NEEDS TO STOP TRIBALISM. IGBOS ARE NOT MOVING TO YORUBA LAND BECAUSE ITS A BIG POVERTY RAVAGED SLUM

simpleseyi:

But why have Biafrans flooded the Yoruba states so the extent of even having traditional rulers in Yoruba land e.g Eze Ndigbo Of Lagos, Eze Ndigbo of Ogun, Eze Ndigbo of Osun, even Eze Ndigbo of Oshodi. Finally, stop tribalism before tribalism stops you.

Even ajegunle has EZE ndibo,
Clowns
a nation a liitle bit bigger than oyo
What will then happen when erosion takes half of their lands

BELLOW IS THE LIST OF HUGE DEBT PROFILE FOR ALL STATES IN THE FEDERATION

Its Time to ask Governors, like Fashola what they have been doing with all these debts they have accrued despite the huge monthly allocation they get from the Federal Govt.

Are these huge debts warranted especially by a state like Lagos with a massive monthly Internal Generated Revenue (IGR) of more than 50 billion Naira?

Note, below are just external debts and not Local debts owed to contractors, bankers etc..

Kano owes $61.7million

Katsina owes $74.6million

Akwa Ibom owes $61.6 million

Cross River owes $113million

Kebbi owes $47.8million

Kogi owes $33.8million

Imo owes $51.9million

Kwara owes $45.5million

Lagos owes $611.2 million

Nassarawa owes $36.9 million

Kaduna owes $215.6million

Niger owes $29.7million

Anambra owes $26.7million

Ogun state owes $102millio[/b]n

Ondo owes $51.8 million

[b]Osun owes $62.7millio[/b]n

[b]Oyo owes $76.6million

Plateau owes $21.9million

Rivers owes $36.6million

Jigawa owes $33.6million

Gombe owes $31.7million

Enugu owes $50million

Delta owes $18.9million

Ekiti owes $36.1million

Edo owes $42.7 million

Ebonyi owes $41.5million

Bayelsa owes $28million

Bornu owes $24.1million

Benue owes 28.4million

Bauchi owes $67.1million

Adamawa owes $30.2million

Abia state owes $35.9 million

http://elombah.com/index.php/special-reports/16940-2-4bn-foreign-debts-mortgaging-the-future-of-lagos-and-other-states

^^^^^^^^^
The last time i checked
Westerner werent complaining
The debt is working in our favour
Debt free states indigenes
And oil rich state indigenes
Will stiil come to sell gala and lacasera

warlei:
Even ajegunle has EZE ndibo,
Clowns
a nation a liitle bit bigger than oyo
What will then happen when erosion takes half of their lands

YOU ARE A BIG CLOWN

The op is as hopeless and pathetic as all his threads.

The most useless OP on NL.

The most brainless OP on NL.

The dumbest OP on NL.

Take a tour of prosperous SW, if your are so keen on knowing what they did with the funds raised.

Prosperous and credit worthy people raise debt, non-credit worthy people are never borrowed money.

Igbo Delta:

YOU ARE A BIG CLOWN

TRUTH HURTS BRO


FAAJI LAWA
AWA O R'OKU NI SHE

warlei:
TRUTH HURTS BRO


FAAJI LAWA
AWA O R'OKU NI SHE

IWU EZIGBOTE OLUKU !!!! Shim n'ihu fo anuohia dika gi

superstar1: The op is as hopeless and pathetic as all his threads.

The most useless OP on NL.

The most brainless OP on NL.

The dumbest OP on NL.

Take a tour of prosperous SW, if your are so keen on knowing what they did with the funds raised.

Prosperous and credit worthy people raise debt, non-credit worthy people are never borrowed money.

I AM NOT HOPELESS !!!!!!! YOU MADE YOURSELF A BIG M0RON WITH NO BRAIN. NONSENSE EMPTY SKULL

WHAT HAVE APC SOUTH WEST YORUBA GOVERNORS DONE WITH THEIR HUGE DEBT ? WHAT ARE THE IMPACTS OF THEIR RECKLESS BORROWINGS IN THE SOUTH WEST ECONOMY ?

IN TERMS OF IGR, RIVERS STATE COMES SECOND AFTER LAGOS AND IN TERMS OF GROSS ALLOCATION AKWA IBOM COMES FIRST FOLLOWED BY RIVERS STATE YET RURAL AND UNDEVELOPED STATES LIKE OGUN, OYO, OSUN ETC HAVE FAR MORE DEBT BURDENS THAN RIVERS AND AKWA IBOM STATE. EVEN MY DELTA STATE THAT IS ECONOMICALLY DEVELOPED AND INDUSTRIALIZED WITH REFINERY, STEEL ROLLING MILL, VARIOUS OIL COMPANIES, GAS PLANTS, POWER PLANTS, OIL FLOW STATIONS. 2 AIRPORTS, SEAPORTS, INDUSTRIAL PARKS, MARKETS AND OTHER INDUSTRIES AND LARGE TOWNS OF ASABA, OGWASHI UKWU, WARRI, SAPELE, AGBOR, UGHELLI, IGUBUZO ETC, IS OWING JUST $18m COMPARED TO OYO $76.6m OGUN $102m AND OSUN $62.7m RESPECTIVELY AND THESE HUGE DEBT VALUES ARE NOT INCLUSIVE OF THEIR DOMESTIC DEBTS WHICH RUNS IN HUNDREDS OF BILLIONS.

SO WHAT HAVE THE SW APC GOVERNORS ACHIEVED WITH ALL THESE HUGE DEBTS ?

Igbo Delta: WHAT HAVE APC SOUTH WEST YORUBA GOVERNORS DONE WITH THEIR HUGE DEBT ? WHAT ARE THE IMPACTS OF THEIR RECKLESS BORROWINGS IN THE SOUTH WEST ECONOMY ?

IN TERMS OF IGR, RIVERS STATE COMES SECOND AFTER LAGOS AND IN TERMS OF GROSS ALLOCATION AKWA IBOM COMES FIRST FOLLOWED BY RIVERS STATE YET RURAL AND UNDEVELOPED STATES LIKE OGUN, OYO, OSUN ETC HAVE FAR MORE DEBT BURDENS THAN RIVERS AND AKWA IBOM STATE. EVEN MY DELTA STATE THAT IS ECONOMICALLY DEVELOPED AND INDUSTRIALIZED WITH REFINERY, STEEL ROLLING MILL, VARIOUS OIL COMPANIES, GAS PLANTS, POWER PLANTS, OIL FLOW STATIONS. 2 AIRPORTS, SEAPORTS, INDUSTRIAL PARKS, MARKETS AND OTHER INDUSTRIES AND LARGE TOWNS OF ASABA, OGWASHI UKWU, WARRI, SAPELE, AGBOR, UGHELLI, IGUBUZO ETC, IS OWING JUST $18m COMPARED TO OYO $76.6m OGUN $102m AND OSUN $62.7m RESPECTIVELY AND THESE HUGE DEBT VALUES ARE NOT INCLUSIVE OF THEIR DOMESTIC DEBTS WHICH RUNS IN HUNDREDS OF BILLIONS.

SO WHAT HAVE THE SW APC GOVERNORS ACHIEVED WITH ALL THESE HUGE DEBTS ?

I NEED ANSWERS

Igbo Delta:

I AM NOT HOPELESS !!!!!!! YOU MADE YOURSELF A BIG M0RON WITH NO BRAIN. NONSENSE EMPTY SKULL

Most moron1c OP of the year on NL.

You are the confirmed dumbest OP on NL.

Most id1otic OP on NL.

Even NL server knows you as one.

The world has known you for your legendary brainless threads.

We will always tell you what you are, until your pentium 1 brain is upgraded a little bit.

superstar1:

Most moron1c OP of the year on NL.

You are the confirmed dumbest OP on NL.

Most id1otic OP on NL.

Even NL server knows you as one.

The world has known you for your legendary brainless threads.

We will always tell you what you are, until your pentium 1 brain is upgraded a little bit.

I AM NOT WHAT YOU SAY I AM. YOUR STUPI.DITY HAS NO LIMIT. INSTEAD OF YOU TO ANSWER MY QUESTION YOU ARE BEHAVING LIKE A M0RONIC IMBE.CILE.

BELOW ARE PICTURES OF OGUN, OYO, OSUN, EKITI AND OTHER Y0ROBA LAND IN SOUTH WEST DESPITE THE HUGE DEBT BURDENS OF YOR0BA STATES

YOR0BA LAND SOUTH WEST NIGERIA IS A HUGE BACKWARD SLUM. IT IS AN UNDER DEVELOPED REGION RAVAGED BY POVERTY, CORRUPTION, BIGOTRY, HIGH CRIME RATE, THUGGERY AND DISEASES.

PIGS CANT SURVIVE IN OGUN OYO, OSUN AND ALL Y0RUBA LAND

YORUBA LAND

?

geeez: How many times must I explain to ret.ards that there are five Cs of lending and the most important is Capacity?

Capacity is simply the ability to pay back. In the whole of Southern Nigeria, Lagos has the highest IGR, followed by Ogun, then Osun, then Oyo

If Mr. A earns N100k monthly and Mr. B earns N750k monthly and Mr. A owes a bank N1m while Mr. B owes the same bank N1.5m, will you say Mr. B is more leveraged? Mr. A owes ten times his capacity while Mr. B owes just two times his capacity.

Even banks make these considerations when lending to institutions and governments or why does the USA owe more than Nigeria? Loans are to aid development as they avail you immediate funds or why do you think Dangote is indebted to banks while your poor behind is not. Its simply because you either don't have a good Credit Rating or you dont have the Capacity, Character or Cash flow to pay back.

Get some education before you open another thread

You have time for these morons.

WHAT HAVE APC SOUTH WEST YORUBA GOVERNORS DONE WITH THEIR HUGE DEBT ? WHAT ARE THE IMPACTS OF THEIR RECKLESS BORROWINGS IN THE SOUTH WEST ECONOMY ?

IN TERMS OF IGR, RIVERS STATE COMES SECOND AFTER LAGOS AND IN TERMS OF GROSS ALLOCATION AKWA IBOM COMES FIRST FOLLOWED BY RIVERS STATE YET RURAL AND UNDEVELOPED STATES LIKE OGUN, OYO, OSUN ETC HAVE FAR MORE DEBT BURDENS THAN RIVERS AND AKWA IBOM STATE. EVEN MY DELTA STATE THAT IS ECONOMICALLY DEVELOPED AND INDUSTRIALIZED WITH REFINERY, STEEL ROLLING MILL, VARIOUS OIL COMPANIES, GAS PLANTS, POWER PLANTS, OIL FLOW STATIONS. 2 AIRPORTS, SEAPORTS, INDUSTRIAL PARKS, MARKETS AND OTHER INDUSTRIES AND LARGE TOWNS OF ASABA, OGWASHI UKWU, WARRI, SAPELE, AGBOR, UGHELLI, IGUBUZO ETC, IS OWING JUST $18m COMPARED TO OYO $76.6m OGUN $102m AND OSUN $62.7m RESPECTIVELY AND THESE HUGE DEBT VALUES ARE NOT INCLUSIVE OF THEIR DOMESTIC DEBTS WHICH RUNS IN HUNDREDS OF BILLIONS.

SO WHAT HAVE THE SW APC GOVERNORS ACHIEVED WITH ALL THESE HUGE DEBTS ?

Tinubu shud be in a beta position to answer dt question

cashkid18: Tinubu shud be in a beta position to answer dt question

I DON'T THINK TINOBU OR APC CAN ANSWER THE QUESTION BECAUSE THEY ARE ALL CORRUPT