Nigeria’s states owe 658 billion naira ($3.3 billion) and one way out of the financial crisis could be for banks to extend loans to them to up to 20 years, Zamfara state governor said on Tuesday.

President Muhammadu Buhari, who said on Monday the country’s treasury was “virtually empty”, said after a meeting with the governors on Tuesday that the government could recover billions of stolen dollars while some money from the Excess Crude Account could be used to cover unpaid salaries.

“The total indebtedness of all the states including FCT (Federal Capital Territory) is put at 658 billion naira. Of course, you know that some of these states are owing salaries, and collected loans from banks,” Zamfara state governor Abdulaziz Yari Abubakar told reporters after the meeting.

Several states obtained loans from the domestic bond market and banks when oil prices were high to fund infrastructure projects. But the price of crude, Nigeria’s main source of revenue, has since plunged leaving the government with funding challenges and unpaid salaries.

Buhari, who took office last month after defeating incumbent Goodluck Jonathan in March elections, said the next three months would be challenging but vowed to recover billions stolen by government officials and plug leakages.

“On an immediate lifeline for states that owe salaries running into many months, President Buhari said that a committee headed by the Vice President, Professor Yemi Osinbajo, will look at the Excess Crude Account and see what can be shared immediately,” the presidency said in a statement.

“We will restore sanity to the system,” Buhari said.

http://businessdayonline.com/2015/06/nigerian-states-owe-3-3-bln/#.VYmx3_lViko Cc: lalasticlala, Ishilove

wetin dem take the borrow borrow take do sef?

$3.3bn only


That's how it's written on checks

awon oley jati jati

Can someone explain this, the treasury is empty, AND, we would look into the excess crude account to knw what can be shared







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Tell Dangote or Mike Adenuga to pay off the debt


Ifeanyi Ubah can also help out

Hoe-kay

Hmmmm

Wao

Tell Dangote to pay off the debt

Hmmm

The sophiscated states contributes at least 50% of the 3.3 billion debt

Abeg how much is Osun debt?

Hmmm

[b]This spells doom and disaster for Nigeria. The new President's response to sources of more funding is
1.Recovery of stolen money and 2. Withdrawal from the excess crude account.

1.Recovery of stolen money
Recovering stolen money isn't an overnight process. Some of this stolen wealth in Nigeria and overseas first have to be located. Then comes the lengthy process of tribunal and court cases and counter court cases that are required to first apportion guilt to the offender and then subsequently attempt to recover said stolen money or assets wherever they are. This can take many years just for one case to be completed talk less of different cases!!

2. Withdrawal from the excess crude account.
This one is an even bigger joke than the above. The excess crude account is already well depleted due to oil price collapse and subsequent withdrawals during the GEJ govt. Basically if this is attempted to address salaries the account could be empty by the end of the year.

If this is really the best the President has to offer then we are really in trouble as a nation. I do not blame GEJ or Buhari. Nigeria fell victim to a global phenomena of falling oil prices. Made worse by the fact that previous leaders failed to diversify our economy enough and left Nigeria heavily reliant on oil money. Now that money has dried up we are staring bankruptcy in the face.

I predict that unless oil prices rise to their former levels(which is highly unlikely because of Shale and entry into the market of countries like Iran),Nigeria is in for a long ride hard for years to come. Bear in mind that the oil price drop happened in less than 12months. So in less than a year Nigeria was not able to sustain itself and states can't pay salaries. Now imagine how it'll be in 2 or 3 years if oil price stay the same or drops. That'll be horror film playing out in Nigeria[/b]

Story... I do not know what the president or his advisers intend to gain by telling us that our account is "virtually empty". Virtually ko, virtually ni? In Fela's voice "Them go write big English for newspaper, dabaru we Africans" How much did you meet in our reserve??
Let me guess, waiting for an answer will be till enternity... same way we are still waiting for them to declare their assets publicly... Accountability starts fromm the head

“On an immediate lifeline for states that owe salaries running into many months, President Buhari said that a committee headed by the Vice President, Professor Yemi Osinbajo, will look at the Excess Crude Account and see what can be shared immediately,” the presidency said in a statement.

Virtually empty and the vice president is about to share our money between Aregbese and Okorocha that are yet to pay salaries and Lagos state government that borrowed from banks. They used the staff salaries to campaign for him. So they are being paid back. Nice one, I see what you did there... Waiting for Oby Ezekwesili to be made a Minister too,byy the way what happened to the Bring Back Our Girls crew? On an immediate lifeline indeed, without probing to know how they utilize the money in there possession and how come they were not able to pay salaries.


How did we get here...SMH

See high blood pressure everywhere APC una don enter one chance.

Same shi.t different government.

Chinkeke!!!

yeye dey smell;
states are in a way supposed to be independent on generating revenues, maybe not completely but sustainably. in my view, i will honestly suggest each state be charged to come up with ways to generate revenues, and the FG help fund such project and say in 10 years time, gradually withdraw more and more funds channeled to each state, accountability of governors also should be on the frontline.

Seriously a blessed Nation with a bad leaders since 1960... We have resources, water, rain fall normally,Agriculture... Everytin human need to survive was deposited in nigeria... But wicked leaders.. Its well with Nigeria

how come?? wetin them use am do wey the masses never even receive salary sef... so the 1.3b dollars now... how them go take balance the the remaining 2billion... nawa ooo... baba please don't close this case like that, probe somebody biko...

Seen

Emekamex:
V

Virgin.

Nigeria elite are problem to the masses

A nation drenched in corruption....

laye eh