*In six month Plateau state has borrowed N16.32 Billion -DMO*

In the first six months after taking office, 13 new state governors collectively borrowed N226.8bn from domestic and external financiers.

This emerged as findings by Sunday PUNCH showed that 16 state governors also increased the debt profile of their states by N509.3bn with domestic and external debt of N243.95bn and $298.5m (N265.37bn), respectively.

The external debt was calculated based on the exchange rate of N889/$ used by the Debt Management Office in its report.

This is according to an analysis of the latest sub-national debt reports released by the DMO.

The sub-national debts are classified into domestic borrowings from local creditors and external borrowings from international creditors like the World Bank and the International Monetary Fund.

The domestic and external debts published on the DMO’s website were as of December 30 and June 30, 2023, respectively.

The states, which include Benue, Cross Rivers, Katsina, Niger, Plateau, Rivers, Zamfara, and the Federal Capital Territory, got N115.57bn from domestic creditors, while governors of Ebonyi, Kaduna, Kano, Niger, Plateau, Sokoto, Taraba and Zamfara states borrowed $125.1m (N111.24bn) from external sources.

For the sub-nationals, a further breakdown of the data showed that Cross Rivers Governor, Bassey Otu, took the highest loan, with N16.2bn from domestic and $57.95m from foreign creditors between June and December 2023.

Katsina State followed with the debt surging by N36.93bn from N62.37bn to N99.3bn by December 2023.

Third on the list is Niger State, with a domestic debt of N17.85bn, surging from N121.95bn in June 2023 to N139.8bn by December of the same year.

Plateau got N16.32bn; Rivers borrowed N7.07bn; Zamfara, N14.26bn; and the FCT under the leadership of Nyesom Wike borrowed N6.75bn from domestic creditors.

For foreign debt, Governor Francis Nwifuru of Ebonyi State accumulated external debt of $37.54m, while Governor Uba Sani of Kaduna State borrowed $17.69m from external financiers.

Similarly, the governors of Kano borrowed $6.6m; Niger, $1.27m; Plateau, $831,008; Sokoto, $499,472; Taraba, $1.51m; and Zamfara, $655,563, from external sources.

Despite declarations by the administration of President Bola Tinubu that it would not continue with the massive borrowings of the previous government to fund its expenditures, the latest developments show that the new government is sticking to the controversial policy amidst increased revenue.


In 2023, state governors got the most Federal Account Allocation Committee allocations in at least seven years. The rise in FAAC allocations to the three tiers of government, especially the states, followed the removal of subsidy on petrol and currency reforms by the Tinubu administration. The reforms have reportedly led to a 40 per cent boost in income.

An analysis of the 2023 FAAC monthly allocations revealed that the sub-national and local government councils got the highest allocation of N627.73bn in September, followed by N610.5bn in December, N555.75bn in August, N533bn in November, N514bn in July and N497.97bn in October.

We have borrowed 16Billion in six months Gida-Gida

https://punchng.com/13-new-governors-borrowed-n226-8bn-in-six-months-dmo/

God fathers must be settled first!

16 Billion in 6 months..

Rascals

Reasonable number of our leaders and politicians should just forget about going to heaven, ISS is their final destination

Lol there supporters will look for one excuse and why the people in the state is not feeling the Loan....

16billion in 6 months? What a failed state Governor...
While insecurity and poverty still ravaging the state

Lomprico2:
God fathers must be settled first!

Lol I thought Plateau isn't under any Godfather..

Yeye people

That is why I don't like this form of government we run in Nigeria. And I don't think the country can move forward with this system of government.

Governance is too far from the people. People of that state will be shouting Tinubu up and down but will fail to ask their governor questions. Those governor hide under the presidency always. Very incompetent set of people.

Let us go back to the regional form of government where the govenace will be closer to the people.

Does it mean no internally generated revenue,governor's and borrowing nah like ewa goin and bread even Brother Caleb too don begin borrow.See Kaduna State governor bragging he has not borrowed since he came to power but I can see Kaduna borrowed externally within the last 6montgs.Borrowing nah cash out to governor's.

How many projects he don commission?

The annoying part is they won't be able to account for the money. No projects,no nothing

If you ask them what they use the money for, is nothing!

How can someone just borrow money in the name of the general public, only to embezzle them. Our politicians are truly witches and wizards.

inoki247:




Lol I thought Plateau isn't under any Godfather..

Is the governor in LP?

Omo person wey never managed family be governor

But Kaduna state Gov says he never borrow since he assumed office. Politicians and Lies

This confirms what Otti said that he hasn't borrowed to execute most of his projects, yet those who have borrowed billions silently have nothing to show for it.

Yet foolhardy nitwits won't see this as an anomaly but choose to pick on everything Otti does.

This 16 billion was borrowed to offset salaries of civil servants and gratuities owed by the out going n government. Mind you, the state civil servants were on strike before inauguration of the new government hence the need to borrow.

Lomprico2:


Is the governor in LP?

Lol so once you're in other party you're under Godfather buh if you're under LP you're free....


You people and illusion,..

scuba3:
This 16 billion was borrowed to offset salaries of civil servants and gratuities owed by the out going n government. Mind you, the state civil servants were on strike before inauguration of the new government hence the need to borrow.

How much did he received as subvention,etc from the federal government in that period??

Otti has not borrowed

inoki247:



Lol so once you're in other party you're under Godfather buh if you're under LP you're free....


You people and illusion,..

Once you are under pdp or apc you are under a godfather!

Other parties are not infected with that yet. Even apga that has been there for sometime don't operate under godfatgherism.

scuba3:


This 16 billion was borrowed to offset salaries of civil servants and gratuities owed by the out going n government. Mind you, the state civil servants were on strike before inauguration of the new government hence the need to borrow.

What happen to the allocation from the FG? What are the conditions for the money borrowed? Where would the money come from to pay back? Or is the next administration be the one to be paying back? ... and has to take another loan to do so? Do they have details of the shortfall in salaries to figure out how much was needed? Let's stop making shallow excuses for these daylight robbers but instead do our part in getting them out of office and into prison or six feet under.

Why singled out plateau State government as if it's the state with the highest borrowing?
The headline is sinister.

inoki247:
Lol there supporters will look for one excuse and why the people in the state is not feeling the Loan....

He is rehabilitating roads in the nooks and crannies of plateau

Oloriburuku Oloshi people.

Federal allocation to all tiers of government has increased astrologically since Emilokan Tinubu removed fuel subsidy and flared the Naira.

So what are these useless vagabonds doing with all the money?

Nawaoooh

Wait !!

With all the development left right and center alex otti is building in Abia state , he is doing it without a loan.

Peter obi really have eyes for talent like him .

Wow!!!!

Does he like Aviator?