₦airaland Forum

beaf it is 84 billion not trillion.

truth is the structure we are running probably gives rise to this

maybe time we start analyzing constructively 'perfomance' of states in the country.

You are here: Home / News / Lagos, Kaduna, C’River, Ogun, Oyo top foreign debtors’ list
Lagos, Kaduna, C’River, Ogun, Oyo top foreign debtors’ list
August 4, 2012 by Niyi Odebode, Sesan Olufowobi, Tunde Odesola, Segun Olatunji, Mudiaga Affe, Ifeanyi Onuba, Mike Odiegwu, Kunle Falayi and Etim Ekpimah 67 Comments
Governor Babatunde Fashola

Governor Babatunde Fashola
| credits:

Lagos, Kaduna, Cross River, Ogun and Oyo occupied the top position on the list of external debts incurred by state governments as of June 30, 2012.

According to states and Federal Government’s external debt stock obtained by SATURDAY PUNCH from the Debt Management Office, Borno, Delta, Plateau, Taraba and Anambra states had the lowest external debts.

Lagos topped the list of external debtors with $517,677,672 as of June 30, 2012.

The foreign debt increased by 5.25 per cent from $491,847.295 in December, 2011.

However, while other four states depend on federal allocations, Lagos generates a huge internal revenue, which was about N23bn monthly in the first quarter of the year.

Next to Lagos is Kaduna with $197,155.525 foreign debt as against $182,261,250 in December 2011.

Cross River has $109,351,503 external debt. As of December, the state’s external debt was $107,532,721.

Ogun State is the fourth most indebted state with $96,285.547 as of June 30, 2012. Its external debt increased by 1.8 per cent from $94,575,129.

Oyo’s external debt (the fifth) was $78,878,401 as of June 30, 2012, as against $78,085,379 in December 2011.

SATURDAY PUNCH investigations showed that the present administrations in Ogun and Oyo inherited the foreign debts from their predecessors.

States, whose external debts are low, include Borno ($12,726,028); Delta ($15,785,110); Plateau ($20,190,627); Taraba ($20,681,527) and Anambra ($25,370,842).

At the zonal level, South-West leads the external debtors with $840,913,596, followed by the North-West, $473,305,365; South-South, $289,952,619; North-Central, $189,192,241 and North-East, $186,303, 921.

Checks at the Federal Ministry of Finance indicated that Lagos got N9.34bn as federal allocation in June; while Kaduna received N4.71bn; Ogun, N3.67bn; Cross River, N3.93bn; and Oyo, N4.40bn.

The federal allocations in June for the least indebted states were: Borno, N4.39bn; Delta, N14.22bn; Taraba, N3.64bn and Anambra, N3.80bn.

Most states, except Lagos, which rakes in an average of N23bn monthly as internally generated revenue, rely on federal allocations.

Lagos State Governor, Babatunde Fashola, had at the annual public lecture of the Institute of Chartered Accountants of Nigeria, in Lagos in June, stated that the state’s monthly IGR was N23bn.

Fashola, who was represented by Lateef Abari, Permanent Secretary, Public Service Office, IGR of the state, said the amount rose from a paltry N600m monthly in 1999 to its current N23bn.

External debts of other states, apart from the 10 mentioned above are: Abia, $32,675,171; Adamawa, $29,183,118; Akwa Ibom, $61,198,851; Bauchi, $63,029,387; Bayelsa, $27,897,951; Benue, $26,501,393 and Ebonyi $41,060,946.

Edo State’s foreign debt is $41,408,440; Ekiti, $34,071,754; Enugu, $47, 788,769; Gombe, $29,572,867; Imo, $50,573,894; Jigawa, $28,720,760; Kano, $59,400,227; Katsina, $74,147,092 and Kebbi, $47,132,689.

Kogi State is owing $33,976,282; Kwara, $43,798,143; Nasarawa, $36, 547,616; Niger, $28,178,180; Ondo, $52,255,534; Osun, $61,744,688; Rivers, $34,301,764; and Sokoto, $40,419,413.

Others are Yobe State, $31,111,004; Zamfara, $26,329,259 and the Federal Capital Territory, $37,671,245.

When contacted, most state governments declined to give their domestic debts, which, SATURDAY PUNCH gathered, were on the high side.

Some, however, explained their external debts, while others said that there was no cause for alarm over their high indebtedness.

In Lagos, the Commissioner for Finance, Mr. Adetokunbo Abiru, said the state was credit worthy.

He said, “Our financial environment combines credit worthiness with probity, accountability and transparency in all facets of our financial transaction.”

On Wednesday and Thursday, the Ogun State Finance Commissioner, Mrs. Kemi Adeosun, did not pick calls put to her phone. She also did not reply text messages sent to her.

But two weeks ago, she had told our correspondent that the financial position of the state would be made public through newspaper publications.

The Oyo State Government said it had not borrowed any fund since the inception of the current administration.

The state Commissioner for Finance, Mr. Zachaeus Adelabu, said that any recorded external debt might have been incurred by the previous administration.

Adelabu said, “Possibly the debt was incurred during the last administration, I cannot say for sure. But what I can tell you is that this administration has not borrowed anything.”

The Special Adviser to the Cross River State Governor on Debt Management, Mrs. Francisca Effiom, declined comments on the state’s debt profile.

It was, however, gathered that the state’s domestic debt was about N80bn.

It was learnt that about N23bn of the debt was incurred during the construction of the Tinapa Business and Leisure Resort under the administration of former Governor Donald Duke.

In Akwa Ibom State, SATURDAY PUNCH gathered that the state government had obtained N50bn loan from the capital market.

The Speaker of the state House of Assembly, Mr. Samuel Ikon, said the loan was approved following an explanation by the Commissioner for Finance, Mr. Bassey Albert, that it would be spent with probity.

He noted that provision was made in the budget for a loan of N65bn, but the executive asked for N50bn, which was approved.

In Rivers, though the state Commissioner for Finance, Peterside Chamberlain, could not say how much the state owed banks, he explained that the current administration had borrowed N30bn in October 2010, an amount that was paid off in September 2011.

Peterside added that another loan of N20bn was accessed in July 2011.

He said the loans were taken from Guaranty Trust Bank and Zenith Bank and noted that a substantial part of the loan from Zenith Bank had already been paid back.

The commissioner pointed out that the funds were used to finance the state’s ongoing electricity project, which would be completed by December 2012.

The Ekiti State Government had obtained a N20bn bond from the Capital Market.

But the Commissioner for Information in the state, Mr. Funminiyi Afuye, said the state government was not under any debt burden.

Afuye said, “As far as we know, Ekiti State is not suffering from any debt burden and this can be checked from the DMO where the debt profiles of all states and the Federal Government can be verified.”

In Osun State, the Commissioner for Information and Strategy, Chief Sunday Akere, said the state had a N25bn internal debt.

Akere said N18.5bn of the N25bn was owed by the ousted administration of Olagunsoye Oyinlola.

He said, “In the twilight of the Oyinlola government in 2010, the administration secured an N18.5bn loan from United Bank for Africa. A major chunk of the loan was to go into the construction of six world class stadiums.”

Akere said the state government, under Oyinlola, was paying a monthly interest of N615m on the N18.5bn, adding that after refinancing the loan, the “(Rauf) Aregbesola administration now pays a monthly interest of less than N100m.”

Efforts by SATURDAY PUNCH to reach the Bayelsa State Commissioner for Finance, Mr. Duate Iyadi, proved abortive as his telephone was switched off.

But Governor Seriake Dickson had on assumption of office, said he inherited liabilities of N207bn from the former Governor Timipre Sylva administration.

However, in March 2012 during his appearance before the Senate joint committee on National Planning, Finance, Appropriation and States and Local Government, the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, Mr. Elias Mbam, stated that the state’s external debt stood at $107.532m

http://www.punchng.com/news/lagos-kaduna-criver-ogun-oyo-top-foreign-debtors-list/

i heard that in germany only about 30% of the population seek university education.i do not how true it is though.

bashr8: i think this is the only good news i have read this year , they deserve it, everybody deserves autonomy , its time we stopped fooling ourselves in nigeria.

this is serious

http://saharareporters.com/press-release/ogoni-declares-self-government

Diigbo affirmed that self-government within Nigeria will secure for the Ogoni people, their indigenous rights, enable them to meet their needs and interests and finally end internal colonialism.

well they say within nigeria.

Toaskarity: I guess no more under Nigeria federal govt devils

that might be dangerous

what do they really mean by political autonomy?

Kobojunkie: As I was saying . . .



The Nigerian people want to know these things and their REPRESENTATIVES are there to get them that information.

Kobojunkie: As I was saying . . .



The Nigerian people want to know these things and their REPRESENTATIVES are there to get them that information.

unfortunately it is a ruse as the reps are actually more interested in money for their constituency projects that has not yet been realesed hence the noise.

who is he going to bench?busquets?

Kobojunkie: This is what is wrong with Abia State, and every other state. Instead of the indigene, like this 100 Igbo USA inc, taking it on themselves to fix the state and get other people who live 100% in the state to come together and push the trash out, people are still suggesting that there are messiahs out there to MAGICALLY make it all good. When will the people bring the magic?

actually what i meant was that abians should find someone with the developmental mindset okpara(because seriously abia is in dire straits) had,convice him to aspire for governorship and then push the trash guys out.just pushing the trash guys out is no guarantee that the replacement is not going to be an equal trash.however abians should show a whole lot of seriousness in their state.luckily for abia they are among the few states that are regarded as still financially healthy debtwise so who comes in will not have that excuse of being debt burdened.

maybe a micheal okpara like brain is needed to do the 'magic'.

da infamous maybe you should open a thread on 'ngige's impact in the national assembly'

aribisala0: don't see Japanese or Chinese embracing Christianity or Western education and they are doing quite fine.
Algebra was an Arabic word last time I checked

using japan or china as examples do not fit as the language of taught in those places are japanese and mandarin respectively.english is the language of taught in nigeria so we have to be good in the language until at a time we are ready to purge ourselves of 'colomentality' and start using our indigenous languages as mode for teaching. _{btw i wonder if you are the same aribisala that writes about faith issues on sunday vanguard}

Odunnu: I think Obi is trying. I was at Akwaeze last month and if I wanted to sleep and drive, it wouldnt have been a big deal. Ok! Thats his LG I hear, but generally, he's doing something Its that Abia dude I still dont know what he's up to.

i hope you use your position to let biased non igbos that about how comfortable you are in enugu and environs.as for obi i think he is more interested in developing the rural areas.

some people are funny.that the so called rail should by pass south east or onitsha to be precise would be dead on arrival if whoever is going to build it would want to reap profits.

Onlytruth: You are right about the bolded, but there were other factors that helped Peter Obi during the last election. One factor for instance-> OJUKWU who begged our people to vote for Peter Obi. Ngige was the man to beat in that election; so I was not suprised by Soludo's third position. Ngige (to some extent) may still be the man to beat (if he recontests), unless Soludo makes use of Ngige's temporary "absense" (Ngige is in Abuja, lol) to do some serious groundwork. Anambra politics can be quite intriguing.

After Peter Obi, it will take long before we elect another business man to lead us.
We need technocrats and seasoned administrators.

well that is if the grassroot guys who the the main voters would be aware of that.

Court Garnishes Uba’s Bank Account
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The buildup to the 2014 gubernatorial elections in the southeast Nigerian State of Anambra may have begun unveiling symptoms indicative of a return to trouble times in Anambra State. Information recently made available to 247ureports.com through sources close to the activities around the mechanizations towards the 2014 polls indicates that the shady oil mogul chief executive officer [CEO] of Capital Oil, Ifeanyi Uba effort to commandeer the political activities of Anambra State may have to do with the increasing financial instability within the oil mogul’s business empire.

According to the available information, a recent court decision given against the oil mogul, Ifeanyi Uba over a one-year old debt owed to Britannia to the tune of N3.1billion may have exposed the shady oil mogul’s business empire as increasingly facing insurmountable financial problems. The court had garnished the bank accounts of the oil mogul. Further investigation by our correspondent indicates that the shady oil mogul, Ifeanyi Uba’s Capital oil may indeed have a liability that has outgrown its liquidity – and that is to say that the oil mogul owes more money that he has. This information comes against the revelation that the shady oil mogul maintains a staggering debt profile with numerous commercial banks amounting to the tune of N70billion. Further worsening the financial instability of Ifeayi Uba’s business empire is the recent revelation by the oil subsidy probe report which indicated Ifeanyi Uba’s Capitol Oil received N30billion worth of oil subsidy monies for the importation of refined crude oil but failed import the said refined petroleum.

Capitol oil’s financial gridlock is reported to have descended embarrassing levels. Employees of Capitol Oil disclosed to 247ureports.com the workers at the firm have yet to receive their four month salary. Ifeanyi Uba has yet to pay salaries to his workers for four months.

The oil mogul who is an indigene of Nnewi in Anambra State has reportedly made known his intention to vie for the gubernatorial elections in Anambra State in 2014 under the party banner of the All Progressive Grand Alliance [APGA]. But his professed aspiration may have hit a dead road owing concerns within the leadership of the APGA. According to information received, some of within the leadership of APGA who are concerned about the undemocratic emergence and/or coronation of a candidate who may have not completed a secondary school education –and who may have near insurmountable debt profile in his business – opted to have the seemingly arbitrary selection of Ifeanyi Uba as the candidate of APGA quashed until a primary election is conducted within the party.

Ifeanyi Uba, CEO Capitol Oil and Gubernatorial Aspirant,

As gathered, the shady oil mogul, Ifeanyi Uba, in response to the concerns raised by the leadership of the party, moved to romance the embattled chairman of the party, APGA in the person of Chief Victor Umeh. According to reports, the oil mogul approached the APGA embattled chairman with financial enticement to the tuned of N250million in return for the party’s gubernatorial ticket and control of the party structure in Anambra State.

abagworo at the time you went to orlu were construction still going in orlu or were works at stand still?

i wonder if people from these places that roads are being constructed will have the patience endure the lenght of the construction time because the feeling i get is that some people are getting impatient.

HNosegbe: This just goes to show that even the so-called "progressive" opposition parties are no better than the PDP.

Even if we are to kick out the ruling party, who are we gonna replace them with? These ones?

how dare you talk like that about the 'progressives'?

well he is in an 'omoluabi' party.

chino11: For those of you that questioned my pathernity, am an Anambran precisely frm Uga. Am not an agent of destabilization but a realist and an enemy of iniquity and man inhumanity to man. I'v taken it upon myslf to champion the of opening eyes of Anambrans on the ongoing cold war in our midst. For that singular reason we are not going to do 'nwanne' wit our God's Given resourses as others didnt treat us wit the same kindnes. This and many has driven the policy of the Awka headquatered Orient Petroleum Refinery to absorb 100% Anambra people, the same goes for world giant Sabmiller plant in Onitsha excpt 4 the expatriate personel. I rest my case

how does defending anambra 'whatever that means' include trying to destroy threads about enugu pics or any other state?in those threads is anambra being castigated?just admit you are suffering from persecution complex.people are saying that t a orji's actions were castigated.who in nairaland was not aware of the vitriol that greeted that action of his even from abians?

i wonder the effect all these bombings are having on the economy of kano.

[quote author=Frank-C]Is this not the same guy building air conditioned pedestrian bridge?[/quote]no it is amosun governor of ogun.

chino11: You yapping doesn't still change the fact that, we are not the same people. If the oil and gas discovery will divide us its welcome development.

ah yes no other state in the zone has oil and gas pheeww i forgot that.

chino11: ^
Don't force yourself on us, we are not the same. We cannot be nwanne by force. Deal it low man

chino11: ^
Don't force yourself on us, we are not the same. We cannot be nwanne by force. Deal it low man

haha more like stop suffering from persecution complex.

chino11: Nwanne me kedu ka ime?

They now want us to do 'nwanne' with our God Given Resources even after all the persecution we suffered in their dirty hands. I will keep telling them that we are not the same people. After all its true.

hehe persecution.i have always known you are suffering from persecution complex lol.pls knack your head on the wall if 'others' annoy you.by the way persecution from who?your fellow anambrarians that always seem to be criticizing the state?haha what a loser. Orient have drafted a document on indigenes alone to work there.is that not expected? Ndo for suffering persecution complex.

seriuosly though the people chino are insulting in this thread how is he sure that they are not anambrarians?is this not inferiority complex of the highest order?hehe i will not be suprised if he logs in with his other ids namely bestview,jbaur24 or ayo01just to 'support' him lol.

[quote author= ddanteni]Injustice any where is injustice every where why would the gov mt of Anabra demolish a mosque without giving the worshipers any alternative ? to be fair with each other how many mosques are there in Anabra that he now want to demolish one from?. All lovers of peace and justice should condemn such act and call for alternative be for such action can be taken.[/quote]i am sure you do not know anambra well if not you would not have asked how many mosques are there.