Atouke's Posts
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Dont trust APC with your votes they are more likely to throw your states into huge debt than other parties. just 15 APC States owe 59% of the total external debt owed by the 36 states. APC should be known as the " We will get you into debt" party.
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APC States External Debt($) 1)Borno $16,070,015 2)Edo $48,399,513 3)Imo $51,267,026 4)Kano $64,318,822 5)Kwara $45,687,046 6)Lagos $1,020,410,674 7)Nassarawa $47,526,268 Ogun $116,689,2499)Osun $73,404,212 10)Oyo $80,112,084 11)Ekiti $48,075,639 12)Rivers $45,874,509 13)Sokoto $45,116,786 14)Yobe $32,902,152 15)Zamfara $31.251,921 Total = $1,767,028,916 Total ammount owed by 19 PDP +1 APGA + I LP States = $1,246,188,061 APC States are more indebted than states run by other political parties. |
Lagos, Ekiti, seven others are heavy debtors –FRC 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. http://www.punchng.com/news/lagos-ekiti-seven-others-are-heavy-debtors-frc/ |
Revealed: Lagos Debt Profile Nears N500billion The Lagos State Government on Tuesday finally opened up that it is currently indebted to the tune of N435 billion as at the end of 2013 and the amount is still rising! The State debt figure had been shrouded in secrecy with some estimates saying it's nearing A trillion Naira. This prompted the State House of Assembly, LSHA, last year to direct its Committee on Economic Planning and Budget to probe the debt profile of the state and report its findings to the House in September 2013. But while revealing the true figure yesterday the state government said the profile is still below the international borrowing benchmark adopted by the Federal Government. State Commissioner for Finance, Mr. Ayo Gbeleyi, while making this disclosure during the presentation of the 2014 budget analysis by the Ministry of Economic Planning and Budget, placed the acceptable international borrowing benchmark at 40 per cent. He added that with regard to the state's total debt stock currently, the state has about N435 billion, which is a net of N98 billion in sinking fund “To speak to sustainability of that figure, in terms of our total debt value, that is cost of loan repayment and interest to our revenue, that figure is about 13.15 percent”, he said. “The acceptable international benchmark adopted by the Federal Government Debt Management Office is 40 per cent. We are well below that benchmark. In 2013, we were about 13.15 per cent and the benchmark is 40 percent. Our total public debt stock to GDP stood at 2.98 per cent in 2013. “For a frontier economy like ours, the threshold that is allowed is about 20 per cent. As at last year, the ratio of our debt to total revenue is 112 per cent. That is total debt stock at the percentage of revenue. That is 112 per cent compared to the benchmark. The benchmark allows us to borrow up to 250 per cent of our total revenue. “Again, we are well within that threshold. The last threshold is also regulated by the Federal Ministry of Finance under the Fiscal Responsibility Act. We are allowed to borrow up to 50 per cent of our last three years revenue. As at today, we only borrow 40 per cent of that threshold. So, it all gives parameter of international benchmark that measures our debt level. They are very sustainable and responsible”. Gbeleyi added that three international and local agencies have rated not just the state government, but also its bonds; and when these are compared with the ratings of some countries like Angola in relation to debt profiles, Nigeria has a favourable position. “In 2013, our bond rating by Agusto was AA+ and the same thing with GCR. Of course, Fitch did not rate our bond. Those are the key measures and parameters of our debt profile as it stands today”, he said, adding: “Our Agusto rating was, at a stage, A+ by Global Credit Rating; it was also AA+ by Fitch Rating International, our foreign currency long-term rating was AA positive and then our long-term national rating was BB minus able. The profile of the state was actually increased by its recurrent interest in bond issues”. http://www.elombah.com/index.php/special-reports/20440-revealed-lagos-debt-profile-nears-n500billion |
Lagos’ N435bn debt profile not new – Fashola LAGOS — Governor Babatunde Fashola of Lagos State yesterday, took a swipe at the Federal Government over the claim that the state’s debt profile of N435 billion was high, saying “We have used the money to provide various projects in the state.” Fashola said: “Lagos is happy to show what we are doing with the debt we owe. But the Federal Government that was accusing the Lagos State government for acquiring debt is allocating to itself 52 per cent from the Federal Allocation Account, FAC.” Speaking after commissioning of the N1 billion Imota Asphalt plant and inspecting some of the ongoing projects in Ikorodu axis of the state, he said: “What is the Central Government showing for this huge allocation? Rather, they were busy commissioning markets. Is that the Presidency’s responsibility. So we want to know what happened to the money.” He noted that the debt profile of the state was not new, adding, “this is because if we are the most populous, with the highest contributor to the GDP of the country, why will the debt not be big. And today, if the oil falls short today, we will survive.” On Asphalt plant Fashola said that the project was geared towards fast tracking road rehabilitation and construction and that the project was already impacting on the host community in a positive way, saying residents would be the biggest beneficiaries of the project. Earlier, Executive Chairman of the Lagos State Public Works Corporation, LSPWC, Mr. Gbenga Akintola, said the Imota Plant manufactured in Italy had a maximum production capacity of 180 tons per hour. - See more at: http://www.vanguardngr.com/2014/02/lagos-n435bn-debt-profile-new-fashola/#sthash.R0FXW78t.dpuf |
Lagos Incurs N435bn Debt in Five Years The Lagos State Government Tuesday put its total debt stock at a whopping value of N435 billion, which it said, covered the profile of four tranches of bond it used between 2009 and 2013 as well as funds from other internal and external sources. The state government also listed diverse constraints, which it said, were undermining the implementation of the Fourth Mainland Bridge covering a distance of eight kilometres different from the road project of about 22 kilometres along the state corridor. But the state’s debt profile was publicly disclosed yesterday during the 2014 budget analysis, which its Commissioner for Economic Planning and Budget, Mr. Ben Akabueze presented along with his counterparts in the Ministry of Works and Infrastructure, Dr. Obafemi Hamzat and that of Finance, Mr. Ayodeji Gbeleyi among others. At the budget analysis that attracted enlightened stakeholders from the public sector and the media, the finance commissioner gave an explicit detail of the state’s debt profile, which he said, stood at a total value of N435 billion. Gbeleyi, who spoke towards the end of the programme, disclosed that with regard “to our total debt stock today, we have about N435 billion, which is a net of N98 billion in sinking fund,” though the debt was sustainable. He said the state government “has a total of four tranches of bond it issued. The first one is N50 billion for five year tenure issued in 2009 and will mature in 2014. The second tranche is N57.5 billion issued in 2010. It is a seven-year bond and will mature in 2017.” He also put the third tranche at a value of N80 billion, which he said, was issued “in 2012. It will mature in 2019. The last tranche of bond is N87.5 billion issued in 2013. It has a tenure of seven years and will mature in 2020.” According to him, we have a bond portfolio of N275 billion. The full principal repayment for coupons for the last half year fully paid in February and fully provided for in the sinking fund that is being managed by a trustee on behalf of bond holders. He, therefore, gave some proofs, which he said, made the debt profile sustainable, explaining that the acceptable international benchmark adopted by the federal government’s Debt Management Office (DMO) is 40 per cent.” But the finance commissioner acknowledged that the state government “is well-below that benchmark. In 2013, we were about 13.15 per cent and the benchmark is 40 per cent. Our total public debt stock to GDP stood at 2.98 per cent in 2013.” He added: “For a frontier economy like ours, the threshold that is allowed is about 20 percent. As at last year, the ratio of our debt to total revenue is 112 per cent. That is total debt stock at the percentage of revenue. That is 112 per cent compared to the benchmark. The benchmark allows us to borrow up to 250 percent of our total revenue. “Again, we are well within that threshold. The last threshold is also regulated by the Federal Ministry of Finance under the Fiscal Responsibility Act. We are allowed to borrow up to 50 percent of our last three year revenue. “As at today, we only borrow 40 per cent of that threshold. So, it all gives parameter of international benchmark that measures our debt level. They are very sustainable and responsible. Let me add that we have three international and local agencies that have rated the not just the state government, but also our bonds.” “Over the years, we have always been notching up in our bond rating. And of the most recent rating in 2013, our Agusto rating was, at a stage, A+. By Global Credit Rating, it was also AA+. By Fitch Rating International, our foreign currency long-term rating was AA positive and then our long-term national rating was BB minus able. “Even if you compare this rating with some sovereigns, Nigeria is better. Like Angola, for example, we are better off. In 2013, our bond rating by Agusto was AA+ and the same thing with GCR. Of course, Fitch did not rate our bond. Those are the key measures and parameters of our debt profile as it stands today,” Gbeleyi explained. Speaking on challenges undermining the construction of Fourth Mainland Bridge, Hamzat ascribed the constraints to the huge cost of implementing the project and the number of private buildings, which the project would affect. The commissioner said the alignment “is from the Lagos Business School (LBS) on Lekki-Epe express road when one move 200 meters away from the school. On the alignment, we have over 318 buildings. This is difficult for the state government to use the previous alignment again. We need to remember that we have swamps to contend with. “The first alignment gives us the shortest bridge which is about 3.8 kilometres. If we go another alignment, we are talking about eight kilometres. Remember that when motorist exit the bridge, they will need an exit route. “This route will require motorist to drive through a road that will afford them to link Ijede in Ikorodu and later link Lagos-Ibadan Expressway. And this road is about 22 kilometres. So it is just not a bridge, instead of 3.8 kilometres, we now have eight kilometres. And to construct a kilometre of that bridge is about N40 billion. “So, the issue is that we need to factor the cost of demolishing the 318 buildings into the project. And a lot of these buildings do not have building permit. And these are beautiful houses. We are now working on new alignment…” Hamzat, however, justified the astronomical review of the new tuition regime of the Lagos State University (LASU) students, which he said, became necessary due to what he ascribed to the impelling need to make the institution one of the best in Africa. The commissioner added that graduates of computer science from LASU “are the best in the country. They write their own code because they are able to pay. No university does that. So are we interested in quality education or just graduating people?” Reinforcing what Hamzat said, Akabueze put the subvention “to parastatal organisation and tertiary institutions to N32.152 billion. We have N9.2 billion that will be spent on LASU in 2014. Out of which N2.6 is capital and N6.6 billion is for recurrent. “So, when people say that the dedicated revenue increase in the state budget is because LASU tuition fee has increased. Let ask, how many student do we have in LASU? Remember that this new fee is only meant for the new students. “Those who pay the new begin from two sessions ago. For instance, one-third of the population is expected to pay the new fee which is average of N200,000. When one multiply this by 4,000 students, this amounts to N800 million. “This is the total revenue that will come from the tuition fees. This is far cry to the state government expenditure on the institution. LASU is not funded by the tuition fees paid by the students. It is not possible in today’s world to get quality tertiary education at N25, 000. “Many people here pay more than the new tuition to fund their children’s education at the primary education level. All the governments around the world invest more money to fund basic education than tertiary education. “This is to create platform for more people to be educated. The growth in dedicated revenue showed that out of the N9 billion proposed to be spent on LASU, less than N1billion is generated from tuition fees,” Akabueze. http://www.thisdaylive.com/articles/lagos-incurs-n435bn-debt-in-five-years/169996/ |
francis247: A stadium of 12000 capacity? As far as I'm concerned, that's a mini stadium .whats the capcity of the one in your village state? Thats if they have one. |
jazzydee: Stop please . The Uyo Stadium can and will never replace the UJ Esuene stadium in Calabar as long as they keep maintaining it as they have done from 1976 when it was built till date . you can take that to the bank. they said the same thing about Uyo airport when it was being built people screamed that it will cripple the calabar airport, But today we all know the truth both airports are thriving.True Talk 100 gbosas for you. |
jazzydee: It is not a smelly, blood stained building where animals are butchered, but has come to be known as the Slaughterhouse. |
ProfCorruption: Don't be a fool tomorrow, be a wise one.Is that your defence? save it for tomorrow and meanwhile start strategizing on how to pay back the crushing debt of your debt affected states in the south west. |
[size=13pt]Fellow Nairalanders, tomorrow we shall compare the external debt profile of the PDP states with the APC states and see who is more prudent in managing the resources of the people. APC defenders am giving all of you prior notice so you can start now to prepare the defence of you progressive borrowers/ paymasters.[/size] |
aresa: Why do you borrow money? To service your government or to fund infrastructures. I won't waste my time going back and forth with you about projects and infrastructures in Lagos state because I'm sure you see what we post here everyday so you questioned that either because of intentional ignorance or intentional deception and deceit..what has lagos state to show on ground? with a monthly IGR of 20billion monthly why should the the borrowing? and unGodly ammount of $1,020,410,674billion |
aljharem: The performance of Lagos State Governor Babatunde Fashola is exaggerated (“overblown”) and does not “match the revenue accruing to the state on a monthly basis,” says Executive Chairman, Coalition Against Corrupt Leaders (CACOL), Mr. Debo Adeniran.very true !
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The weight of crushing debt on innocent citizens of the five debt Affected States SW. Its not the citizens fault its just that their governors couldnt stop borrowing that why the debt is threatening to suffocate the innocent citizens.
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Fate of citizens of the five debt affected states in Nigeria
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unborn children of the five debt affected states. ![]()
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aljharem: Niger delta or not is none of my business afterall, we take care of Niger deltan too in the SW.so your plan is to use external debt as 13% derivation? dont worry am happy these are external loans that you an your generations to come will have to work hard and repay with taxes. The international communities will not forgive your debt this time around espercially now that the see BAT and his band of progressive borrowers flying private jets in and out of their countries to stuff the stolen loan amount in their private foreign accounts. |
aljharem: lets not leave the point. The debts are not the pointTheir plan is to default on the loan so that Niger Delta oil will bail them out. they got no plan other than to keep borrowing and not pay back. |
This five states owe more money than the entire GDP of 10 west African states. |
ProfCorruption: can you mention just one state that's not indebted in Nigeria?Are you from the debt affected states? if yes which of the five in question? |
aresa: Math failed youwhats left is the huge debt that your borrowing governors have plunged you and your generation unborn into. |
ProfCorruption: The OP is advertising his or her ignorance. You can't talk of liabilities without assets. Borrowing is a language of business and as wealthy as Dangote is, he still borrows till tomorrow. Debt is not the issue but what's done with the money and overall sustainability of the state finances.Are you from the debt Affected states? |
GeneralBadman: Yes Sir, the name(Mr 45%) fits the Muntullar.You can create as many monikers as you like to attack my person, its not going to make the debt dissappear.You have to call you progressive borrower leaders to order. First, to stop borrowing and then Second,start planning on how to get out from under the debt. |
Fire15: Atouke or whatever you choose to call yourself. You're not statistically literate,and bad enough, you're an embarrassment mathematically.Stop leaving in denial, I take it that you are from one of the five debt affected state, The issue is whats your strategy to repay the loan? N8,480 per person no be joke o. and that does not include interest on the loan. tell us how you and your family are going to get out from under such huge debt. Am doing you a favour by doing the calculations for you for judging from your statement you obviously do not know how to calculate. |
Gbawe: Olodo, your use of English is bad while your mathematical ability, as you have proven to all here, is best described as pre-school level. Yet you remain here throwing around meaningless figures when you should be using the remaining browsing allowance you have to look for adult basic education classes. You guys and the inferiority complex that is eating you alive. Hope you won't kill yourselves taking Panadol for the non-existent headache of Yoruba folks and their States.Whats your strategy to pay back the loans from your debt affected states? forget my grammar it has nothing to do with the debt that your progressive borrowers governors have foisted on your neck and that of innocent kids. Address the pertinent issue and stop trying to deviate from the core issue. |
GeneralBadman: Please stop bullshitting.Denial and hiding your head in the sand is not going to make the debt go away. you better start planning on how to repay those loans. |
GeneralBadman: Uncle Gbawe and Uncle aresa,Stop leaving in denial, I take it that you are from one of the five debt affected state, The issue is whats your strategy to repay the loan? N8,480 per person no be joke o. and that does not include interest on the loan. tell us how you and your family are going to get out from under such huge debt. |
aresa: What are they owing Anambra?Why are you attacking persons instead of the debt issue, I take it that you are from one of the five debt affected state, The issue is whats your strategy to repay the loan? N8,480 per person no be joke o. and that does not include interest on the loan. tell us how you and your family are going to get out from under such huge debt. |
Gbawe: Yahoo-yahoo boy, why don't you go and face your primary job of distributing scam emails to people with mathematics skills poorer than yours which is awful anyway? Some of you should go and register for evening adult classes immediately yet you are here disturbing others who are productive members of society. 419 + inferiority complex + obsession with Yoruba land is a bastard of a mix certain to destroy minds. Seek help.You are about paying for the sin of supporting progressive borrowers, they just put a N 8,580 debt on you and each member of your house hold and every child that will be born into your family. it will take generations to pay off those debt. The progressive borrowers are the real yahoo boys but you cant see that because you have been blinded by APC stomach infrastructure. |
Gbawe: Ole, Barawo. Your 419 is busted already.Stop talking. What have you done with the $6.4 billion the FG owes when you made your own calculation of "the Country's External Debt Stock" and arrived at the figure of $3.013 billion instead of the real total figure of $9.4 billion including the $6.4 billion the FG owes whuich you tossed away fraudulently as if such does not exist? Is this how you guys steal and lie brazenly?You and every member of your family owe N8,480 courtesy of your governors you better start strategising on how to pay your debt. assuming there are 5 people in your family ie you wifey and 3 kids thats about N50,000 minus interest ![]() |
ujoinme: The Debt in these five states are just too muchthe bolded progressive borrowers indeed. |
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Ogun $116,689,249