It will be advisable to the developer to migrate to their various home town and city so that Lagos State would stop given them high taxes to pay. I believe there's port in Onne in PH, where there goods could be shipped in and cleared. PH is closer to South east. My cent advise

Not bad.

allanphash7:
Show some respect please

The way they showed respect to Goodluck Jonathan, right? You ain't seen nothing.

Besides, such a greedy and mindless thief deserves no respect.

U guys should try, any one that's appointed goes in and comes out happily leaving the state in a deplorable wheel chair condition. God is watching

What Niggerians call developed. LMBO

DMO don go shake table ooo..dem don go remind some state governors say dem dey lag behind. Una go see as dm go begin try to outdo Lagos for the league table soon.

Watch out..

Ok sir!!!

Hedonini:


The way they showed respect to Goodluck Jonathan, right? You ain't seen nothing.

Besides, such a greedy and mindless thief deserves no respect.

Now u can see how Nigeria has been sold out through debt to foreigners.

MemeKing:
United States has the highest debt profile in the world

China owes $4.3 Trillion, Brazil owes $3.6 Trillion. Nigeria owes about $5 billion.

That debt for Edo was partially from the PDP administration and more under osho Baba. Nothing to show from both administrations sadly.

MemeKing:
United States has the highest debt profile in the world

...and China remains its biggest creditor.
That also has to mean something, you know?

One day the real owners of this country will come for us

Tinubu and osho doing the lord's work

adodofemi:
Indebted but obvious development to some extent. What has States like Edo done with theirs?

That is the problem. Lagos is understandable to an extent but Edo what?! There isn't nothing to justify Edo State been on the list.

Vested:



...and China remains its biggest creditor.
That also has to mean something, you know?

Those countries u are referring to used the money borrowed to better the life of their citizens, not other way round as in the case if ur nation

What is ur problem with ebonyi....ur just a clown.

chuksanambra:
The largest economies are run on debt. The USA has a debt of not less than 8 trillion dollars.

Only economically viable economies attract lenders. Somewhere like that forest called Ebonyi can't attract investors and lenders.

IMASTEX:

That is the problem. Lagos is understandable to an extent but Edo what?! There isn't nothing to justify Edo State been on the list.

There is nothing to justify Lagos being in debt, a state with monthly internal revenues that is up to thrice the allocations gotten from FG, and u think such state should be justified. How many Job opportunities has Ambode created since he assumed office, hundred of thousands u think.

fergie001:
I expected Lagos' external debt profile to be high for obvious reasons....but 1.45b dollars is astronomical.....
In the times past,the budget spending of Lagos have been challenged to be made public...but its been treated in a conclave...
The FOI have been used,Lagos has gone to Court that the FOI is a Federal law and not binding on states...Ganduje had joined when quizzed for Kano....I also know their colleagues in other states will shamelessly do same......

Abeg,where Abia 100million dollars enter biko nu?
I wonder where Abia's own entered,obviously the Dan Bauwa or whatever of Daura,Ikuku and his father and then the current "Igbo Aregbese!"

God will help us.....debts our children will still be paying..
Ask those same Governors if they are been owed security votes now?
That one is up to date.......
Pathetic!

A lot of these foreign debts were gotten at concessionary rates like 2% or less.

I don't think state government get loans from overseas commercial banks so their interests payments are negligible.

They still need to pay the principal though.

Many of these loans are long term spanning like 20 years and putting aside 3% of the loan value into an annual sinking fund for 20years should be enough to either cover the loan or almost cover it.

Interest payments at 2% amounts to only $29m a year or about 11billion for Lagos state.

When you realise the state revenue inclusive of both FG and IGR amounts to at least 30b monthly, you'd accept Lagos state is capable of carrying it.

NightKing:
That debt for Edo was partially from the PDP administration and more under osho Baba. Nothing to show from both administrations sadly.

Now PDP being blamed has not stopped abi....

And edo took the 2nd position no the thanks to that APC dwarf called Oshiomole. He will vomit all the money one day

ebenholer:

Those countries u are referring to used the money borrowed to better the life of their citizens, not other way round as in the case if ur nation

I am not talking about the debtor nation.
Rather, I am talking about a Creditor instead.

Debts are meant to be used to improve productivity in order for the debtor to be in a much better position to clear off their debts as well as be seen as credit-worthy. China, is also a debtor but the largest economy in the world (America) happens to be its largest debtor. That fact should ring a bell.

grandstar:


A lot of these foreign debts were gotten at concessionary rates like 2% or less.

I don't think state government get loans from overseas commercial banks so their interests payments are negligible.

They still need to pay the principal though.

Many of these loans are long term spanning like 20 years and putting aside 3% of the loan value into an annual sinking fund for 20years should be enough to either cover the loan or almost cover it.

Interest payments at 2% amounts to only $29m a year or about 11billion for Lagos state.

When you realise the state revenue inclusive of both FG and IGR amounts to at least 30b monthly, you'd accept Lagos state is capable of carrying it.

Not holistic jystifying Lagos state being in debt, a state with monthly internal revenues that is up to thrice the allocations gotten from FG, and u think such state should be justified. How many Job opportunities has Ambode created since he assumed office, hundred of thousands u think.

metroblogger:
Lagos State, the commercial nerve-center of Nigeria, has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at 1.45 billion dollars as at June 30.

A document obtained by the News Agency of Nigeria, NAN, from the Debt Management Office (DMO), on Wednesday in Abuja, titled: ‘States, Federal Capital Territory (FCT) and Federal Governments’ External Debt Stock as at June 30, 2018,’ also detailed other states’ external debts.

The document also stated that the external debt stock of the entire nation stood at 22 billion dollars with the Federal Government incurring 17.8 billion dollars, while the states and the FCT owed 4.28 billion dollars.

This means that the Federal Government accounts for 81 per cent of the country’s external debt, while the states and the FCT account for 19 per cent.

The News Agency of Nigeria (NAN) reports that as at Dec. 31, 2017, Lagos State also had the highest foreign debt portfolio 1.47 billion dollars, but the figure reduced to 1.45 billion dollars by June 30.

Following Lagos in a distant second is Edo, which incurred 279 million dollars.

Others are Kaduna, 232.9 million dollars; Cross River, 193.7 million dollars; Bauchi, 134.9 million dollars and Enugu, 127.9 million dollars.

According to the DMO, other top debtors are Anambra owing 107.4 million dollars; Oyo, 106.34 million dollars; Ogun, 105.3 million dollars; Osun, 101.5 million dollars and Abia with 100.2 million dollars.

Following closely are Ekiti with 97.9 million dollars; Ondo with 81.4 million dollars; Rivers, 79.5 million dollars; Ebonyi, 67.9 million dollars; Kano, 65 million dollars; Katsina, 64.7 million dollar and Delta, 63.8 million dollars.

The statement also revealed that Imo incurred 61.2 million dollars; Nassarawa, 61.4 million dollars; Adamawa, 57.8 million dollars; Niger, 55.7 million dollars; and Bayelsa with 57.2 million dollars.

Others are Akwa Ibom with 48.3 million dollars; Kebbi, 46.7 million dollars; Kwara, 49.8 million dollars and Sokoto with 40.2 million dollars.

States with the lowest debt portfolio include Taraba, with 22.1 million dollars; Borno, 22.2 million dollars; Yobe, with 28.4 million dollars and Plateau with 29.6 million dollars.

Others are Kogi, with 32.37 million dollars; Jigawa, 32.80 million dollars; FCT, 32.83 million dollars; Zamfara, 34.2 million dollars; Benue, 34.7 million dollars and Gombe, 38.5 million dollars.

NAN reports that the Director-General of DMO, Ms Patience Oniha, had at a media conference on Aug. 14, said as at June 30, the nation’s public debt stock increased marginally by 3.01 per cent from that of Dec. 2017.

“One of the beneficial outcomes is the rebalancing of the debt stock, the ratio of domestic debt to external debt inching towards the target of 60:40 and the target of 75:25 between long term domestic debt and short term domestic debt.

According to the figures for June 30 released by the DMO, the ratio between domestic and external debt stood at 70 to 30 compared to 73 to 27 in Dec. 2017.

Oniha said the ratio of 60 to 40 was important to ensure that the nation was not 100 per cent indebted externally, and that it was also easier to raise money domestically.

Oniha also said the Federal Government had been borrowing from the external debt market to refinance maturing local debts because of the lower interest rates obtainable from foreign sources

http://www.metronaija.ng/lagos-state-has-highest-foreign-debt-in-the-country-dmo/

chai!!!!!! obiano has killed anambra 7th on the list

MemeKing:
United States has the highest debt profile in the world

We no dey owe sef. We go wear US debt like agbada. Our ow. Go be boxers inside. No. Handkerchief.

ebenholer:

There is nothing to justify Lagos being in debt, a state with monthly internal revenues that is up to thrice the allocations gotten from FG, and u think such state should be justified. How many Job opportunities has Ambode created since he assumed office, hundred of thousands u think.

It is condemnable for Lagos to accrue such debt. But for that of Edo State?! The government that ever borrowed those money especially Osho's administration should be jail for the same number of years as the money borrowed, of course after converting the money in Naira.

MemeKing:
United States has the highest debt profile in the world

cant U see the Debt working??

MemeKing:
United States has the highest debt profile in the world

Compare united state states of development to Nigeria.Politicians in Nigeria are the ones mismanaging those loans.

Even before opening the trade I know it must be Lagos BC all the massive development going on. Not bad since it is invested on infrastructures.

[quote author=adodofemi post=70724740]Indebted but obvious development to some extent. What has States like Edo done with theirs? [/quote ]
You think importing oyinbo pepper wife cheap? Especially of you are charcoal? Please give Osho-omo-Ole some credit.

Bustincole:
Wit all awa tax, yet na debt b dare surname

Do you pay tax?

Hmmmm