Lagos Leads Highly Indebted States With More Than N1 Trillion Debts - Politics (2)

Lagos Leads Highly Indebted States With More Than N1 Trillion Debts - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › Lagos Leads Highly Indebted States With More Than N1 Trillion Debts (15582 Views)

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Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by BrownRoofRep: 11:59am On Jun 03, 2019

They are borrowing to pay to the frog eyes ugly brown teeth short budillion looter, theif.nubu

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by Mustiboy(m): 12:01pm On Jun 03, 2019

Saltybear:
Are you an addict? Please stay away from comedy you are not funny at all

Infact wet paint drying is funnier than you !! AY of all people is funnier than you

only those who choose to be happy live long.

2 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by rusher14: 12:03pm On Jun 03, 2019

The debt figure is about 3 billion dollars.

Quite low for an economy the size of Lagos.

1 Like 1 Share

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by blowjohn(m): 12:03pm On Jun 03, 2019

Saltybear:
Are you an addict? Please stay away from comedy you are not funny at all

Infact wet paint drying is funnier than you !! AY of all people is funnier than you

keep quiet. the guy try. I didn't laugh.
But I wasn't angry.
If to say I vex I for talk say e dry.

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by manchy7531: 12:06pm On Jun 03, 2019

Blame it on Tinubu, the chief Agbero of Bourdillon

4 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by blackpanda: 12:06pm On Jun 03, 2019

fergie001:
So, my children will still pay fornsome of these monies I am seeing here......and I didn't participate in the borrowing ooko....

Where did I/We go wrong, tori olorun?.....

smallminds

u want development, but u dont want to pay

smh

2 Likes 1 Share

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by LZAA: 12:20pm On Jun 03, 2019

Sarrki wee call the news ipob propaganda grin

Meanwhile that teletubby has my 042 in sixth angry

Cc immhotep Adaibeku Afamed deomelo

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by ajayiopy: 12:29pm On Jun 03, 2019

fergie001:
Lagos State is number one among the highly indebted states in Nigeria in both external and domestic debts with N1.043 trillion in 2018, the latest report by the Economic Confidential has shown.

While the external debt stock of Lagos amounts to N513.514 billion, the local debt stock settled at N530.243 billion.

In the publication’s Annual High Indebted States (AHIS) report on 2018 External and Domestic Debts, the amount owed by Lagos represents about 20 percent of the total debts owed by the 36 states and the Federal Capital Territory (FCT) which is N5.376 trillion in 2018.

Other highly indebted states for the external debt stock included Edo, Kaduna, Cross River and Bauchi with $276.25m (N99.45bn), $227.25m (N81.81bn), $188.77m (N67.95bn) and $133.93m (N48.21bn) respectively.

Among the first five highly indebted states in the local debt stock, Lagos emerges tops with N530.243 billion, followed by Delta with N228.805 billion, Rivers with N225.592 billion, Akwa Ibom with N198.663 billion and Cross Rivers with N167.955 billion.
The report further shows that outside Lagos, other highly indebted states for foreign debt are Rivers with N253.772 billion, Delta with N251.589 billion, Cross River with N235.914 billion and Akwa Ibom with N215.099 billion.

The five states on the list of least indebted states in the external debt stock are Taraba $21.611m (N7.780bn), Borno $21.618m (N7.782bn), and Yobe $27.486m (N9.895bn).

Others were Plateau and Kogi with $28.874m (N10.394bn) and $31.584m (N11.370bn), respectively.

Five states account for the lowest in both domestic and external debts.

Yobe state has a total of N37.667 billion, Jigawa N46.586 billion, Sokoto N52.723 billion, while Katsina and Niger states have N53.220 billion and N63.915 billion respectively.

Though, the FCT as a state, its external debt profile for 2018 is $31.848 million (N11.465bn) while the domestic debt is N164.245bn bringing a total of its external and domestic debts to N175.710bn.

It is generally known that most of the states’ internally generated revenue barely cover projects and most rely heavily on monthly federal allocations from the Federation Account Allocation Committee (FAAC).

In May, Economic Confidential released its Annual States Viability Index (ASVI) report.

It showed that 17 states are insolvent as their Internally Generated Revenues (IGR) in 2018 were far below 10% of their receipts from the Federation Account Allocations (FAA) in the same year.

The IGR were generated by states through Pay-As-You-Earn Tax (PAYE), Direct Assessment, Road Taxes and revenues from Ministries, Departments and Agencies (MDAs).
The IGR of the 36 states of the federation totalled N1.1 trillion in 2018 as compared to N931 billion in 2018, an increase of N172 billion.

The index declared that without the monthly disbursement from the FAAC, many states remain unviable, and cannot survive without the federally collected revenue, mostly from the oil sector.

https://dailypost.ng/2019/06/02/lagos-debt-hits-n1trn-economic-confidential-releases-list-high-low-indebted-nigerian-states/

WELCOME ON BOARD SANWO EKO

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by myjobmagofficia: 12:29pm On Jun 03, 2019

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1 Like

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by sweetrace(f): 12:31pm On Jun 03, 2019

Is Lagos no longer working? With all the heavy and aggressive taxation in Lagos, the Lekki and Ikoyi toll gates... Lagos State can be in debt? I don’t believe this news at all.

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by udemzyudex(m): 12:37pm On Jun 03, 2019

Upon all the internal generated revenue?

What's going on?

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by Quinic(m): 12:41pm On Jun 03, 2019

just Dangote alone can settle Taraba's debt.

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by Nobody: 12:42pm On Jun 03, 2019

like for tinubu
share for nnamdi kanu

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by Nobody: 12:43pm On Jun 03, 2019

LZAA:

Sarrki wee call the news ipob propaganda
Meanwhile that teletubby has my 042 in sixth
Cc olawalesmarter husbandsnatcha amatarasha Adaibeku Afamed deomelo

So you mean that no-mans-land is now owing 1 Trillion Naira in debt.
What has been seen, cannot be unseen grin

4 Likes 1 Share

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by RemiTinubu(f): 12:43pm On Jun 03, 2019

Tinubu is a bastard drug dealing vagabond

4 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by Nobody: 12:44pm On Jun 03, 2019

So Tinubu now worth 1 trillion Naira?

Just Asking

2 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by MzTunechi(f): 12:45pm On Jun 03, 2019

Lagos indebted ke huh

How? When? I'm flabbergasted

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by Obi1kenobi(m): 1:00pm On Jun 03, 2019

Northern states seem to be far more fiscally responsible than Southern states. Why is that?

1 Like

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by LZAA: 1:01pm On Jun 03, 2019

immhotep:
So you mean that no-mans-land is now owing 1 Trillion Naira in debt.
What has been seen, cannot be unseen

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by tosinornottosin: 1:16pm On Jun 03, 2019

Saltybear:
Are you an addict? Please stay away from comedy you are not funny at all

Infact wet paint drying is funnier than you !! AY of all people is funnier than you

to make it worse. That stale joke has been on the net for like forever. Seems he just bought internet enable phone, that's why he's just posting now.

2 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by cooltola(m): 1:18pm On Jun 03, 2019

With that kind of debt, lagos still have not improved. Light is bad, road are bad, the airport is an eyesore, the hospitals are a mess , traffic is very bad, the public schools need maintenance and the agberos are getting bolder and a nuisance to the hard working drivers. I left Lagos for 13 years , heard story that Lagos is becoming like London, when i came back, there was hardly any difference At least with that debt, light must be constant.

4 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by blazer2018: 1:26pm On Jun 03, 2019

rusher14:
The debt figure is about 3 billion dollars.

Quite low for an economy the size of Lagos.

It is, but when u add it(debts) to Lagos's IGR and compare it with what is on ground in Lagos right now (infrastructure and d likes) u will shiver.

By the time Tinubu finishes with Lagos ehn, even d gods of d land will weep for its people...it is just so unfortunate that he has extended his leprous hand to my State, Ogun. Dapo Abiodun pls wise up.

2 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by TSRC: 1:26pm On Jun 03, 2019

rusher14:
The debt figure is about 3 billion dollars.

Quite low for an economy the size of Lagos.

Quite low?

You must be having a laugh.

That is the national debt of some countries.
If Lagos is so buoyant, why should it owe over 3.5 billion dollars debt?

4 Likes

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by 5oyad: 1:27pm On Jun 03, 2019

phelonrays:
...

great achievement for kogi.... let me see those that would be trekking from one platform to another spewing their hatred for oga Yagayaga Bello.....

Yahaya Bello contributed to half of the debt burden of the state. The rest were by late Audu. Bello has borrowed all the money that is borrowable by the state.

Re: Lagos Leads Highly Indebted States With More Than N1 Trillion Debts by SoNature(m): 1:38pm On Jun 03, 2019

Imo State is the least indebted state in South East.

Now I understand why Okorocha kept bragging that he wasn't borrowing money to fund his infrastructure.

I wonder what Enugu did with its loans though

1 2 3 Reply

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