An economist, Prof. Tella Sheriffdeen, on Tuesday expressed concern over the N1.04 trillion debt profile of states in the South West.

Tella, a Professor of Economics in Olabisi Onabanjo University, Ago-Iwoye, Ogun, expressed the concern to the News Agency of Nigeria (NAN) in Lagos while reacting to the data published by the Debt Management Office (DMO).

NAN reports that DMO, in the debt data released recently, said the six states in the region namely: Lagos, Osun, Ekiti, Oyo, Ondo and Ogun carried a debt burden of N1.04 trillion as of March 2019.

A breakdown of the debt figures shows that Lagos came first with N542.2 billion, followed by Osun with debt stock of N147.7 billion.

Ekiti has a debt burden of N118.01 billion, Ogun N97.09 billion, Oyo N94.14 billion and Ondo N56.96 billion.

Tella said that these states needed to explain to their citizens what the loans were used for.

"There is the need for the states concerned to explain to their citizens what they used the loans for.

"They collected Paris loan largess like other states to pay outstanding salary arrears and were reimbursed by the Federal Government for the federal roads executed.

"They claimed that they improved on internally generated revenues and spent same for development.

“There were no feasible development in public education and health sectors except in the case of Lagos and Osun. So, where did the foreign loans go into?,” Tella asked.

He said that the Houses of Assembly in the concerned states and the civil society organisations must inquire into the issue.

According to him, the public too must be interested on how loans contracted on their behalf are utilised.

“This is because their children will not enjoy development, but will pay for funds that were mismanaged,” Tella said.

https://www.vanguardngr.com/2019/09/exposed-lagos-osun-ekiti-oyo-ondo-ogun-carry-a-debt-burden-of-n1-04tr/

Southwest debt

Disclaimer : the poster above me is an illegal scammer while the one below me is a legit scammer

Please help me report them with report button and click 9 and 6 respectively so I can be FTC thanks

Wetin concern me

F what did Ekiti use 118 billa for?

They borrowed to finance elections

All off the money borrowed in all the states in Nigeria are basically for elections.

But they will never admit that.

They will still borrow to finance 2023...

"Power must be acquired by all means" is our leaders motto.

Our government and failure are like this

The day we go break this country or go back to regional government plenty lies go open

" Suffersticated debt " ..


Indeed, afonjas don't have future.. I pity their next generation.

Same clowns boasting of having highest IGR in Africa.


I laughed when Aregbe was comparing Osun State with USA when he was busy justifying Osun debt when he was a governor..


Delusion!

only, it should be more than that.

ibkgab001:
Southwest debt

Majority of those south western states are getting less than 50% of what some SS/SE states are getting from FG

Why group Lagos with the other states, it is not fair at all. Only Lagos is times 2 of the rest combined.

Blame Tinubu.

Trace the money and you Will get to Lagos....


Contact us for all your roofing jobs and roof maintenance services

References:
An economist, Prof. Tella Sheriffdeen, on Tuesday expressed concern over the N1.04 trillion debt profile of states in the South West.

Tella, a Professor of Economics in Olabisi Onabanjo University, Ago-Iwoye, Ogun, expressed the concern to the News Agency of Nigeria (NAN) in Lagos while reacting to the data published by the Debt Management Office (DMO).

NAN reports that DMO, in the debt data released recently, said the six states in the region namely: Lagos, Osun, Ekiti, Oyo, Ondo and Ogun carried a debt burden of N1.04 trillion as of March 2019.

A breakdown of the debt figures shows that Lagos came first with N542.2 billion, followed by Osun with debt stock of N147.7 billion.

Ekiti has a debt burden of N118.01 billion, Ogun N97.09 billion, Oyo N94.14 billion and Ondo N56.96 billion.

Tella said that these states needed to explain to their citizens what the loans were used for.

"There is the need for the states concerned to explain to their citizens what they used the loans for.

"They collected Paris loan largess like other states to pay outstanding salary arrears and were reimbursed by the Federal Government for the federal roads executed.

"They claimed that they improved on internally generated revenues and spent same for development.

“There were no feasible development in public education and health sectors except in the case of Lagos and Osun. So, where did the foreign loans go into?,” Tella asked.

He said that the Houses of Assembly in the concerned states and the civil society organisations must inquire into the issue.

According to him, the public too must be interested on how loans contracted on their behalf are utilised.

“This is because their children will not enjoy development, but will pay for funds that were mismanaged,” Tella said.

https://www.vanguardngr.com/2019/09/exposed-lagos-osun-ekiti-oyo-ondo-ogun-carry-a-debt-burden-of-n1-04tr/

Corruption is one of the cause of this huge debt.

Secondly, there is the need for federal government including the national assembly to put the necessary legislation in place to amend the Nigerian constitution to make way for restructuring.

The era where states just sit and wait for federal allocation is gone for good.

Inside life........the state of the nation!!!!!

Oga Sheriff,please add 50 billion to that of Ondo because their house of assembly just approved that last week.

other states I can understand but Lagos

Camlot:
PLS ooooo! Help me before hunger kill person here, nothing to feed on today yet.


Zenith

Why are you crying to me? Do I look like your mother?

I pity the unborn generation

Gbese re o

Abeg, it is a sophisticated government spearheaded by jagaban.

Oyo state just got lucky.

Their budget has reduced since since there is no more tinubu and friends tax.

iykecicero:
Blame Tinubu.

Glycosunde:

there is no debt, let them go and collect the money from Tinubu and his padies. They are saving for 2023 elections

Gbam

mrvitalis:
The day we go break this country or go back to regional government plenty lies go open

Na why many dey fight am

Ok,