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The Shameful Debt Profile of Nigerian States: See Top 5 External Debtors

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In a piece recently released by the Punch, it has listed 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 the list, Lagos topped the list of external debtors with $517,677,672 as of June 30, 2012. Next to Lagos is Kaduna with $197,155.525 foreign debt. Cross River comes next with $109,351,503 external debt. Following Cross River is Ogun State as the fourth most indebted state with $96,285.547 as of June 30, 2012. Oyo is the fifth most indebted state as far as external debt is concerned with $78,878,401 being owed as of June 30, 2012.

However, while the other four states depend heavily on federal allocations, Lagos generates huge internal revenue, which was about N23bn monthly in the first quarter of the year. The Punch investigations have also shown that the present administrations in Ogun and Oyo inherited the foreign debts from their predecessors.

Also, 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). Just recently, renowned professor, Pat Utomi had condemned the way the states of the country depend too heavily on money from the Federal Government coffers. It is about time these states started thinking seriously about how to increase their Internally Generated revenue (IGR).

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4 Comments

4 Comments

  1. Wazobia

    August 4, 2012 at 12:20 pm

    CREATE THE ATMOSPHERE FOR INVESTMENT

  2. M.O

    August 4, 2012 at 1:36 pm

    Sincere and reasonable nigerians should not be surprised. Funds mearnt for ‘development’ have for decades past been bread/cake devoured by our leaders(millitary & civilian). Give & Take is natural. If individual leaders must be rich then the STATE or NATION must SUFFER. Double Entry Priciple states that for every debit entry/action, there must be a corresponding credit entry/action and/or vice versa. We must SURVIVE!

  3. Egenti C.

    August 4, 2012 at 8:17 pm

    update on what this is all about.

  4. Asanbe tolulope

    January 20, 2013 at 7:31 am

    Nowadays our government av been cheated on us deu to d sufferin of d people.der are some graduate dat does nt av job and dey came out wit flyin colour and dis counry atleast gain dir independent nw over 52years ago thins most nt b lyk dat ooo

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Metro News

BREAKING: Police Arrest Suspects As Explosion Rocks Wike Father’s Church

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BREAKING: Police Arrest Suspects As Explosion Rocks Wike Father’s Church

Nyesom Wike

An explosion has reportedly rocked a church belonging to the father of Rivers Governor, Nyesom Wike, in Port Harcourt, the state capital.

The Rivers State Police Command has however announced the arrest of three suspects who allegedly detonated explosives at a Pentecostal church, Christain Universal Church International, located at Mile 3, Diobu area of Port Harcourt.

Also Read: Buhari Will Set Nigeria On Fire If He Doesn’t Implement People’s Demands —Wike

The act was reportedly carried out on Saturday night and detonated the explosives suspected to be dynamite.

According to reports, a significant part of the church was damaged by the explosion, which created panic in the area.

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Metro News

Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

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 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.

 

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Tech News

TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities

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The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%
cashback.

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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