Atouke:

Lagos is like a pilot who earns N2millon per month compared to a civil servant with N80,000 per month.

But if the pilot owes so much that his monthly fixed expenses to service his loan is at N2.5million. That pilot will not be able to feed his kids or send them to school despite his high income.
But the civil servant with just N80,000 per month with no debt will live a better life.

High income is nothing if you are crippled with excessive debt that outweigh that income!

We have been saying this for years about lagos and so many other southwestern states but their sophisticated IGR propaganda noise was too much for them to listen.

Atouke:

BROKE, BANKRUPT!
When your expenditures is more than your earnings you are financially insolvent. That's where Lagos state government is at the moment, AMCON and debt management office DMO will soon take over Lagos, and put it on receivership.

Exactly this is common sense but pride comes before a fall.

Obamaofusa:



USA is the most indebted state in the world but has the highest internally generated revenue which means they can pay off their debt within the shortest time if they so wish.

Lagos is the richest state in Nigeria and the 5th economy in Africa.Both Lagos and Ogun state can stand gidigba as sovereign entities.

Anambra and all the other states especially in the South East are dead without the federal govt feeding bottle.

Did you check to see that Lagos state government debt, outweighs its total income including it's high IGR?

When you talk of American debt, and other western world you people always forget to mention that the income and revenue in America is more than their debt. ie they can afford their high debt profile.

Lagos state cannot afford it's high debt. They are broke. AMCON and DMO debt management office will take over Lagos and the other 13 broke states and put them on receivership and they will impose austerity measures like EU did to the Greek and Italian governments because of their debt.

horsepower102:


We have been saying this for years about lagos and so many other southwestern states but their sophisticated IGR propaganda noise was too much for them to listen.

Lagos and all the other broke and heavily indebted state should be placed on austerity measures like it was done in Greece and Italy, so their leaders will learn that result of excessive debt. And mismanagement of public funds.

Atouke:

Lagos and all the other broke and heavily indebted state should be placed on austerity measures like it was done in Greece and Italy, so their leaders will learn that result of excessive debt. And mismanagement of public funds.

Gbam!!!

Personally I think that an independent audit need to be done in lagos ministry of finance.

Lagos State shouldn't be in red because if you add figures from the 'bullion vans', they should be richer than the Federal Government.

Nigerianization:
Lagos State shouldn't be in red because if you add figures from the 'bullion vans', they should be richer than the Federal Government.

You might be right. But the money in the bullion Van's are not captured on the state balance sheet. Hence it's not helping Lagos or Lagosians, but may be helping the bullion van owners!

horsepower102:


Gbam!!!

Personally I think that an independent audit need to be done in lagos ministry of finance.

Once they enter receivership, their account will be subject to external audits. That's how austerity measures will be applied to cut the excess of this spendthrift state Governments in the country.

An eye opener! Never knew Lagos is broke! 4 Southwestern states in this broke list? No wonder they wanna die on top Niger Delta oil wealth/ one Nigeria

Most Nigerian stats are doubtful and hardly reflect in reality.
Even though Nigeria is poor country ,it can be developed within 3 years if the leaders devise a plan and work together , but they are not ready to do the right thing. There are too many people benefiting from the current failed system

DMerciful:
An eye opener! Never knew Lagos is broke! 4 Southwestern states in this broke list? No wonder they wanna die on top Niger Delta oil wealth/ one Nigeria

Now you know, there are 13 other states in the same boat, but Lagos is the leader of the broke states in Nigeria.

Atouke:
Its sobering to Notice that 4 out of 6 Southwest states are in the red - broke.
Only Ogun and Ondo are not in the red but still have very high debt and recurrent expenditures.

This is because people from all other states relocate to Yorubaland.We need quality people who can contribute to the economy not a bunch of hustlers.

Atouke:
If you are wondering why your state governor is not performing, not commissioning projects, not building basic infrastructure, no healthcare facilities, no roads, water etc.

The National Bureau of statistics in Nigeria has provided the Answer,
Your state has excessive debt and recurrent expenditures that when subtracted from total revenue, the state has little or nothing left for capital expenditures.

i.e your state is broke!

No Nigerian governor is performing.

cocolacec:

This is because people from all other states relocate to Yorubaland.We need quality people who can contribute to the economy not a bunch of hustlers.

If that was the case Rivers State should be broke too because every tribe in Nigeria is in rivers.

But rivers state is Number one state in terms of ability to meet its obligations.

cocolacec:

This is because people from all other states relocate to Yorubaland.We need quality people who can contribute to the economy not a bunch of hustlers.

Actually, its the IGR from business people from other states that even gave lagos government the freedom to go on a useless spending spree and huge debts.

BankOfCalabar:
No Nigerian governor is performing.

The reason why wike can build 4 flyovers at a time, udom Emanuel can float an airline ibom air, Ebonyi can build good roads, Edo can fix decaying infrastructure eg the state secretariat complex , Kaduna can do Urban renewal projects and Kano can build solid Roads etc. Is because this state have few debt, and heve money left after servicing their debt and paying salaries.

Other are so broke because of greed and excessive debt and gross mismanagement of funds.

Atouke:


The reason why wike can build 4 flyovers at a time, udom Emanuel can float an airline ibom air, Ebonyi can build good roads, Edo can fix decaying infrastructure eg the state secretariat complex , Kaduna can do Urban renewal projects and Kano can build solid Roads etc. Is because this state have few debt, and heve money left after servicing their debt and paying salaries.

Other are so broke because of greed and excessive debt and gross mismanagement of funds.

See analysis. This guy knows what he is talking about.

Atouke:
Benue has a comparative advantage in agric production, but state govt. Is not investing on agric processing plants to complement the effort of the hardworking farmers in the state to add value to their products and create jobs at the same time. You will cry if you visit benue state in the harvest season and see how crops that could have been processed are wasted .

'agricultural processing plant' is the business plan that will make you rich. Not a a government project

Atouke:

If that was the case Rivers State should be broke too because every tribe in Nigeria is in rivers.

But rivers state is Number one state in terms of ability to meet its obligations.

Do you know how many troop into Lagos alone per day?

obowo69:


See analysis. This guy knows what he is talking about.

Bros this is common sense. It's not that complicated.

obowo69:


Actually, its the IGR from business people from other states that even gave lagos government the freedom to go on a useless spending spree and huge debts.

Lagos get less money from what it contribute to the FG.The North benefit more,they generate less revenue and get huge allowances

cocolacec:

Do you know hoq many troop into Lagos alone per day?

Do you know how many troope to port harcourt per day? The Yourbas will always point to the number of people from Nigeria going to Lagos daily but always fail to mention the Number of Yourubas trooping to Rivers state and Niger delta as a whole on a daily basis!

yorubas been surfing the internet to counter this thread now, if they can't they will term it ipob news... lol.

cocolacec:
Do you know hoq many troop into Lagos alone per day?

see them, they don start...

Atouke:


Did you check to see that Lagos state government debt, outweighs its total income including it's high IGR?

When you talk of American debt, and other western world you people always forget to mention that the income and revenue in America is more than their debt. ie they can afford their high debt profile.

Lagos state cannot afford it's high debt. They are broke. AMCON and DMO debt management office will take over Lagos and the other 13 broke states and put them on receivership and they will impose austerity measures like EU did to the Greek and Italian governments because of their debt.

That you owe more than what you make doesn't necessarily mean that you are broke. It all depends on the repayment terms.

Loans given to governments are usually spread over a long period of time. In some cases, well over 20 years. So if Lagos owes N500b which they are to repay in 20years, it simply means that they will be required to repay N25b and the interest component annually.

With an IGR of over N35b monthly, that debt is nothing too serious to Lagos.

What i think people should be asking is what all that money was used for considering the high FAAC and IGR LASG recieves.

dokie:


That you owe more than what you make doesn't necessarily mean that you are broke. It all depends on the repayment terms.

Loans given to governments are usually spread over a long period of time. In some cases, well over 20 years. So if Lagos owes N500b which they are to repay in 20years, it simply means that they will be required to repay N25b and the interest component annually.

With an IGR of over N35b monthly, that debt is nothing too serious to Lagos.

What i think people should be asking is what all that money was used for considering the high FAAC and IGR LASG recieves.

The NBS and DMO are the authority on debts and repayments in Nigeria we will defer to them on this subject.
They have told us that Lagos and other 13 states in the red are bankrupt and insolvent. We will stand by the NBS statistics.

Atouke:

The NBS and DMO are the authority on debts and repayments in Nigeria we will defer to them on this subject.
They have told us that Lagos and other 13 states in the red are bankrupt and insolvent. We will stand by the NBS statistics.

Yes.

I actually just looked at the table and discovered that the state's recurrent surpasses their overall revenue.

That's a crises.

All they need to do however is to stop alpha beta's consultation fee of 10% (about N42b) and that deficit will be covered.

dokie:


Yes.

I actually just looked at the table and discovered that the state's recurrent surpasses their overall revenue.

That's a crises.

All they need to do however is to stop alpha beta's consultation fee of 10% (about N42b) and that deficit will be covered.

It's just SAD what this misgovernors are doing to their respective states and generations unborn by Saddling them with debt.

So the yorubas mentality of borrowing for ọwambe to make it glamorous has entered to state management.
Who would have believed that there will be statistics where Ebonyi of all states will be richer than Lagos and even be the 8th richest by "money at hand".
Never underestimate a simple man and a simple state like Ebonyi that accepts her capability and tells the world her level not those wey dey do pass their selves.
Ebonyi is just like that your average Igbo man that wears bathroom slippers in his two by two shop and lives in a simple apartment but is building mansions at his village.
For the good and silent mighty people of Ebonyi, I doff my hat

Debt is not bad, but when its mismanaged the big trouble set in.

Here they borrow billions of euros every time to build big and amazing projects. The country is moving forward.

One nigeria is a failure.
Bad leaders.

Tunde835:
Did u even zoom it lagos revenue is the highest with N516 billion d deficit is nothing compared to the initial revenue

Chai! See average yoruba mentality, I see why most you people are not good in business.
My brother, where I come from,, once you spend more than you earn, you are broke and poor

Obamaofusa:



USA is the most indebted state in the world but has the highest internally generated revenue which means they can pay off their debt within the shortest time if they so wish.

Lagos is the richest state in Nigeria and the 5th economy in Africa.Both Lagos and Ogun state can stand gidigba as sovereign entities.

Anambra and all the other states especially in the South East are dead without the federal govt feeding bottle.

lagos and ogun state can only function in Federal republic of Nigeria. Divide Nigeria today,you will see another Togo and Benin republic