In the first six months after taking office, 13 new state governors collectively borrowed N226.8bn from domestic and external financiers.

This emerged as findings by Sunday PUNCH showed that 16 state governors also increased the debt profile of their states by N509.3bn with domestic and external debt of N243.95bn and $298.5m (N265.37bn), respectively.

The external debt was calculated based on the exchange rate of N889/$ used by the Debt Management Office in its report.

This is according to an analysis of the latest sub-national debt reports released by the DMO.

The sub-national debts are classified into domestic borrowings from local creditors and external borrowings from international creditors like the World Bank and the International Monetary Fund.

The domestic and external debts published on the DMO’s website were as of December 30 and June 30, 2023, respectively.

The states, which include Benue, Cross Rivers, Katsina, Niger, Plateau, Rivers, Zamfara, and the Federal Capital Territory, got N115.57bn from domestic creditors, while governors of Ebonyi, Kaduna, Kano, Niger, Plateau, Sokoto, Taraba and Zamfara states borrowed $125.1m (N111.24bn) from external sources.

For the sub-nationals, a further breakdown of the data showed that Cross Rivers Governor, Bassey Otu, took the highest loan, with N16.2bn from domestic and $57.95m from foreign creditors between June and December 2023.

Katsina State followed with the debt surging by N36.93bn from N62.37bn to N99.3bn by December 2023.

Third on the list is Niger State, with a domestic debt of N17.85bn, surging from N121.95bn in June 2023 to N139.8bn by December of the same year.

Plateau got N16.32bn; Rivers borrowed N7.07bn; Zamfara, N14.26bn; and the FCT under the leadership of Nyesom Wike borrowed N6.75bn from domestic creditors.

For foreign debt, Governor Francis Nwifuru of Ebonyi State accumulated external debt of $37.54m, while Governor Uba Sani of Kaduna State borrowed $17.69m from external financiers.

Similarly, the governors of Kano borrowed $6.6m; Niger, $1.27m; Plateau, $831,008; Sokoto, $499,472; Taraba, $1.51m; and Zamfara, $655,563, from external sources.

Despite declarations by the administration of President Bola Tinubu that it would not continue with the massive borrowings of the previous government to fund its expenditures, the latest developments show that the new government is sticking to the controversial policy amidst increased revenue.


In 2023, state governors got the most Federal Account Allocation Committee allocations in at least seven years. The rise in FAAC allocations to the three tiers of government, especially the states, followed the removal of subsidy on petrol and currency reforms by the Tinubu administration. The reforms have reportedly led to a 40 per cent boost in income.

An analysis of the 2023 FAAC monthly allocations revealed that the sub-national and local government councils got the highest allocation of N627.73bn in September, followed by N610.5bn in December, N555.75bn in August, N533bn in November, N514bn in July and N497.97bn in October.

Source: https://punchng.com/13-new-governors-borrowed-N226.8bn-in-six-months-DMO

Kaduna,


I'm sure El Rufai did not return to office to borrow money..

The economy has already collapsed and our leaders are trying to get what ever they can from the economy before it's eventually become public knowledge.

Very unfortunate for plateau state.
The two former governors(Jonah Jang and Simon Lalong) that left really dealt with the state, most especially Simon Lalong.
Just borrow money to loot same.
Left unpaid salaries, over inflated uncompleted projects, vandalised and left with operational vehicles and assets of state......... No,no,no..... Solomon Lar,Joseph Gomwalk....... Wept for plateau state.
He allowed bandits and Fulani herdsmen to roamed and killed at will, without any for of stringent efforts by the state government and national forces. It was pathetically unacceptable for someone to fall from such a graceful and noble duty of care and services.

They are disappointed. They didn't see Abia State

The way the state governors have been borrowing money anyhow without anything to show for it, wondering if that's how they spend their own personal money

Soludo and Otti deserve leadership award

Why borrow them money, when they can easily generate revenue from their various states?

Cashing out even before doing the job

Lol, Bassey Otu from Cross River, I hope his multibillion renovated office can help him repay the debts

Why so much borrowing after subsidy removal?. Looting continues

All these borrowing just to maintain their lavish life style not for development

How do some of this state governor that didn't borrow money doing it. I think those of them that are borrowing money needs to learn from them

Was looking for Abia state there. Come on, we need to applaud this man Alex Otti.

God, you have really remembered the people of Abia, not just in any small measure, but to make it truly God's Own State, from bottom out of 36 heading to no. 1

It is not the borrowings that is the problem but how they can transform it into generating more funds.
Most of these governors have never done any productive business themselves that have grown to be successful.

that is the foundation they met and they are effectively building on it.

extol1:
How do some of this state governor that didn't borrow money doing it. I think those of them that are borrowing money needs to learn from them

I always say it, once you get a politician who is not a thief, and who is not occultic and sold to the devil, forget it. The money they receive from FG monthly is huge enough to make a state like abroad, trust me. Just that few individual sit down to share the money. Once the governor disapproves of the stealing, then he must not be a thief to be able to survive. But if he is stealing and wants to stop his leutenants, na there him go get problem. Abia state is a role model now.

ruffhandu:
Was looking for Abia state there. Come on, we need to applaud this man Alex Otti.

God, you have really remembered the people of Abia, not just in any small measure, but to make it truly God's Own State, from bottom out of 36 heading to no. 1

The man is something else, he has really exposed other governors as criminals. How can he be revolutionizing a state yet not among the highest borrowers.

I doubt the authenticity of this..

Because from all what I gathered, I learnt Benue state government hasn't borrowed...
Don't know if they are the ones lieing or its the data that isn't accurate ... 😎

Yarimo and other headless mob should come and check if they see abia for there

Hmmmmmm!


BAD BELLE BROTHERS FROM JAGABANDITS AREA GOD HAS PUT YOU PEOPLE TO SHAME O, OVER ABIA ISSUE.

THEY WERE JUST ARGUING THE OTHER DAY ABOUT ABIA BORROWING MONEY, NOW THE TRUTH IS OUT.

MOST PEOPLE WILL DIE BECAUSE OF ABIA ISSUE VERY VERY SOON.

They came here to look for Abia state 😂😂😂😂

Now I understand why one chapter of the Bible said "Jesus wept "

It is actually because of Nigeria 😢

Ikyor02:
I doubt the authenticity of this..

Because from all what I gathered, I learnt Benue state government hasn't borrowed...
Don't know if they are the ones lieing or its the data that isn't accurate ... 😎

This is from NBS o!

This is not your normal beer parlor news.

Dem shock .

SpatialKing:
They came here to look for Abia state 😂😂😂😂

That means we should be talking of trillions in 4 years. The worst of it is that they will say they used it to pay salaries. Until all states start taking production serious, nothing good will come out from these loans.

Simply Alex is a saint

Hangulsaram I hope this thread gives you a bit more wisdom so you don’t ask that foolish question you asked me again. The data each state is owing is readily accessible to even the dumbest idiot on NL.

Simply Alex Oti is a saint

extol1:
How do some of this state governor that didn't borrow money doing it. I think those of them that are borrowing money needs to learn from them

its corruption. They all know what they are doing.

Even dou your state dont have enough internal generated avenue. You create one. Governors cant continue looting from their former predecessors.

It's just plain wickedness and corruption.

E shock me say Kogi state is not on this list o..