Eastlink:
Aha! It's just good to celebrate good things.

Thanks all the same...ciao

Ritchiee

According to the stat you posted.

Lagos is indebted by N1 trillion, while the FG has N6 trillion.

How the fvck did that happen?

Ritchiee:










My God ...This has really gotten out of hands.Oh my... These people have really messed up the SW big time.I personally do not support any political party but I have been reading this political conversation behind the scene and to my utter dismay,the debt thing about the 5 SW states had really spoilt the taste in my mouth.
AS of 2012....This one was from the basket mouths party but very truthful.

ACN Govs Killing The Southwest With Reckless Debts”…Osun, N150b; Ogun, N100b; Ekiti, N30b; Lagos, $500 Million.


The Peoples Democratic Party (PDP) has warned on the dire consequences of the huge debts into which the Action Congress of Nigeria (ACN) is plunging southwestern states under its control.

It also implored the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) and other financial clearing houses to do all in their powers to check the “alarming” rate at which the states are obtaining loans.

PDP’s National Vice Chairman (South West), Chief Segun Oni, who spoke on behalf of the party, warned that the ACN-controlled states would go bankrupt should they continue with the “regime of taking loans and bonds and giving promissory notes on multi billion naira contracts to execute questionable projects like building new government houses.

“It is worrisome that less than two years after ACN took over Osun and Ekiti states, the two are now indebted to the tune of over N150bn, with Ogun State on the verge of taking N100bn bond,” Oni lamented in n a release signed by his media aide, Mr Lere Olayinka.

“Osun State alone is owing over N120bn, Ekiti is owing over N30bn and is rumoured to be planning to take another N30bn, while Lagos State government was said to have, as at 3oth June 2012, accumulated an external debt profile of $517,677,672 (more than half a billion dollars), despite having a monthly revenue of about N23 billion.

“We wish to alert all well-meaning Yoruba sons and daughters on the dangerous trend of obtaining frivolous loans by the ACN governors in the South West, and call on the CBN and other financial regulatory agencies to put a stop it.

Continuing, Oni said, “As at today, Osun State has taken N60bn bond, N25bn loan from First Bank, N17.8bn from Infrastructure Bank (to construct Oshogbo-Kwara Boundary Road), N17.5bn road project (six inter-township roads) to RATCON on contractor financing and another N7.6bn Ilesha and Oshogbo township roads to RATCON on contractor financing. Contractor financing means you are borrowing from your contractor at a cost higher than even bank term loans.

“In Oyo State, a 4km road project around Challenge area in Ibadan was awarded for N5.7bn to Hitech Construction Company, owned by ACN leader, Bola Tinubu, on contractor-financing basis while the same practice is going on in Ogun State. One begins to wonder where the states’ incomes (federal allocation and internally generated revenue) are spent on.

“All these projects being financed by the contractors are bank-guaranteed by the ACN State governments with promissory notes with a tenor beyond their legal tenures, and the implication is that the states are owing. It beats one’s imagination that a government will embark on projects it has no capacity to fund.”

Oni, therefore, called on “well-meaning Yoruba people to intervene in the affairs of the region by preventing these ACN governors from mortgaging the future of our children through frivolous loans, because most of the loans being obtained now cannot be paid back in the next
50 years.”
NOW,MY FELLOW OMOLUABIS,WE MUST TALK AND ACT QUICKLY BEFORE DISASTER STRIKES...

It is not the debt that is the problem but the inability of the governors to raise IGR and reduce their recurrent expenditure.

It is not the debt but how to manage it.

We call it Leverage or Gearing in Financial Parlance.

I am sorry my leaned Omoluabis,when did these debt become so scary because in April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club.
This was structured as a debt write off of approximately $18 billion and a cash payment of approximately $12 billion.
How did our GOVERNORS in the 5 SW states incur this humongous debts?What did they do with these scary amounts...?

State Amount Owed(2014)
1) Lagos $1,020,410 674 billion *the most by any state and over 1/3 of the total amount owed by 36 states*
2)Ogun $116,689,249 million
3)Ondo $51,439,910 million
4)osun $73,404,212 million
5)Oyo $80,112,064 million

TOTAL $1,342,056,129 billion equivalent to N 214,717,000,000 billion Naira

Sub-Total amount owed by 36 states in Nigeria = $3,013,216,977 billion

veraponpo:


It is not the debt that is the problem but the inability of the governors to raise IGR and reduce their recurrent expenditure.

It is not the debt but how to manage it.

We call it Leverage or Gearing in Financial Parlance.

We know that leveraging is to use debt to finance activity or activities.For example, one usually borrows money in the form of a mortgage to buy a house. One commonly speaks of this as leveraging the house. Likewise, one leverages when one uses a margin in order to purchase securities. A company with much more debt than equity is generally called "highly leveraged." Too much leverage is thought to be unhealthy.OUR 5 SW GOVERNORS LEVERAGING IS THREEMUCH.I BELIEVE THEY HAVE SPENT THIS MONIES LAVISHLY ON THEMSELVES.Many firms use leverage in order to expand operations.Ask yourself,my beloved brother,what exactly have they expanded? ...WHICH ACTIVITIES IN THE SW HAVE OUR 5 GOVERNORS FINANCE, MY BROTHER PLS NAME THEM

Ritchiee:
I am sorry my leaned Omoluabis,when did these debt become so scary because in April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club.
This was structured as a debt write off of approximately $18 billion and a cash payment of approximately $12 billion.
How did our GOVERNORS in the 5 SW states incur this humongous debts?What did they do with these scary amounts...?

State Amount Owed(2014)
1) Lagos $1,020,410 674 billion *the most by any state and over 1/3 of the total amount owed by 36 states*
2)Ogun $116,689,249 billion
3)Ondo $51,439,910 billion
4)osun $73,404,212 billion
5)Oyo $80,112,064 billion.

TOTAL $1,342,056,129 billion equivalent to N 214,717,000,000 billion Naira

Total amount owed by 36 states in Nigeria = $3,013,216,977 billion

Bro.
please those amount should be in naira not in dollar.

WIZGUY69:



Bro.
please those amount should be in naira not in dollar.

Thanks,bro.But it is in dollars.Look at this...

Ritchiee:
Thanks,bro.But it is in dollars.Look at this...

those debts are too outrageous.

WIZGUY69:





those debts are too outrageous.

I belive the stats are wrong,no state can owe $1trillon.

The onus lies on us to start the campaign against this fraudulent people, that plunged our states into irredeemable debt.

They stole the money for their great grand children and they expect the children of.others to repay it.

Osun remains the worst. There is no value for money in anyway. There is no correlation between the indebtedness and the infrastructure on ground at all.

Shymm3x:


That's exactly when I'm scared for Fashola for taking two massive portfolios. Anyone who followed his tenure in Lagos closely - without the world class branding, publicity, and media campaign - would know that Fashola is overrated. Then again Lagos is overpopulated and effective governance is impossible in that state. Anyway, that's his problem - it won't be long before those singing his praise start cursing him out. Like a wise man once said, "the mouth they praise you with would be the one they'll curse you with".

I believe that's why these folks want the huge and unnecessary population in Lagos to mask their incompetence. With all the assets in the state, you don't need that huge population for maximise IGR, if well managed. But Lagos is out of it cos they can always tout the IGR vis-a-vis the debts to save face. But the debt is just too freaking much.

As for the rest of the SW - they have finished Yorubaland. So these mofos are running the states on a deficit from recurrent expenditure alone? They all need to be stripped nak3d and whipped like the Ondo youths did the fraudulent Eze. Tinubu and his minions have finished Yorubaland. Who'll pay back all these debts?

There are no welfare programmes in these states, so why is the recurrent expenditure that enormous?

Well said Duke.

Shymm3x:


That's why I don't post to these accursed political jobbers - they're selling away their own future and the future of their kids for a plate of porridge. The Passingshiit of this world and his amala brain and ar3sa the heifer stuck on Tinubu's balls like pubic hair. I despise these vacuous miscreants.
They have destroyed Yorubaland. I honestly don't know how these states can be salvaged with how they have mismanaged everything. I've never seen a case where recurrent expenditure alone is higher than revenue - never!
It's just basically earning £2000 monthly, and spending £3000 - what type of fvcked up life is that? Who does that?

I hate political praise-singers with passion. They are nothing but saboteurs. They will never say the truth laye.

The question is, HOW DO WE GET OUT OF THIS MESS? HOW DO WE PAY THE DEBTS?

I'm tired mehn. O sun mi.

superstar1:
The onus lies on us to start the campaign against this fraudulent people, that plunged our states into irredeemable debt.

They stole the money for their great grand children and they expect the children of.others to repay it.

Osun remains the worst. There is no value for money in anyway. There is no correlation between the indebtedness and the infrastructure on ground at all.

I am of the opinion that we start an hashtag and tweet at the official accounts of the state govts.

Shymm3x:


That's why I don't post to these accursed political jobbers - they're selling away their own future and the future of their kids for a plate of porridge. The Passingshiit of this world and his amala brain and ar3sa the heifer stuck on Tinubu's balls like pubic hair. I despise these vacuous miscreants.

They have destroyed Yorubaland. I honestly don't know how these states can be salvaged with how they have mismanaged everything. I've never seen a case where recurrent expenditure alone is higher than revenue - never!

It's just basically earning £2000 monthly, and spending £3000 - what type of fvcked up life is that? Who does that?

This is why I avoid APC and PDP threads, they never make any sense to me because they're both doing the same things - trying to sell their parties not to sell good life to the masses. The political jobbers will never discuss how their party members are poorly performing, accruing debts and abandoning projects.

SWest folks shout how SEast governors mismanage their allocations not knowing worse is happening in our own backyard.

I don't know what can be done; the percentage of the population sucked into the political party hysteria is higher than the percentage of realists like you.

Bro Ritchiee,

That of Lagos is in billion $

But the other states (governed by brainless, clueless, unproductive and useless governors) are in millions $

Please make amendment.

am glad our eyes are now being opened to the havoc being caused by our southwest leaders. am happy we can now see that they have started mortgaging the future of our unborn kids with debts. we need a new set of leaders and we need it fast. we need technorats, visionaries , people with sound mind people who can see the future and prepare us for upcoming events. this set we have now are just there. they have no idea what leadership is all about. during fashion's' screening , I watched as he tried to defend his huge debt in Lagos saying big economies are always indebted. and I was the really ashamed because of all the over 100 senators we had, no one was intelligent enough to counter fashola and tell him debt is not always the way. mehn this country is messed up. I told my friend last week the there is a woman somewhere pregnant with tomiwa. tomiwa does not know what's happening but tomiwa is already in debt......future unborn generations have been put in debt by the reckless attitude of our so called leaders now what will the future hold for someone that is yet to be born but already in debt...like I said earlier, we need a new crop of leaders and we need them fast.

superstar1:
The onus lies on us to start the campaign against this fraudulent people, that plunged our states into irredeemable debt.

They stole the money for their great grand children and they expect the children of.others to repay it.

Osun remains the worst. There is no value for money in anyway. There is no correlation between the indebtedness and the infrastructure on ground at all.

Egbon, I have given up on that BASTARD called AregbeUseless.

The Oloriburuku Somebody said "I can't pay salaries anymore because banks have stopped giving me loans". Must banks give the Oloriburuku Somebody loans forever? Are banks owing Osun State?

Our Governors are nothing but FAILURES.

I'm tired mehn.

veraponpo:

It is not the debt that is the problem but the inability of the governors to raise IGR and reduce their recurrent expenditure.

It is not the debt but how to manage it.

We call it Leverage or Gearing in Financial Parlance.

How can you even raise the IGR to create a balance when the recurrent expenditure alone is already running you into a hole?

And who's borrowing these mofos money when they know they don't have capacity to pay it back?

Shymm3x:
Ritchiee

According to the stat you posted.

Lagos is indebted by N1 trillion, while the FG has N6 trillion.

How the fvck did that happen?

I am sorry,my lovely bruv,I didn't see this...
That stat is from the DMO.Very authentic.Actually,the FG is owing 70% of the debt.

zimoni:


Well said Duke.



I hate political praise-singers with passion. They are nothing but saboteurs. They will never say the truth laye.

The question is, HOW DO WE GET OUT OF THIS MESS? HOW DO WE PAY THE DEBTS?

I'm tired mehn. O sun mi.

well we can start by getting this sort of info to our youths. a lot of our youths don't know all this. dey are just following politicians they have no idea what is being done to their future. look ever since this thread started, not up to 100 different people have commented. there are only about 2 million ppl on nairaland its self of which just about 500k is Yoruba. and not all of them are regular visitors. now, that's about 500k out of about 30 million youths in Yoruba land. we need to learn every one know let's take this information we have to the streets, to our schools, offices , market places. let's letbppl know the dire future ahead of them. from the literates to the illiterates. from the learnerds to the unlearned. we need to let then know so that when elections come up, people will ask the right questions. when people start asking the right questions from leaders, they will know people now know much more than they think. I believe information is power and one of the problems we have via ignorance. let's inform people around us the way we are heading into let's show then the proofs and stats of our present situation and believe me you,it won't be long before we start getting it right

9jacrip:

This is why I avoid APC and PDP threads, they never make any sense to me because they're both doing the same things - trying to sell their parties not to sell good life to the masses. The political jobbers will never discuss how their party members are not poorly performing, accruing debts and abandoning projects.

SWest folks shout how SEast governors mismanage their allocations not knowing worse is happening in our own backyard.

I don't know what can be done; the percentage of the population sucked into the political party hysteria is higher than the percentage of realists like you.

We need a revolution - these folks are accursed bastards.

They're running Yoruba states like a broke heifer who borrows money to celebrate owanbe parties. And these are plonkers they call technocrats? - they're a waste of human flesh.

At least SEern govs, despite how useless they're, aren't running their states into massive holes with debts. Even with Lagos, what's there to show for the ridiculous debt profile? Ogun? Oyo? Ondo? I won't even talk about Osun and Ekiti cos they have thrown both states into the bottomless pit.

I want to hear their excuse - utter useless monkeys.

jstbeinhonest:



I belive the stats are wrong,no state can owe $1trillon.

sanmibukunmi:
am glad our eyes are now being opened to the havoc being caused by our southwest leaders. am happy we can now see that they have started mortgaging the future of our unborn kids with debts. we need a new set of leaders and we need it fast. we need technorats, visionaries , people with sound mind people who can see the future and prepare us for upcoming events. this set we have now are just there. they have no idea what leadership is all about. during fashion's' screening , I watched as he tried to defend his huge debt in Lagos saying big economies are always indebted. and I was the really ashamed because of all the over 100 senators we had, no one was intelligent enough to counter fashola and tell him debt is not always the way. mehn this country is messed up. I told my friend last week the there is a woman somewhere pregnant with tomiwa. tomiwa does not know what's happening but tomiwa is already in debt......future unborn generations have been put in debt by the reckless attitude of our so called leaders now what will the future hold for someone that is yet to be born but already in debt...like I said earlier, we need a new crop of leaders and we need them fast.

I saw the Oloriburuku Somebody too, I felt like breaking the screen of the tv in my office when the goat started blabbing. And the brainless senators could not counter him, they made him look like a star.

Fashola is nothing but an over-rated average achiever. I can say it anywhere. There are lot of Yoruba people who can do better.

We are in trouble. Southwest is in deep trouble. These goats are ready to burrow more. Before the Oloriburuku Somebodies are voted out in 2018/2019, they would have incurred debts in trillions of naira.

We don enter one chance. PDP is not a way out either.

I think a new political party is what we need. Otherwise, I fear for the future of our unborn children.

Sad.

Ritchiee:
I am sorry,my lovely bruv,I didn't see this...
That stat is from the DMO.Very authentic.Actually,the FG is owing 70% of the debt.

These folks destroyed Lagos as well.

FG owes N6 trillion.

While Lagos owes N1 trillion.

Cray!

zimoni:

I saw the Oloriburuku Somebody too, I felt like breaking the screen of the tv in my office when the goat started blabbing. And the brainless senators could not counter him, they made him look like a star.

Fashola is nothing but an over-rated average achiever. I can say it anywhere. There are lot of Yoruba people who can do better.

We are in trouble. Southwest is in deep trouble. These goats are ready to burrow more. Before the Oloriburuku Somebodies are voted out in 2018/2019, they would have incurred debts in trillions of naira.

We don enter one chance. PDP is not a way out either.

I think a new political party is what we need. Otherwise, I fear for the future of our unborn children.

Sad.

Look at the pilfering bastard with brown teeth looking like a sick monkey.

www.nairaland.com/attachments/3070392_tinubbujpeg9efa1370e7bf05343159ce052bc8ee15_jpegdb00dd1954996076954ac764c03308de

The USA wholes trillions in debt, butt hey have something to show for it in:

1. Education
2. Military
3. Tech
4. Economy
5. Infrastructure
.
.
.
.



What does the SW have to show for it? The level of development in Lagos does not balance out with the amount of loans we borrowed.

I really want to know where Osun/Ekiti/Ondo keep the money they borrowed. Imagine, Fayose is going to take out billions of dollars in loan to build an international airport. Whose going to pay back that money?

Can anyone who has access to the total number of workers in the state ministries across the SW post it here. Let's see how these folks are spending that much on recurrent expenditure.

Let's also see the companies they're operating the PPPs with to know who owns the so-called "private" companies.

Laudate please help us out. Your input is needed.

[b]For God's sake how will I be earning 10k per month and be borrowing 50k from the bank.Who does that?

Maaan some of these guys don't think.Common sense

Despite the number of Industries springing up in Ogun state, why is the IGR so low? Look at the gap between Lagos and other South-west states

Mr otondo Mimi-coke just borrowed another N7billion oo




Komonsense Solutions

---

Cut down the population of civil service workers by encouraging vocations.Not everyone should be in the Civil service

Encourage entrepreneurship so more private sector jobs can be created.If we lay off government workers through inefficiency, they can move to the private sector and those on the payroll of the Government will reduce

Raise Taxes:Taxes should be raised.Companies should pay more tax.This is where I fault Ogun state

Cut Spending: Increasing tax is not enough,some of these Governors are just wasteful.Patronize local firms because Its cheaper.There's Dantata & Sawoe Construction,there's Costain west Africa.I believe these foreign construction companies are cheating us.Projects that should ordinarily cost $2billion will cost $7billion .Why?[/b]

Aareonakakanfo:


Cut Spending: Increasing tax is not enough,some of these Governors are just wasteful.Patronize local firms because Its cheaper.There's Dantata & Sawoe Construction,there's Costain west Africa.I believe these foreign construction companies are cheating us.Projects that should ordinarily cost $2 billion dollars will cost $7billion dollars.Why?

Can you imagine that Nigerians complained when Buhari stopped the patronization of foreign construction companies?

These foreign companies thinks Africans are dumb and backwards. They will charge as much as legally possible.

When we have local engineers and contractors, why are we hiring foreign labor? When we have local cement companies, why are we buying from foreign companies?

I heard that Aregbesola used to be a mechanic. How is someone like that supposed to understand investment/economy/debt vs revenue etc?

Cursed be the day people voted Aregbesola in Osun State.

Woe betides the judge who pronounced AregbeUseless as the authentic winner of the 2007 gubernatorial election.

If Osun people had known AregbeUseless would ruin Osun State completely, we wouldn't have voted for the Oloriburuku Somebody in 2007.

We made a mistake voting the clueless as our governor.


The pics attached were taken in Oct. 2010 when AregbeUseless was declared winner of the 2007 gubernatorial election by the Unfortunate Judge who put us in this mess.

jstbeinhonest:




I belive the stats are wrong,no state can owe $1trillon.

we are in deep shi't