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List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by ruggedized1: 8:57pm On Sep 27, 2017 |
Contrary to the guidelines of the Debt Management Office on subnational borrowing, 23 states of the federation exceeded their borrowing limits in 2015, the Fiscal Responsibility Commission has said. In a report on the states and indebtedness, the FRC said Lagos, Kaduna, Cross River, Gombe, Ekiti, Edo, Ondo and Imo states had borrowed more than 50 per cent of their annual statutory allocations by 2015. Other states in the same boat are Zamfara, Adamawa, Oyo, Abia, Ogun, Taraba, Kebbi, Enugu, Bauchi, Nasarawa, Kano, Benue, Kwara, Katsina and Sokoto. The FRC added that when total revenue (gross statutory allocation plus Internally Generated Revenue) was used as the yardstick for measuring the level of indebtedness of the states, a total of 20 states borrowed more than their total revenues in 2015. The report read in part, “In the light of the DMO’s Guidelines on Debt Management Framework, particularly as it pertains to debt sustainability, the debt to income ratio of states should not exceed 50 per cent of the statutory revenue for the preceding 12 months. “In effect, state governments have a subsisting, though not in line with FRA, 2007, loan policy, which requires states governments not to owe more than 50 per cent of their statutory revenue for the previous 12 months. “The Federal Government, on the other hand, is expected not to accumulate debt more than 40 per cent of the national Gross Domestic Product. Bearing this in mind, 23 states exceeded the threshold of 50 per cent of their gross/net statutory allocations during the year 2015. “However, out of the 23 states, only 20 states exceeded the threshold of 50 per cent of their total revenue – gross statutory allocation plus Internally Generated Revenue.” The report also stated, “Lagos exceeded the threshold of 50 per cent of its gross statutory allocation by well over 300 per cent; Kaduna, Cross River, Gombe, Ekiti, Edo, Ondo, Oyo, Abia and Ogun exceeded the 50 per cent of their gross statutory allocations by well over 50 per cent but less than 100 per cent. “Imo, Zamfara, Adamawa, Taraba, Kebbi, Enugu, Bauchi, Nasarawa, Kano, Benue, Kwara, Katsina, and Sokoto states exceeded the 50 per cent of their gross statutory allocations by less than 50 per cent. “On the basis of total revenue rather than gross statutory allocation, 20 states exceeded the threshold of 50 per cent. Of the 23 states that exceeded the threshold of their gross/net statutory allocations, Kwara, Katsina and Sokoto states did not exceed the 50 per cent threshold of their consolidated debt to total revenue. “From 2012 to 2015, five states consistently exceeded the threshold of 50 per cent of their gross statutory allocations. The states are Kaduna, Lagos, Ogun, Cross River and Osun.” https://www.google.com.ng/amp/punchng.com/23-states-exceeded-borrowing-limits-frc/amp/ Lalasticlala 1 Like 3 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 9:03pm On Sep 27, 2017 |
Lagos and Ogun should be able to pay back. I don't know about the rest Ogun's annual statutory allocation has always been low anyway and that's what Amosun has been fighting for Heck! Ogun state’s IGR, according to the stats was 127 percent higher than the allocation it received in 2016 while the IGR of Lagos state was 169 percent higher than its 2016 allocation. While I believe Lagos and Ogun can pay back, this should serve as a wake up call forcing them to be financially healthy. Same goes for other SW states Surprisingly, Borno, the state worst hit by Boko Haram is not on this list P.S: These are 2015 stats, but I believe not much has changed since then 42 Likes 5 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Tolexander: 9:07pm On Sep 27, 2017 |
“From 2012 to 2015, five states consistently exceeded the threshold of 50 per cent of their gross statutory allocations. The states are Kaduna, Lagos, Ogun, Cross River and Osun.”We were telling them that he-goat, AriGBESEsola, has borrowed beyond limit. Hence, the reason for the drastic reduction in allocation received by the state. But the Governor kept on dishing lies to the zombie followers that Goodluck Jonathan hated him and Osun State and Jonathan was intentionally withholding the state's fund by reducing the allocation belonging to the state. 101 Likes 10 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by ruggedized1: 9:08pm On Sep 27, 2017 |
Jetleeee: These states you mentioned are very capable economically. My concern is more on those civil servant's states with zero economic activities. 6 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 9:13pm On Sep 27, 2017 |
ruggedized1: Yupp....the other states are really fooked. But they can start by trimming down their civil services. Some of them have too many ghost workers. They are actually borrowing money to pay ghost workers 11 Likes |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 9:19pm On Sep 27, 2017 |
Some of these states probably thought oil money would flow foreeeever like some fairy tale movie lol . Oil money sweet dieeee. The signs were already showing years before oil prices went down. Now, they are in deeeeeeep shyyyyyt! I really don't know how they would recover from this. 13 Likes |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by omenka(m): 9:30pm On Sep 27, 2017 |
Jetleeee:My own governor simply borrows from banks and diverts same to develop his private farm! The man is a total mishap of nature and takes refuge behind religion to ward off the barrage of criticism that trail every move he makes. Benue has never had it so bad. I don beg una make una come buy am for N1,750 sef, una refuse. Smh. 18 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 9:48pm On Sep 27, 2017 |
omenka: Breh! How much be your last price? My friend, Omofunaab2 wants to buy 54 Likes 2 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by omenka(m): 9:51pm On Sep 27, 2017 |
Jetleeee:Make una just bring 1k come take am abeg. 22 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Ratello: 9:54pm On Sep 27, 2017 |
You will never see the new "China of Africa" there on that list, I am talking of no other State than Anambra the real shining light State. Thanks to Former Governor Peter Obi's lifeline. I pray that Obiano will continue in that trend. 77 Likes 4 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by thundafire: 9:55pm On Sep 27, 2017 |
Pity Benue people ooh dey are irredeemable and 1st time BOBO Yahaya of kogi name no appear hmm mm mm mm mm just having mercy on their electorates 2 Likes 2 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by BigIyanga: 9:56pm On Sep 27, 2017 |
Jetleeee:How can Ogun pay back when it runs a negative cash flow system? It was bailed out a couple of times. It owed workers prior to bailout. It spends more than it generates. This is a recipe for insolvency 18 Likes 3 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by IkpuMmiri(f): 10:04pm On Sep 27, 2017 |
omenka: Put am for Olx if you dey serious 16 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 10:10pm On Sep 27, 2017 |
BigIyanga: Actually, Ogun never owed workers. There was some confusion that later had to be cleared tho as per deductions and pensions Per the emboldened, All Nigerian states bar the states not executing projects spend more than they generate. FA is low, IGR is low. Some states are paying salaries alone so they don't fall inside the debt pit BUT, there are some that can actually pay back by just making smart financial moves, cos they generate enough money. Ogun state is one of those states. 5 Likes 2 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by NigerDeltan(m): 10:13pm On Sep 27, 2017 |
Ekiti is in that list thanks to Fayemi for almost putting the state on olx Anyway Oshoko is doing enough to clear the debt Never again! 29 Likes 3 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by NigerDeltan(m): 10:17pm On Sep 27, 2017 |
Jetleeee: Where did u get Rivers from? 7 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by DckPssy(f): 10:17pm On Sep 27, 2017 |
wow no texas and arizona |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 10:19pm On Sep 27, 2017 |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by bobnatlo(m): 10:19pm On Sep 27, 2017 |
Jetleeee: Ehhenñ!! So if u were to lend nijja states money. U go go lend to Borno abii 3 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by erico2k2(m): 10:21pm On Sep 27, 2017 |
Jetleeee:When shyte hit the fan, you will retract ur statement 6 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by royalamour(m): 10:21pm On Sep 27, 2017 |
Why's Kogi not on the list? |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 10:22pm On Sep 27, 2017 |
erico2k2: Make we dey watch |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by stanluiz(m): 10:23pm On Sep 27, 2017 |
Ratello:Anambra the light of the nation!! 16 Likes 2 Shares |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by LordAdam16: 10:25pm On Sep 27, 2017 |
6 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by emperordelis(m): 10:25pm On Sep 27, 2017 |
1 Like |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Nobody: 10:25pm On Sep 27, 2017 |
Mostly APC states 2 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by erico2k2(m): 10:26pm On Sep 27, 2017 |
Jetleeee:Politicians DO NOT PAY BACK LOANS, They simply pass it on to the next government.If he could afford to pay he wont Borrow i n the 1st place. Im surprised Delta,Bayelsa and Rivers are not on the List.Lagos exceeded by nearly or more than %300,you guys in Lagos should be asking some serious questions citing the huge IGR you have. 10 Likes 1 Share |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 10:27pm On Sep 27, 2017 |
LordAdam16: You're right breh. I'll edit asap |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Nobody: 10:32pm On Sep 27, 2017 |
Osun is not even there, yet they will be calling my governor "Onigbese" Abi! There is something I'm not understanding 2 Likes |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 10:32pm On Sep 27, 2017 |
erico2k2: Government is a continuum uno. If the person in power doesn't complete the payment, his successor would take off from where he stopped |
Re: List Of The 23 States In Nigeria That Exceeded Borrowing Limits– FRC by Jetleeee: 10:32pm On Sep 27, 2017 |
Neyoor: Iffa hear say Osun no dey there . Check again |
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