Newly Inaugurated Governors Inherit Trillion Naira Debts
AFTER the euphoria of their swearing-in, state governors, especially 12 of them, who are first timers will face major hurdles that may hurt their ambitious plans for their states.
One of the hurdles is huge debts. Another is low internally generated revenue. Combined, the two hurdles have rendered most of the states non-viable.
Currently, most of the states depend precariously on federal allocation for survival, a reason some experts and stakeholders are calling for fiscal federalism and devolution of power to the federating units to make the states economically viable.
Among the new governors, Babajide Sanwo-Olu of Lagos is shouldering the biggest debt burden. Lagos is owing N530.244 billion, which is higher than the N309.920 billion debt stock of the five states of the South-East; N403.028 billion of the North-East; and N433.682 billion of the North-West (see table).
Following Sanwo-Olu, is Governor Emeka Ihedioha of Imo State, who has a debt of N98.782 billion to pay. Others include Dapo Abiodun of Ogun (N98.717 billion), Bala Mohammed of Bauchi (N92.367 billion), Seyi Makinde of Oyo (N91.516 billion), and Umaru Fintiri of Adamawa (N89.659 billion). Gboyega Oyetola of Osun had earlier inherited a debt of N148.101 billion like his Ekiti State counterpart, Dr Kayode Fayemi, who inherited N118.011 billion debt.
Among the states, the least indebted are Anambra (N33.491 billion), Jigawa (N35.163 billion), Katsina (N30.853 billion as of 2017), Sokoto (N38.605 billion), and Niger (N41.832 billion).
Conversely, the most indebted are Lagos (N530.244 billion), Delta (N228.806 billion), Rivers (N225.593 billion), Akwa Ibom (N198.633 billion), Cross River (N167.956 billion), Osun (N148.101 billion), Bayelsa (N130.044 billion), Ekiti (N118.011 billion), Kano (N117.082 billion), and Plateau (N100.367 billion).
From vanguard
One of the hurdles is huge debts. Another is low internally generated revenue. Combined, the two hurdles have rendered most of the states non-viable.
Among the new governors, Babajide Sanwo-Olu of Lagos is shouldering the biggest debt burden. Lagos is owing N530.244 billion, which is higher than the N309.920 billion debt stock of the five states of the South-East; N403.028 billion of the North-East; and N433.682 billion of the North-West (see table).
Following Sanwo-Olu, is Governor Emeka Ihedioha of Imo State, who has a debt of N98.782 billion to pay. Others include Dapo Abiodun of Ogun (N98.717 billion), Bala Mohammed of Bauchi (N92.367 billion), Seyi Makinde of Oyo (N91.516 billion), and Umaru Fintiri of Adamawa (N89.659 billion). Gboyega Oyetola of Osun had earlier inherited a debt of N148.101 billion like his Ekiti State counterpart, Dr Kayode Fayemi, who inherited N118.011 billion debt.
Among the states, the least indebted are Anambra (N33.491 billion), Jigawa (N35.163 billion), Katsina (N30.853 billion as of 2017), Sokoto (N38.605 billion), and Niger (N41.832 billion).
Conversely, the most indebted are Lagos (N530.244 billion), Delta (N228.806 billion), Rivers (N225.593 billion), Akwa Ibom (N198.633 billion), Cross River (N167.956 billion), Osun (N148.101 billion), Bayelsa (N130.044 billion), Ekiti (N118.011 billion), Kano (N117.082 billion), and Plateau (N100.367 billion).
From vanguard
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