NewStats: 3,264,665 , 8,184,374 topics. Date: Wednesday, 11 June 2025 at 10:42 PM 724s1v6382y |
Experts Warn As States, LGs' Bank Debts Hit ₦4tn (2778 Views)
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Celestialsword: 1:40pm On Jun 08 |
States and local governments owed a combined N4.09tn to banks and the Central Bank of Nigeria as of December 2024. https://punchng.com/experts-warn-as-states-lgs-bank-debts-hit-n4tn/ 1 Like |
Celestialsword: 1:51pm On Jun 08 |
The three levels of government in Nigeria are neck deep in debt, despite proceeds from fuel subsidy removal and multiple taxes imposed on the masses. The various states receive monthly federal allocations plus their internally generated revenue and derivation funds given to the oil producing states. Nigerians should stop being critical only to the federal government, they should look inward,the states and local government are part of the problems in the country 7 Likes |
immortalcrown(m): 1:58pm On Jun 08 |
Cashless policy 😂
1 Like |
baralatie(m): 3:40pm On Jun 08 |
Breakdown
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muyico(m): 4:13pm On Jun 08 |
Campaign fund will Tru lg to local people
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Globad(f): 6:03pm On Jun 08 |
This generation!
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Globad(f): 6:03pm On Jun 08 |
Hmmm
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algomachine: 6:07pm On Jun 08 |
Inside the 4trillion, 3 trillion na for 2027 elections. Cursed nation
1 Like 1 Share |
Kaa4(m): 6:08pm On Jun 08 |
With the surplus money from the subsidy bouying their money and resources, no investment in capital assets and infrastructure, why should they owe money? It is the government of looting, and unfortunately, the democracy we have is for politicians and to benefit the people. Very sad. 1 Like |
atobs4real(m): 6:08pm On Jun 08 |
I thought they said these states are now well paid so they already reducing their debt burden. APC is full of lies
4 Likes |
Sheuns(m): 6:08pm On Jun 08 |
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atobs4real(m): 6:09pm On Jun 08 |
I thought they said these states are now well paid so they already reducing their debt burden. APC is full of lies. This onces get hear to listen to experts? 4 Likes |
anonimi: 6:09pm On Jun 08 |
Celestialsword: So what is the rumour about increasing allocation to the states from the federation due to subsidy removal and devaluation of the naira? Is it true that the hyperinflation has wiped out the nominal increase in federal allocation ![]() 3 Likes 3 Shares |
atobs4real(m): 6:09pm On Jun 08 |
I thought they said these states are now well paid so they already reducing their debt burden. APC is full of lies. This onces get hear to listen to experts? APC is a scam. 4 Likes 1 Share |
atobs4real(m): 6:09pm On Jun 08 |
I thought they said these states are now well paid so they already reducing their debt burden. APC is full of lies. This onces get hear to listen to experts? APC is a scam. Return bag of rice to ₦6, 500 3 Likes 1 Share |
anyilalaz: 6:11pm On Jun 08 |
Celestialsword: Very true and on point. However, no matter the critics on the other tier of government, the bulk and mover of change will come from the federal government. Knowing how powerful and influential the president and commander in chief of arm forces, we will make a better stride if the man at the very top is upright, ...not what we have now. The least of us, is lording over us. |
Chienex24(m): 6:11pm On Jun 08 |
Celestialsword: Restructuring will make governance at all levels more able and monthly allocations reduced. With this type of fake Federalism being practiced, the federal government ultimately takes the blame. Strong institutions, amendment to constitution that better empower states and local government will hold them able. Question now is, will corruption and greed allow us to do the needful? Shameful where power is so much concentrated at the center. Our type of democracy is simply not working, made worse by bad leaders being at the helm of power 1 Like |
anonimi: 6:12pm On Jun 08 |
Kaa4: How can democracy benefit people who are not involved and who are not invested in the political and governance processes? Can anyone reap what they did not sow ![]() anonimi: 2 Likes 2 Shares |
mrvitalis(m): 6:14pm On Jun 08 |
Almost all the states are in far better financial position Than FG... So what exactly is the problem
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Ritchiee: 6:14pm On Jun 08 |
Celestialsword:South Africa that has small population has 7 times the debt of Nigeria. Stop debt this,debt of that.All nations borrow money. It is what they use it for that is the koko. Tinubu is even doing more than the debt he is taking. He has even paid more debt than what he borrowed. |
Anguldi(m): 6:20pm On Jun 08 |
Enforcing taxes such as property taxes and transport-related levies Agbádorianss, una papa. APC will finish us kpata kpata😥 |
Kelklein(m): 6:20pm On Jun 08 |
How is the debt mounting.. I thought all governors said they are not borrowing.. Make una dey deceive una selves |
symbianDON(m): 6:25pm On Jun 08 |
atobs4real:e weak me o 1 Like |
Omalicious1: 6:25pm On Jun 08 |
Celestialsword: What are they doing with this money? |
JuanDeDios: 6:25pm On Jun 08 |
Celestialsword:Governing anywhere in Nigeria – be it federal, state or LG – is simple. Do anything (borrow, steal, kill, burn people's houses) to get into office. Then borrow 50 billion (or any billions you like). Use 10 billion out of it to fix an important road and a couple of schools, and people will start singing your praises. Pocket the 40 billion for yourself and use some of it to settle your foot soldiers. Go home. Nobody will ask any questions. 1 Like |
nairalanda1(m): 6:27pm On Jun 08 |
Resource curse Dutch disease Manufactured goods and services |
boxypane: 6:29pm On Jun 08 |
They borrow money to steal. If these monies actually translates to assets on ground, there'll be no need for panic. 90% of these state Governors both past and present are evil.
2 Likes |
jaymoney1(m): 6:45pm On Jun 08 |
This is a timely and important message. States must stop waiting on federal allocations and start harnessing their unique strengths. The truth is, the solutions are clear competitive advantage mapping, ease of doing business, and efficient tax systems. What’s missing is the will to act. Governance should be about service, not politics, and until state leaders prioritize development over elections, progress will remain slow. It's time for real action, not recycled promises.
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omoredia: 6:49pm On Jun 08 |
Hehe u have a corrupt apc govt and u are saying their shouldn't be debt? Sebi una say the debit is for infrastructure
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CoronaVirusPro: 6:50pm On Jun 08 |
I am not even against borrowing if the the achievements are directly impacting the citizens. China has a massive debt and you can see what they have achieved in last two decades. Take Lagos state for example, Massive debt and huge IGR but nothing to show for it. Not ONE world class university, hospital, school or road network justifies the amount of debt the state has incurred. ….and you still find Lagosians clapping for the present and past failures they have elected as Governors. Excluding His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) and Fashola, the rest have been OUTSTANDING failures! A Portable would still have done better than the current governor of the Lagos state. But Lagosians are just wired to vote for the dullest among candidates. |
billyG(m): 6:52pm On Jun 08 |
𝗚𝗘𝗡𝗘𝗥𝗔𝗟, 𝗡𝗜𝗚𝗘𝗥𝗜𝗔 𝗜𝗦 𝗪𝗢𝗥𝗦𝗘 𝗧𝗛𝗔𝗡 𝗬𝗢𝗨 𝗟𝗘𝗙𝗧 𝗜𝗧. . General Sani Abacha died on this day — June 8, 1998. The day you left, the West — America, Britain, and their Nigerian agents — rejoiced. They popped champagne and sold Nigerians a bold lie: “Abacha is the problem. Remove him, and paradise will follow.” But 27 years later, the truth is staring us in the face: Abacha wasn’t the problem — Abacha was the shield. Under your watch: A mudu of rice was affordable. A dorica of rice or beans was N45. A loaf of bread was N20 — and it could fill you. Even N5 had meaning and dignity. Today? N5 is a joke, an insult, a symbol of failure. Under your watch dollar was #22 to a dollar. The naira didn’t collapse — leadership did. You cut taxes and protected the poor. They taxed everything that breathes and gave the people nothing. You said NO to the IMF. They said YES, and sold Nigeria for cents on the dollar and collected commissions. Today, insecurity is our daily bread. Over 7 million Nigerians sleep in IDP camps. Over 5,000 villages have fallen to terrorists. Kidnapings is d order of the day. With mounting foreign & domestic debt through borrowing with nothing to show for it 1 Like |
Successsearch90(m): 6:57pm On Jun 08 |
#4trn? That's too much
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The Hypocrisy Of Amanpour And CNN
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