Connect with us

Hi, what are you looking for?

News

Lagos State Account Reportedly Empty With N1 Trillion Debts

Lagos State Account Empty N1 Trillion Debts
Lagos State Account Reportedly Empty With N1 Trillion Debts

Confirmed reports reaching OccupyGh.com from our Nigerian affiliates indicates that the Lagos State of Nigerian’s account is reportedly empty with more than N1 trillion debts.

This was discovered just few days after the change in Government. The Lagos State has officially been ranked as the highly indebted state in Nigeria by Economic Confidential’s rankings.

Lagos sits atop the list after incurring a total of N1.043 trillion in 2018. The ranking shows Lagos has N513,514,416,769.20 as external debt and N 530,243,773,934.40 as domestic debt, bringing the total debt by Lagos to N1,043,758,190,703. 60.

Lagos State Account Empty N1 Trillion Debts
Lagos State Account Reportedly Empty With N1 Trillion Debts

According to Economic Confidential researchers on the Annual High Indebted States (AHIS) on External and Domestic Debts as of 2018, “the amount owed by Lagos State represents about twenty (20) percent of the total debts owed by the 36 states and the Federal Capital Territory (FCT) which is N5.376 trillion in 2018.”

READ:  Victor Osimhen Latest Transfer News

The Economic Confidential recently published a report detailing each states’ revenue generation profile in comparison to their federal allocations while concluding that many states cannot survive without federation allocations.

States listed as highly indebted are Edo, Kaduna, Cross River and Bauchi. “Among the front runners in the highly indebted states for the external debt stock include Edo, Kaduna, Cross River and Bauchi with $276.25m (N99.45bn), $227.25m (N81.81bn), $188.77m (N67.95bn), and $133.93m (N48.21bn) respectively. “Investigations further reveal that among the first five highly indebted states in the local debt stock saw Lagos emerging tops with N530.243 billion, followed by Delta state with N228.805 billion, Rivers with N225.592 billion, Akwa Ibom state with N198.663 billion and Cross River with N167.955 billion. “Outside Lagos state that is leading the pack, Rivers state is second with N253.772 billion, Delta comes to third position with N251.589 billion, followed by Cross River in the fourth position with N235.914 billion and the fifth position was grabbed by Akwa Ibom with N215.099 billion,” the ranking shows.

The ranking also revealed the five states that made the list of least indebted states in the external debt stock.

Taraba state has a debt of $21.611m (N7.780bn), Borno has a debt of $21.618m(N7.782bn), while Yobe state debt stands at $27.486m(N9.895bn).

Don’t you love Nigeria? 😀

Source: OccupyGh.com 

Tap To Join Our WhatsApp Community

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Ghana Celebrity News, Ghana Entertainment News, Politics, Sports, and Latest updates; We serve as an unbiased Ghana News source to inform people about recent or important events and information in categories including but not limited to entertainment, sports, finance, business, and celebrity news. Powered by Dipsets Media, a premier entertainment company with 8 years of experience in Entertainment, Local News, and Everything Lifestyle. Phone +233 247 659 843. Contact us: [email protected]