News
Lagos Leads Highly Indebted States -Report
Lagos State, South West Nigeria, is number one among the highly indebted states in Nigeria in both external and domestic debts with N1.043 trillion in 2018, in a latest report by the Economic Confidential. While the external debt stock of Lagos amounts to N513.514 billion, the local debt stock settles at N530.243 billion.
In a meticulous investigation just concluded by a team of Economic Confidential Researchers on Annual High Indebted States (AHIS) on External and Domestic Debt, 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.
Among the front runners in the highly indebted states for the external debt stock include Edo, Kaduna, Cross River and Bauchi with $276.25million (N99.45bn), $227.25million (N81.81bn), $188.77million (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 State with N225.592 billion, Akwa Ibom State with N198.663 billion and Cross River with N167.955 billion.
The report further shows that outside Lagos State that is leading the pack on total external and domestic debts with N1.043trn, 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 investigation also brought to the fore that five states made the list of least indebted states in the external debt stock with Taraba State having $21.611m (N7.780bn), followed by Borno with $21.618m(N7.782bn), and Yobe State with $27.486m (N9.895bn) all in North Eastern Nigeria.
The remaining two states of Plateau and Kogi from North Central Nigeria have external debt stock of $28.874m (N10.394bn) and $31.584m (N11.370bn) respectively.
Of the 36 states of the federation, five (5) states account for the lowest in both domestic and external debts.
They are: Yobe, Jigawa, Sokoto, Katsina and Niger. 10. Yobe state has a total of N37.667 billion, Jigawa N46.586 billion, Sokoto with N52.723 billion, while Katsina and Niger States have N53.220 billion and N63.915 billion respectively.
Though the Federal Capital Territory is not rated among the 36 states of the federation, its external debt profile for 2018 is $31.848 million (N11.465bn) while the domestic debt is N164.245bn bringing a total of its external and domestic debts to N175.710bn.
The report is coming at a time when several states in the country are backward in terms of internally generated revenue to execute projects that would touch lives apart from the fact that most of these states rely heavily on handouts from the monthly federal allocations from the Federation Account Allocation Committee (FAAC).
Recall that Economic Confidential recently published a report detailing each states’ revenue generation profile in comparison to their federal allocations and concluded that many states cannot survive without federation accounts, a development regarded as a misnomer in the current economic realities.
News
RIFF 2026: RIFF Takes Film Tourism to Bonny Island
News
Soyinka Demands Accountability Over Extra-Judicial Killings
Nobel Laureate, Professor Wole Soyinka, has called on Nigerians to reject silence in the face of extrajudicial killings and other abuses of human rights.
Soyinka stressed that accountability and civic courage remain essential to rebuilding public confidence in the nation’s institutions.
He made the call during the 28th Wole Soyinka Lecture held in Port Harcourt, last Friday as part of activities marking his 92nd birthday.
The lecture, themed “Reclaiming the Nigerian State through Accountability, Justice and Civic Courage,” drew participants from different sectors of society.
The renowned playwright and human rights advocate said the country’s greatest tragedy was not only the unlawful killings carried out by state and non-state actors, but also the silence that often follows such incidents, allowing perpetrators to evade justice.
According to him, indifference by citizens to abuses of power and violations of fundamental human rights has contributed to the persistence of extrajudicial killings and other forms of injustice across the country.
Soyinka said he dedicated this year’s lecture to victims of unlawful killings, noting that the event was intended to honour individuals who had lost their lives as a result of failures within the justice system and society’s inability to protect the sanctity of human life.
He stressed that the lecture was dedicated to what he described as the basic unit of every society – the human being, and urged Nigerians to place greater value on human dignity irrespective of ethnicity, religion or social status.
The Nobel Laureate recalled several incidents of violence, including the fatal shooting and killing of a young man in Ugheli in Delta State by a police officer, and the mob killing of Deborah Yakubu in Sokoto State sometime ago, lamenting that many of those responsible are yet to face justice.
He expressed concern that some perpetrators of violent crimes had openly admitted their actions without fear of prosecution, describing such situations as evidence of serious failures within the nation’s justice system.
Soyinka maintained that when justice is delayed or denied, public confidence in state institutions continues to erode, thereby encouraging further violations of human rights.
Responding to critics who accuse him of promoting religious or ethnic divisions whenever he spoke on such issues, Soyinka dismissed the allegations and pointed out that his advocacy has always centred on the protection of human life and the rule of law.
He urged Nigerians to remain vigilant and continue demanding justice in cases of alleged extrajudicial killings, including the recent shooting of a young man by a police officer, stressing that every life deserves equal protection under the law.
The literary icon also recalled an earlier pledge by a past incoming president to make public the files relating to unresolved assassinations and extrajudicial killings, questioning the status of the promised investigations.
He challenged citizens to continue asking questions about unresolved cases, insisting that justice, accountability and respect for human dignity are indispensable to building a peaceful, democratic and inclusive Nigerian society.
News
FAAN Backtracks, Says No Fire Incident At Lagos Airport’s Terminal 2
The Federal Airports Authority of Nigeria (FAAN) has clarified that there was no fire at Terminal 2 of the Murtala Muhammed International Airport, Lagos, contrary to its earlier advisory.
Earlier yesterday, FAAN had announced that a fire incident had occurred at Terminal 2 of the nation’s busiest airport, and assured that its Aerodrome Rescue and Firefighting Service had been deployed to contain the situation.
There were also reports that activities were briefly disrupted at the airport yesterday after smoke was seen inside parts of the terminal.
Videos circulating online showed passengers kept standing outside the terminal while firefighters responded to the incident.
However, in an update issued less than two hours later by the Director of Public Affairs and Consumer Protection, Henry Agbebire, and posted on FAAN’s official X handle, the authority said preliminary findings showed that the smoke seen at the terminal was caused by the discharge of the facility’s FM-200 fire suppression system.
“Further to our earlier advisory regarding the incident at Terminal 2 of the Murtala Muhammed International Airport, Lagos, the Federal Airports Authority of Nigeria (FAAN) wishes to provide the following update,” the statement read.
“Preliminary findings indicate that there was no fire at the terminal. The smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated,” FAAN stated.
The authority said normal operations had resumed at the terminal while investigations were ongoing to determine the cause of the incident.
“Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of the incident,” the statement added.
The authority thanked passengers, airlines, airport users and other stakeholders for their understanding and cooperation.
FAAN appreciated the understanding and cooperation of passengers, airlines, airport users and all stakeholders, and reiterated its commitment to the safety and security of all airport operations.
-
News13 hours agoSoldier, Police Officer Killed As Army Rescues Nine Abductees In Zamfara
-
News13 hours agoPH NBA Election: Committee Uncovers Over 500 Padded Names On Voters’ Register
-
News13 hours agoFubara Reaffirms Commitment To Creating Conducive Environment For Business Growth …Commissions Paint Manufacturing Plant
-
Rivers13 hours agoWomen Renew Call For Unity, Back Fubara’s Political Direction
-
Sports13 hours ago
INEC Seeks Media Partnership, Declares Readiness For Osun Guber Poll
-
Oil & Energy12 hours agoNEDC Plans N100b Power Grid For 102 Council Areas
-
Business12 hours agoAsaba Private Jet Incident Was A Security Violation—Keyamo
-
Oil & Energy12 hours agoNGLPP: FG Targets 5m Households By 2030
