• Latest
  • Trending
  • All
FRC: How Oyo, 22 Other States Exceeded Borrowing Limits‎ In 2015

FRC: How Oyo, 22 Other States Exceeded Borrowing Limits‎ In 2015

September 28, 2017

Minister Umahi, This Scorecard Is Not Good Enough By Taiwo Adisa

June 8, 2025
FULL LIST Of 41 Members Of Oyo Council Of Obas And Chiefs

Oyo Chief Law Amendment: He Didn’t Implement Such – Group Warns Makinde Against Ladoja’s Stand

June 7, 2025
Repete Wishes Muslims Joyful Eid-ul-Adha Celebration, Urges Steadfastness in Faith

Repete Wishes Muslims Joyful Eid-ul-Adha Celebration, Urges Steadfastness in Faith

June 7, 2025
Babaloja General Wishes Muslims a Joyous Eid-el-Adha, Calls for Love, Unity

Babaloja General Wishes Muslims a Joyous Eid-el-Adha, Calls for Love, Unity

June 6, 2025
Oyo Rep, Oseni, Distributes Rams, Cows, Food, Cash Gifts Worth Over ₦200m to Muslims

Oyo Rep, Oseni, Distributes Rams, Cows, Food, Cash Gifts Worth Over ₦200m to Muslims

June 6, 2025
Oyo Advisory Council Chairman, Ayorinde Felicitates Muslim on Eid-el-Kabir

Oyo Advisory Council Chairman, Ayorinde Felicitates Muslim on Eid-el-Kabir

June 6, 2025
Eid-al-Adha: Amofin Beulah Adeoye Urges Muslims to Uplift the Vulnerable, Promote Unity

Eid-al-Adha: Amofin Beulah Adeoye Urges Muslims to Uplift the Vulnerable, Promote Unity

June 6, 2025
Eid-al-Adha: Gbenga Obilade’s Foundation Reminds Muslims to Share Blessings with the Less Privileged

Eid-al-Adha: Gbenga Obilade’s Foundation Reminds Muslims to Share Blessings with the Less Privileged

June 6, 2025
Eid al-Adha: Daka Foundation CEO Felicitates Muslims, Urges Prayers For Growth Of Oyo

Eid al-Adha: Daka Foundation CEO Felicitates Muslims, Urges Prayers For Growth Of Oyo

June 6, 2025
How Best to Celebrate Ileya Festival? By Adedamola Adegoke

How Best to Celebrate Ileya Festival? By Adedamola Adegoke

June 6, 2025
Olaoluwa Greets Muslim At Eid-el-Kabir, Calls For Tolerance, Unity

Olaoluwa Greets Muslim At Eid-el-Kabir, Calls For Tolerance, Unity

June 5, 2025
Expectant Mothers in Alafara Receive Food Packs from George Aid Foundation

Expectant Mothers in Alafara Receive Food Packs from George Aid Foundation

June 5, 2025
">
  • InsideOyo
  • Contact Us
  • About Us
  • Privacy Policy
  • Submit A Story
  • Advertise with us
  • Support Us Today
  • Makinde And General Knowledge Questions Of The Future By Sulaimon Olanrewaju
Sunday, June 8, 2025
  • Login
  • Home
  • Political News
    • #OyoDecides – Oyo Elections 2023 I Live Updates
  • General News
  • Special Reports
  • Oyo Campus Gist
  • Jobs
  • Opinion
  • Interview
  • Makinde And General Knowledge Questions Of The Future By Sulaimon Olanrewaju
No Result
View All Result
No Result
View All Result
">
">

FRC: How Oyo, 22 Other States Exceeded Borrowing Limits‎ In 2015

by InsideOyo
September 28, 2017
in Political News
0
FRC: How Oyo, 22 Other States Exceeded Borrowing Limits‎ In 2015
">

The Fiscal Responsibility Commission has listed Oyo state and 22 others as states that exceeded their borrowing limits in 2015 contrary to the guidelines of the Debt Management Office on subnational borrowing.

In a report on the states and indebtedness, Oyo, Kaduna, Cross River, Gombe, Ekiti, Edo, Ondo, 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.

RelatedPosts

Oyo Rep, Oseni, Distributes Rams, Cows, Food, Cash Gifts Worth Over ₦200m to Muslims

Oyo Advisory Council Chairman, Ayorinde Felicitates Muslim on Eid-el-Kabir

Eid-al-Adha: Amofin Beulah Adeoye Urges Muslims to Uplift the Vulnerable, Promote Unity

ADVERTISEMENT

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.

ADVERTISEMENT

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.”

Share this:

  • Click to share on WhatsApp (Opens in new window) WhatsApp
  • Tweet
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on Threads (Opens in new window) Threads
  • Click to email a link to a friend (Opens in new window) Email
  • Click to share on Bluesky (Opens in new window) Bluesky

Like this:

Like Loading...
Tags: Debt Management OfficeFiscal Responsibility CommissionFRC report on States debt and borrowingsGovernor Abiola AjimobiNigeria newsOyo borrowingsoyo state news
">
Previous Post

Grandson Of Penkelemesi, Fatherless At 4, Nurtured By His Grandmum…Story Of Bayo Adelabu At 47

Next Post

Ajimobi: Why Nigeria Should Be Restructured

InsideOyo

InsideOyo

InsideOyo is an independent news medium for up-to-date events and happenings within and around Oyo state, Nigeria.

Related Posts

Oyo Rep, Oseni, Distributes Rams, Cows, Food, Cash Gifts Worth Over ₦200m to Muslims

Oyo Rep, Oseni, Distributes Rams, Cows, Food, Cash Gifts Worth Over ₦200m to Muslims

by Deji Moore
June 6, 2025
0

As Muslims across the world commemorate the Eid-el-Kabir festival, the lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo State in...

Oyo Advisory Council Chairman, Ayorinde Felicitates Muslim on Eid-el-Kabir

Oyo Advisory Council Chairman, Ayorinde Felicitates Muslim on Eid-el-Kabir

by Adebola Sanmi
June 6, 2025
0

The Chairman of the Oyo State Advisory Council, Chief Bolaji Ayorinde, SAN, OFR, has extended his heartfelt greetings to His...

Eid-al-Adha: Amofin Beulah Adeoye Urges Muslims to Uplift the Vulnerable, Promote Unity

Eid-al-Adha: Amofin Beulah Adeoye Urges Muslims to Uplift the Vulnerable, Promote Unity

by Deji Moore
June 6, 2025
0

Amofin Beulah Adeoye, founder of the Beulah Adeoye Foundation has extended his warm facilitations to Muslims all over the world...

Eid-al-Adha: Gbenga Obilade’s Foundation Reminds Muslims to Share Blessings with the Less Privileged

Eid-al-Adha: Gbenga Obilade’s Foundation Reminds Muslims to Share Blessings with the Less Privileged

by Olayi Abide
June 6, 2025
0

A Non-Governmental Organization, Gbenga Obilade's Foundation through its founder, Amb. (Dr) Gbenga Clement Obilade has felicitated with Muslims faithful all...

Next Post

Ajimobi: Why Nigeria Should Be Restructured

Please login to join discussion

Are YOU in distress? Call Oyo State Emergency Number NOW!!!

oyo State Emergency Number

Click to download InsideOyo.com App

Join Our WhatsApp Group

Copyright © 2025 Inside Media

Navigate Site

  • InsideOyo
  • Contact Us
  • About Us
  • Privacy Policy
  • Submit A Story
  • Advertise with us
  • Support Us Today
  • Makinde And General Knowledge Questions Of The Future By Sulaimon Olanrewaju

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Political News
    • #OyoDecides – Oyo Elections 2023 I Live Updates
  • General News
  • Special Reports
  • Oyo Campus Gist
  • Jobs
  • Opinion
  • Interview
  • Makinde And General Knowledge Questions Of The Future By Sulaimon Olanrewaju

Copyright © 2025 Inside Media

%d