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Trending News: BREAKING: TINUBU SWEARS-IN IBAS AS RIVERS SOLE ADMINISTRATORBREAKING: TINUBU SWEAR-IN IBAS AS RIVERS SOLE ADMINISTRATORBREAKING: TINUBU SWEARS IN IBAS AS RIVERS SOLE ADMINISTRATORSIM FUBARA LEAVES RIVERS GOVT HOUSE AS SOLE ADMINISTRATOR PREPARES TO TAKE CHARGESIM FUBARA LEAVES RIVERS GOVT HOUSE AS SOLE ADMINISTRATOR PREPARES TO TAKE CHARGEEMERGENCY RULE: PDP GOVERNORS TO DRAG TINUBU TO COURTSOLDIERS HOLD FUBARA, FAMILY HOSTAGE IN RIVERS GOVT HOUSESOLDIERS HELD FUBARA, FAMILY HOSTAGE IN RIVERS GOVT HOUSEGOVERNOR PETER MBAH FLAGS OFF CONSTRUCTION OF 141 URBAN ROADS IN ENUGURIVERS ASSEMBLY BACKS EMERGENCY RULE, PLEDGES SUPPORT TO SOLE ADMINISTRATORRIVERS ASSEMBLY BACKS EMERGENCY RULE PLEDGES SUPPORT TO SOLE ADMINISTRATORTIMELINE FOR WIKE-FUBARA FIGHTS IN POLITICAL CRISIS IN RIVERS SINCE 2023TIMELINE OF WIKE-FUBARA FIGHTS IN RIVERS POLITICAL CRISIS SINCE 2023STATE OF EMERGENCY: TINUBU BLAMES FUBARA, SILENT ON WIKE’S ROLESTATE OF EMERGENCY IN RIVERS: TINUBU BLAMES FUBARA, SILENT ON WIKE’S ROLEPDP ACCUSES WIKE OF ANTI-PARTY, THREATENS TO EXPEL HIMSTATE OF EMERGENCY, OPPOSITION FIGURES, LAWYER TAKES STAND AS TENSION ENVELOPES RIVERSNATIONAL ASSEMBLY WAS DULY CONSULTED BEFORE EMERGENCY RULE – HOUSE SPOKESPERSONFUBARA BREAKS SILENCE, CALLS FOR CALM AMID SUSPENSIONPDP REJECTS EMERGENCY RULE IN RIVERS, INSISTS TINUBU HAS NO POWERS TO SUSPEND GOV FUBARAPDP REJECTS EMERGENCY RULE IN RIVERS, INSISTS TINUBU HAS NO POWERS TO SUSPEND GOV FUBARAPDP REJECTS EMERGENCY RULE IN RIVERS, INSISTS TINUBU HAS NO POWERS TO SUSPEND GOV FUBARAFUBARA’S REMOVAL UNCONSTITUTIONAL – NBAFLASH BACK: TINUBU TO GEJ: EMERGENCY RULE: DON’T TAMPER WITH GOVERNORS’ MANDATES (MAY 2013)EMERGENCY RULE: WHEREABOUTS OF FUBARA UNKNOWN AS MILITARY MOVES TRUCKS INTO GOVERNMENT HOUSETINUBU DECLARES STATE OF EMERGENCY IN RIVERS, SUSPENDS FUBARA FOR SIX MONTHSI’M SORRY, NYSC MEMBER WHO CRITICISED TINUBU BEGS FOR FORGIVENESSWIKE VS FUBARA: HOW WILL RIVERS’ CIVIL SERVANTS COPE?WIKE REVOKES PDP HEADQUARTERS LAND APPROVALRIVERS ASSEMBLY LAWMAKERS RIGID, UNCOMPROMISING – STATE GOVTRIVERS ASSEMBLY LAWMAKERS RIGID, UNCOMPROMISING – STATE GOVTNATASHA CALLS NIGERIAN SENATE A ‘CULT’ SAYS SUSPENSION MEANS OF SILENCING HER – INTERVIEW WITH BBCNATASHA CALLS NIGERIAN SENATE A ‘CULT’, SAYS SUSPENSION MEANS OF SILENCING HER – INTERVIEW WITH BBCNATASHA CALLS NIGERIAN SENATE A ‘CULT’, SAYS SUSPENSION MEANS OF SILENCING HER – INTERVIEW WITH BBCEXPLOSION ROCKS CRUDE OIL PIPELINE IN RIVERS STATETRUMP MOVES TO CLOSE DOWN VOICE OF AMERICATRUMP MOVES TO CLOSE DOWN VOICE OF AMERICAIMPEACHMENT: FUBARA IS GOING NOWHERE – FAYOSEFUBARA NOT SERVED IMPEACHMENT NOTICE – RIVERS GOVTCOURT FIXES APRIL 16 TO RULE ON DEFECTION CASE AGAINST PRO-WIKE LAWMAKERSHOW AMOSUN DEMOLISHED MY CEMENT PROJECT PLANT TWICE – DANGOTETINUBU APPOINTS KUKAH FEDERAL VARSITY KADUNA PRO-CHANCELLORHOW MY MOTHER RUINED MY CAREER – NOLLYWOOD ACTRESS, REGINA DANIELSCORPS MEMBER WHO CALLED TINUBU ‘TERRIBLE PRESIDENT’ DESERVES CAPITAL PUNISHMENT – MEDIA AIDEYOU LACK POWER TO PROSECUTE OFFENCES UNDER ELECTORAL ACT – COURT TELLS AGFALLEGATIONS OF GROSS MISCONDUCT AGAINST RIVERS DEPUTY GOVERNOR, NGOZI ODUHOW FATHER OF NYSC MEMBER WHO CRITICISED TINUBU GOVT DIED AFTER PROTESTING GOVT’S DEMOLITION OF HIS PALM PLANTATIONHOW FATHER OF NYSC MEMBER WHO CRITICISED TINUBU DIED AFTER PROTESTING GOVT’S DEMOLITION OF HIS PALM PLANTATIONHOW FATHER OF NYSC MEMBER WHO CRITICISED TINUBU DIED AFTER PROTESTING GOVT’S DEMOLITION OF HIS PALM PLANTATIONNORTHERNERS SLAM TINUBU’S SON, SEYI, FOR DISTRIBUTING FOOD AS RAMADAN AIDGOVERNORS MOVE AGAINST DIRECT ALLOCATION TO LGS, LOBBY TINUBURIVERS ASSEMBLY COMMENCES IMPEACHMENT PROCEEDINGS AGAINST GOV FUBARA, DEPUTYMY MARRIAGE IS SHAKEN – NOLLYWOOD ACTRESS, MERCY JOHNSONLABOUR LEADERS BETRAYED WORKERS OVER MINIMUM WAGE – OBASANJOLABOUR LEADERS BETRAYED WORKERS OVER MINIMUM WAGE – OBASANJOGOVT SHOULD BE TOLERANT OF CRITICISMS – TUC DEFENDS VIRAL NYSC MEMBERMORE APC TOP LEADERS, OTHERS DEFECTING SECRETLYLAGOS MEN SPENT N661BN ON ‘RUNS GIRLS’ IN 2024 – SURVEYCRIMINALS, DRUG ADDICTS, KIDNAPPERS BECOMING TRADITIONAL RULERS – OBASANJONIGERIAN GOVT PLANNING TO ARREST ME – NATASHA RAISES ALARMWE ARE ALL NATASHA: SENATOR’S SEXUAL HARASSMENT CLAIMS ROIL NIGERIA – THE GUARDIANBUHARI PROTECTED CRIMINAL ELEMENTS THAT TERRORISED NIGERIA – OBASANJOJUDICIAL PANEL FAULTS SUPREME COURT JUDGEMENT ON RIVERS STATEFUBARA OBSTRUCTING IMPLEMENTATION OF SUPREME COURT JUDGEMENT – RIVERS ASSEMBLY CLAIMSI HAVE NOT DISCUSSED JOINING SDP WITH ANYONE – EX-GOV BONI HARUNAI HAVE NOT DISCUSSED JOINING SDP WITH ANYONE – EX-GOV BONI HARUNAHOW I ATTENDED IPU MEETING IN NEW YORK – NATASHAFUBARA IN LIMBO AS LAWMAKERS SUSPEND SITTING INDEFINITELYGIVE MY FOUR DAUGHTERS A CHANCE – AKPABIO PLEADSDUBEM ONYIA! GOD WHY?INSIDE STORY OF EL-RUFAI 2027 AGENDA TO STOP TINUBUNIGERIA, SOUTH AFRICA EXEMPTED AS TRUMP PLANS TRAVEL BAN ON 43 COUNTRIESPEACE FAILS TO RETURN TO LAGOS ASSEMBLY AFTER MEETING WITH TINUBUPEACE FAILS TO RETURN TO LAGOS ASSEMBLY AFTER MEETING WITH TINUBUCRISIS AS LP SACKS 30 MEMBERSCRISIS AS LP SACKS 30 MEMBERSINSECURITY IN NORTHERN NIGERIA DUE TO POVERTY – PETER OBIFUBARA SURROUNDS HIMSELF WITH SELFISH ADVISERS – WIKEDSS ARRESTS FIVE SUSPECTED KIDNAPPERS IN ENUGUNIGERIA PROBES INTO NATASHA AKPOTI-UDUAGHAN’S PARTICIPATION AT IPUPDP GOVERNORS TAKE CONTROL OF PARTY AS DAMAGUM STEPS DOWNEL-RUFAI INVITES ATIKU, OBI, OTHERS TO JOIN SDPYOUR POLICIES WORSENED THE SITUATION – AFENIFERE TELLS TINUBUOBASANJO ACCUSES BUHARI REGIME OF MONUMENTAL CORRUPTION, MALAMI FIRES BACKSANUSI REMAINS EMIR – KANO GOVTI’M NOT A RELIGIOUS BIGOT – TINUBUENUGU GOVT MOVES MOTOR SPARE PARTS TO NEW SITEENUGU YOUTHS CAUTION WIKE OVER REMARKS AGAINST MBAHENUGU YOUTHS CAUTION WIKE OVER REMARKS AGAINST MBAHHEAT WAVE RAGESHEAT WAVE RAGESFG DENIES FRESH CLAIMS OF TARGETED KILLINGS OF CHRISTIANSMY REFORM HARD CHOICE NIGERIANS MUST FACE – TINUBU TO CATHOLIC BISHOPSCATHOLIC BISHOPS ASK TINUBU, GOVS TO HALT SPONSORSHIP OF PILGRIMAGE OVER CORRUPTIONKANO EMIRATE: APPEAL COURT STOPS SANUSI’S REINSTATEMENTNIGERIAN STUDENTS IN U.S. FACE DANGER OF DEPORTATIONBUDGET RE-PRESENTATION: RIVERS ASSEMBLY ADJOURNS SITTING INDEFINITELYEBIRA YOUTH LEADER BLAST SENATOR NATASHA, CALL HER ‘UNREPENTANT BLACKMAILER’EBIRA YOUTH LEADERS BLAST NATASHA, CALL HER ‘UNREPENTANT BLACKMAILER’EAT THE PARTY, I SHOULD HAVE BEEN EXPELLED – EL-RUFAI MOCKS APC LEADERSHIP
Thu. Mar 20th, 2025

IMO STATE REELS UNDER DEBT: OWES N43B TO CONTRACTORS, N163B DOMESTIC BORROWING, N70B TO CBN

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IMO STATE REELS UNDER DEBT: OWES N43B TO CONTRACTORS, N163B DOMESTIC BORROWING, N70B TO CBN

Imo State Reels Under Debts As Governor Uzodimma Owes N43billion To Contractors Amid N163billion Domestic Borrowing

The state also owes the CBN N70.8 billion from the differentiated cash reserve ratio it got.

Areview of the audited financial statements of Imo State, has shown that the Governor Hope Uzodimma-led government owes its contractors N43billion and the Central Bank of Nigeria the sum of N89billion as of the end of 2023.

The report also shows that Imo State under Governor Uzodimma owes the apex bank the sum of N17.2billion from the budget support granted to it by the Central Bank; the state also owes another sum of N66 million from the MSME development fund it got from the CBN.

Another sum of N1.6 billion is owed by the state from the CBN Covid-19 health intervention fund it received from the apex bank.

The state also owes the CBN N70.8 billion from the differentiated cash reserve ratio it got.

The funds are listed against banks such as Fidelity Bank, Zenith Bank, Access Bank and Union Bank.

Further review by SaharaReporters shows that the state owes another sum of N43.4 billion to contractors as of the end year 2023.

In November 2021, it was announced that the Central Bank of Nigeria was giving each state of the federation a fresh sum of N18.2billion as budget support facility.

This came after the apex bank in April 2021 demanded payback of budget support loans granted states between 2015 and 2016.

Nigerian states up till now have been struggling with their activities relying on the funding from the federally distributed revenue and heap of loans.

The loans usually lead to high debt servicing figures which experts say have a negative impact on developmental needs of states.

Already, Imo State has a high debt portfolio, owing $74 million externally as of June 2024 and another N163 billion domestically as of March 2024.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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