FIJ
Bauchi, Imo, Zamfara and eight other states out of the 18 states that received zero foreign investments in the last three years have borrowed more than their internally generated revenue (IGR) in two years.
The other states are Bayelsa, Benue, Cross River, Enugu, Gombe, Sokoto, Taraba and Yobe, FIJ’s findings have revealed.
FIJ found this by perusing data from the Debt Management Office’s publication on states and FCT domestic debt stock as of June 30, 2024, and the National Bureau of Statistics (NBS).
In February, the NBS published a report revealing that 18 out of Nigeria’s 36 states attracted zero foreign investments between 2021 and 2023.
The NBS listed Bauchi, Benue, Borno, Nasarawa, Yobe, Sokoto, Zamfara, Cross River, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Kebbi, Bayelsa and Edo State as the 18 states.
FIJ also found out that within that period, 11 of those 18 states incurred a debt profile higher than their total IGR for that period.
Bauchi, for instance, had an IGR of 25,471,119,111.31 in 2022 and 30,584,925,750.61 in 2023, totalling 56,056,044861.92. The state’s debt stock as of June 30, 2024, is pegged at 147,225,790,034.44, which is two times higher than its 2022 and 2023 IGR summed up.
Imo’s case is also similar. The state generated an IGR of 40,388,449,880.54 between 2022 and 2023, and has a debt profile of 159,188,025,458.35.
Details of other states are in the table below:
| STATE | 2022 IGR | 2023 IGR | TOTAL IGR | DEBT |
| Bauchi | 25,471,119,111.31 | N30,584,925,750.61 | 56,056,044861.92 | 147,225,790,034.44 |
| Bayelsa | 15,902,659,947.63 | 19,823,620,909.85 | 35,726,280,857.45 | 97,532,221,931.18 |
| Benue | 19,116,355,922.46 | 15,952,846,966.36 | 35,069,202,888.82 | 116,875,920,938.91 |
| Cross River | 21,098,947,831.94 | 31,560,579,757.55 | 52,659,527,589.49 | 155,488,943,829.41 |
| Enugu | 28,691,843,017.50 | 33,862,940,857.74 | 62,554,783,875.24 | 96,977,118,717.40 |
| Gombe | 13,597,161,181.51 | 15,179,050,180.25 | 28,776,211,361.76 | 99,407,726,405.54 |
| Imo | 19,337,136,489.82 | 21,051,313,291.22 | 40,388,449,880.54 | 159,188,025,458.35 |
| Sokoto | 23,617,172,198.73 | 17,961,334,445.30 | 41,578,506,644.03 | 61,869,311,185.96 |
| Taraba | 10,238,110,125.95 | 10,869,178,343.94 | 21,107,288,469.89 | 84,718,557,628.73 |
| Yobe | 10,456,776,796.18 | 11,194,721,282.86 | 21,651,498,079.04 | 46,249,753,216.13 |
| Zamfara | 19,439,732,224.09 | 22,162,590,180.59 | 41,602,322,404.88 | 62,560,401,952.39 |
WASTEFUL SPENDING AMONG THE STATES
Some of these states, including Imo, Taraba, Cross River and Bauchi have spent and allocated lump sums of money on their governor’s offices and have prioritised them over other sectors such as health and education.
Imo, with a debt stock of N159,188,025,458.35, spent N57.4 billion on its governor’s office in 2023, a sum higher than its IGR in 2023 and 2022, which sums up to N40,388,449,880.54. This state also allocated N45.16 billion to its governor’s office in its 2024 budget.
In 2023, Taraba spent N10.4 billion on its governor’s office, which is over 100% of its 2023 IGR of N10,869,178,343.94 and intends to spend more on its government house in its 2024 budget while maintaining a debt profile of N84,718,557,628.73.
Cross River allocated N53.39 billion in its 2024 budget for its governor’s office, a sum higher than the sum of its 2022 and 2023 IGR of N52,659,527,589.49.
Bauchi’s reality is also similar to those of the previously mentioned states. This state spent N10,833,712,947 for renovations and expansion of its government house between 2021 and 2023. It allocated N2,741,500,106.88 in its 2024 budget for this same purpose.
A report by FIJ revealed that many hospitals and primary health centres (PHC) were in a shambles and in need of repairs, but the state government looked away from it and prioritised its government house.
The state spent an additional N6 billion to renovate its government house in 2024, but withheld millions meant to renovate and construct classrooms in various schools across the state.
These states that have attracted no foreign investment in three years spent N21 billion on foreign trips.
These states with zero foreign investsments have returned in the latest report by the NBS on capital importation report for the second quarter of 2024, published in October. The report revealed that they also failed to attract foreign investments between the second quarter of 2023 and the second quarter of 2024.
THIS STORY FIRST APPEARED IN FIJ
