Yobe state has a debt profile of N121 Billion naira The loans from both Governor Gaidam and the current governor have added to this large debt.
Introduction
Yobe State in Nigeria faces many problems. It owes more than N100 billion in loans. Each year, this debt grows by 10% to 20%. Boko Haram has caused much trouble in the state for many years. This has made life hard for the people and slowed down development.
Many NGOs from around the world have given them interest-free loans. These loans help the state deal with the damage caused by Boko Haram and support rebuilding efforts.
Even with this help, the state’s large debt and security issues make it difficult to improve living conditions.
The government of the State needs to find better ways to manage its debt and improve security. This will help create a safer and more prosperous environment for its people.
The support from NGOs is important, but the state also needs strong plans and actions to overcome its challenges. Only then can the State hope to move forward and provide a better life for its citizens.
They has less debt than many other states. The state gets loans from both NGOs and Nigerian banks. NGOs from around the world have given Yobe State interest-free loans. These loans help the state deal with problems like security and development.
They also borrows money from Nigerian financial institutions. This mix of loans from NGOs and local banks has helped the state fund various projects.
Over the years, Yobe’s debt has grown a lot. In 2015, the debt was N9.85 billion. By June 2022, it had increased to N106.2 billion. This is an increase of N96.35 billion.
The rise in debt shows that they needs more money to improve infrastructure and security. Even though Yobe has less debt than many other states, it still needs to manage its loans carefully.
The money from NGOs and local banks is important for helping the state grow and solve its problems. Managing this debt well is key for Yobe State to develop and create a better future for its people.
Loan history
Yobe State in Nigeria did not take many loans for a long time. Until 2015, the state did not borrow money and kept a low loan profile. Things changed in 2016 when the former governor borrowed N12 billion.
After this, the state’s debt started to grow.
Before 2016, Yobe managed its money without loans. This helped keep the debt low. But in 2016, the state took a big loan of N12 billion. This was the start of more borrowing.
Since then, Yobe State’s debt has increased a lot. By June 2022, the debt had grown to N106.2 billion. This shows how the state’s financial situation has changed since it started taking loans.
The loan in 2016 was meant to help with projects and development. But the rising debt has caused financial problems. Now, they needs to be very careful with its loans.
Managing the debt well is important for the future. Yobe needs to find ways to keep its finances stable and reduce its debt.
Loan records
Yobe State in Nigeria had low debt for many years. Things changed when Governor Ibrahim Gaidam took office. He started borrowing a lot of money. Before this, Yobe was doing well without many loans.
In 2016, Gaidam took a big loan, and the state’s debt began to grow.
The biggest loan in Yobe’s history was taken in 2021, after the COVID-19 pandemic.
The current governor borrowed over N20 billion. This made the state’s total debt rise to N92 billion. The loan was meant to help the state recover from the pandemic.
By 2024, Yobe State’s debt had increased even more, reaching N121 billion. This shows how much the state’s debt has grown because of these loans.
The loans from both Governor Gaidam and the current governor have added to this large debt.
Now, Yobe State has to deal with the problem of high debt.
The borrowed money was supposed to help with development and recovery projects. But the increasing debt makes managing the state’s finances harder.
It is very important for Yobe to handle its loans carefully and find ways to keep its finances stable for a better future.
Conclusion
Yobe state has a debt profile of N121 Billion naira The loans from both Governor Gaidam and the current governor have added to this large debt.