FRIDAY 25TH SEPTEMBER 2020

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Report: N5.39tn Debt Blocks States from Capital Market Borrowing We are not overwhelmed, Osun govt insists Lagos has reduced reliance on FAAC to 21%, says Sanwo-Olu Deji Elumoye in Abuja and Dike Onwuamaeze in Lagos With a total debt burden of N5.39 trillion as at the end of December 2019, the 36 states of the federation are no longer

eligible to borrow from the capital market, a new report, has said. The 2020 edition of the BudgIT’s annual state of states report titled “Fiscal Sustainability and Epidemic

Preparedness Financing at the State Level,” stated that the debt burden of the 36 state governments (excluding the Federal Capital Territory) stood at N5.39 trillion in 2019. This is coming as the Osun

State government has declared that it is not overwhelmed by the huge debt profile of the state, stressing that alternative means had been identified to meet the financial needs of the state.

The Lagos State Governor, Mr. Babajide Sanwo-Olu, who was the guest of honour at the unveiling of the report, also said that the state’s reliance on Federation Accounts Allocation Committee (FAAC)

has reduced to only 21 per cent as at August 2020. The report added that the states are no longer qualified to borrow from the capital market Continued on page 10

Nigerian Oil, Gas Suppliers Lament N320bn Loss, Back Deregulation... Page 8 Friday 25 September, 2020 Vol 25. No 9300. Price: N250

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Buhari: CAMA will Aid Nigeria’s Fight against Corruption...

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Labour’s Proposed Strike in Abeyance as Parley with FG Ends in Deadlock Parties hold on to positions, adjourn till Monday Court restrains unions from industrial action Onyebuchi Ezigbo in Abuja The meeting between the federal government and organised labour, Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), was adjourned yesterday till Monday after both sides failed to agree on terms for the resolution of the dispute

over the increase in petrol price and electricity tariffs in the country. However, the planned industrial action scheduled for Monday by the labour unions is put in abeyance, pending further consultations with their various organs Continued on page 9

Akeredolu, Jegede, Ajayi, Others Scramble for 1,478,460 Ondo Voters Candidates sign peace accord October 6 Chuks Okocha and James Sowole in Akure The Independent National Electoral Commission (INEC) yesterday gave details of how the October 10 governorship election in Ondo State would be conducted, stating that 1,478,460 voters are eligible to determine the fate of the

candidates of the various political parties, by casting their votes in the 3,009 polling units in the state. This is against the voting population of 1,822,345 in the 18 local government areas within 203 electoral wards and registration areas. Continued on page 9

CARING HEART... L-R: Chairman of Kwara State Ad-hoc Committee on Environment, Mr. Abdulrazaq Jiddah; Senator Ibrahim Oloriegbe; and Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, during the governor's visits to households affected by recent rainstorms in Ilorin…recently

30 People Injured, 23 Buildings Destroyed in Lagos Explosion... Page 5


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