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Osun Loan Repayment Hits N21.06bn – BudgIt

As of December 31, 2020 Osun state loan repayment gulped N21.06bn, the state also had the highest total debt per capita of N32,710.

The States debt-to-revenue ratio in the last four years is pegged at 178 percent (2018), 184.27 percent (2019), 191 percent (2020), and 228 percent (2021).

This is according to civic-tech organisation BudgIt who disclosed in their website that the State’s per capita debt was one of the highest in the year.

It stated, “Speaking of debt burdens and sustainability, With a total debt burden of N174.94bn as of December 31, 2020, Osun had one of the highest total debt per capita of N32,710, significantly higher than the country average of N27,316 per citizen.

“A quick look at the debt-to-revenue ratio in the last 4 years pegged it at 178% (2018), 184.27%(2019), 191%(2020), and 228%(2021). Recall that the @DMONigeria recommends that the debt-to-revenue ratio shouldn’t be more than 200%. Osun exceeded this threshold by 28% in 2021.

“This means future debt servicing and repayment obligations would continue to drown out a sizable component of the state’s future revenue. For example, loan repayments gulped N21.06bn in 2020, the third largest loan repayment made by any state in Nigeria.”

Repayment
AIHS 2022

BudgIT is also set to unveil its maiden humanitarian Active Citizens award.

BudgIT’s Global Director, Oluseun Onigbinde said the awards is one of BudgIT’s signature initiatives and efforts to spotlight and recognise personalities, organisations and agencies that are championing causes, programs and initiatives.

He said, “ On Thursday, July 14, 2022, BudgIT, a foremost civic-tech organisation leading the advocacy for accountability, transparency and effective service delivery in Nigeria and four other African countries, officially announced the maiden edition of its Active Citizens Award. This event which is scheduled to hold on September 10, 2022, at the Civic Centre, Lagos, seeks to promote and recognise individuals and organisations doing tremendous humanitarian work in Nigeria.

“According to Oluseun Onigbinde, BudgIT’s Global Director, the awards is one of BudgIT’s signature initiatives and efforts to spotlight and recognise personalities, organisations and agencies that are championing causes, programs and initiatives that have positively influenced women’s rights, community service, disability rights and inclusion, political activism, civic engagement and action, journalism, human rights, effective service delivery and other gains of social activism in Nigeria.

“The awards will feature ten (10) categories, including the Oby Ezekwesili Award for Women Advocacy, Award for Community Service, Disability Rights Advocacy or Empowerment Award, Award for Institutional Transparency, Art for Activism and many more.”

The Nation

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