Connect with us

News

Exclusive: Plateau State in hidden financial crisis – N307 billion debt revealed

editor

Published

on

Caleb Mutfwang

Governor Caleb Mutfwang of Plateau State has received reports from the Committee on a Four-Year Strategic Development Blueprint for Plateau State and the Plateau State Transition Committee. The reports, presented by Prof. Ganyir Lombin, provided insights into the state’s debt burden and the challenges faced by the previous administration. The debt inherited by the current administration amounts to a staggering N307 billion.

During the presentation at the New Government House in Little Rayfield, Jos, Governor Mutfwang assured everyone that the reports would not be neglected. He emphasized the importance of studying them thoroughly, conducting further investigations, and taking appropriate actions. The Governor expressed concern over the unexpected debt burden, which was initially believed to be around N200 billion. However, he remained optimistic about overcoming the challenges, particularly the issue of security, with the deployment of new security personnel and the appointment of a Special Adviser on Security.

Governor Mutfwang reiterated his commitment to fulfilling his constitutional mandate of safeguarding the lives and property of the people of Plateau State. He emphasized the need to restore Plateau State’s legacy as a Home of Peace and Tourism within a short period.

Prof. Ganyir Lombin, who headed the two committees, expressed gratitude for the opportunity to serve the state but highlighted operational challenges that prevented a joint presentation. He lamented that the outgoing administration of Barr. Simon Lalong did not provide the committee with the opportunity to contribute to the handover documents submitted before May 29, 2023.

Prof. Lombin pointed out that the handover notes presented by the outgoing administration on May 29, 2023, lacked necessary details and did not follow the agreed template developed by the Joint Committee. The revenue accrued to the Plateau State Government from May 2015 to May 2023 was stated as N872 billion, while the total expenditure was provided only up to December 2022, amounting to N810 billion. The absence of expenditure figures from January to May 2023 raised concerns and called for further scrutiny.

The committee highlighted other pressing issues, including a backlog of four months’ unpaid salaries to public servants, totaling over N11 billion, and outstanding gratuity and pension arrears amounting to N24 billion. The Legacy Projects of the state were entangled in controversies and unresolved legal cases, hampering their implementation. Additionally, 3,692 government assets and properties, including cars and houses, were sold at significantly low prices, both within and outside the state, requiring further investigation and appropriate action.

Prof. Lombin acknowledged the significant challenges inherited by Governor Caleb Mutfwang, including a near-bankrupt state, weak institutions, low public morale, and a high level of insecurity. Despite these obstacles, he commended the Governor’s determination to succeed in pursuing the collective interests of the people of Plateau State.

The reports presented valuable insights into the state’s financial situation and will serve as a foundation for the Mutfwang administration’s efforts to address the challenges ahead. The Governor’s commitment to transparency, accountability, and resolving the inherited issues is crucial for restoring the state’s stability and fostering development.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Deborah Abiodun Undergoes Successful Surgery, Begins Road to Recovery

info

Published

on

By

WhatsApp Image 2026 09 18 at 4.35.54 PM.jpeg

Super Falcons and Washington Spirit midfielder Deborah Abiodun has successfully undergone surgery following an injury that has ruled her out for the remainder of the season.

Sports247 reports that the 22-year-old Nigerian midfielder is now beginning the rehabilitation phase of her recovery as she works towards returning to full fitness.

Abiodun’s injury is also expected to keep her out of Nigeria’s upcoming Olympic qualifiers against Comoros next month, denying the Super Falcons the services of one of their emerging midfield talents for the crucial fixtures.

Despite the setback, Abiodun has maintained a positive outlook and used her experience to send an encouraging message to young footballers who may find themselves facing similar challenges.

Reflecting on the emotional side of undergoing surgery, the midfielder admitted that she was initially scared and nervous but encouraged other players to remain patient and resilient during difficult moments.

“It’s tough sometimes, but you got to keep going. Thank you everyone for your kind words and prayers,” Abiodun said.

She explained that her message was particularly intended to motivate younger players who may be dealing with injuries and the uncertainty that comes with being sidelined.

“I was scared and nervous. It gets better, hang in there,” she added.

The setback represents a frustrating interruption for Abiodun, who has continued to establish herself at both club and international level. Her absence will be felt by the Washington Spirit for the remainder of the campaign and could also affect Nigeria’s plans for the upcoming Olympic qualifying fixtures.

For now, the focus shifts entirely to rehabilitation as Abiodun begins the long road back to competitive football.

The Super Falcons midfielder will be hoping for a smooth recovery and a strong return to the pitch when she is eventually cleared to resume action.

Continue Reading

Business

Dangote Refinery to double workforce in expansion push

info

Published

on

By

Dangote Refinery 2 1024x831 1 e1778177983979.jpg

Dangote Petroleum Refinery and Petrochemicals FZE plans to double its labour force to meet its target of doubling its processing capacity by 2029.

“Well, within the refinery, the workforce will practically become double, except in the water treatment section, because there we already have substantial capacity,” Edwin Devakumar, vice president, oil & gas and fertiliser at Dangote Industries Limited, told journalists at the refinery in Lagos on Friday.

He observed that labour expansion in the transport segment might not be significant, except in the case of an increase in local consumption.

“Obviously, we don’t expect a substantial increase in the consumption of petrol and diesel within the country in the short term,” he added.

The oil processing plant is on a drive to raise N2.2 trillion ($1.6 billion) in equity capital from retail investors to finance a major expansion from 700,000 barrels per day (bpd) to 1.4 million bpd.

On Monday, when it opened its order book to the public, setting the capital raise programme in motion, overwhelming subscription traffic, which attracted billions of naira in demand to the offer in its first few minutes, triggered downtime across a couple of trading platforms across Nigeria.

PT WHATSAPP CHANNEL
Dangote Refinery AD

Bamboo and Cowrywise, two of several fintech and digital application channels approved by Nigeria’s Securities and Exchange Commission to facilitate transactions for the offer, reported outages on their social media posts, with Bamboo said to have seen a 1,000-fold jump in traffic compared to regular days.

The pan-African share sale, dubbed by Mr Dangote as “the people’s IPO,” is broadly tapping into Nigeria’s fintech infrastructure to drive inclusion across the continent’s most populous country, with a minimum subscription of 10 units, equivalent to N5,250.

Towards that end, the transaction is targeting investors as diverse as traders, cooks, drivers and managers, giving “every human being living on the continent to be part of this action,” Mr Dangote told attendees at the sign-off ceremony of the offer documents in Lagos last week.

The green shoe option in the offer gives Dangote Refinery the flexibility to allot 30 per cent of the excess shares if the IPO is oversubscribed.

Should that happen, it will make the IPO not just Africa’s biggest yet but also the largest-ever among frontier markets, Temi Popoola, the CEO of the Nigerian Exchange (NGX), said this week while responding to questions on CNN.

Compared to the first phase of the refinery project, which cost $20 billion and suffered construction delays, the expansion will cost less, Mr Devakumar said, because there won’t be a need to build most of the infrastructure used in the first stage, including a granite quarry and a port facility.

“The equipment, per se, will be the same because it’s a replica. But at the same time, we are trying to cut down on engineering and design costs because most of that will again be a replica. So we have told the design engineers, reduce your cost, and they have already agreed,” he said.

The current expansion plan at the fertiliser unit is expected to increase annual output from 3 million tons to 12 million tons.

READ ALSO: What Dangote IPO signals – NGX Chairman

Apart from Lagos, where it is pursuing a primary listing, the Dangote Refinery is also looking to float its shares on bourses in Africa, including Johannesburg and Nairobi. A cross-border listing outside Africa, most likely in the US, is under consideration and could happen in three to four years.

According to Minister of Industry, Trade and Investment Jumoke Oduwole, listing the refinery’s shares on the NGX could lift market capitalisation by $60 billion.

The company logged $1.8 billion in after-tax profit for the six months to June, when revenue topped $13 billion, according to the offer prospectus, riding on the soaring oil prices that followed the outbreak of the US war against Iran.

That compares to a net loss of $476 million recorded for last year.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending