Jul 12 2012
Most states in Nigeria are bankrupt – Senate
By Onyedi Ojiabor
Senate President, David Mark
This followed the consideration and adoption of the report of the ad-hoc committee on National Planning, Economic Affair and Poverty Alleviation, Appropriation, Finance and States and Local Government on “The looming danger of bankruptcy in states: the need for fiscal evaluation.”
The Senate at its plenary on October 27, 2011 debated a motion by Senator Olubunmi Adetunmbi (Ekiti North) on the looming danger of bankruptcy in states.
The report of the joint committee was presented by Chairman, Senate Committee on National Planning, Senator Barnabas Gemade.
After the consideration and adoption of 18-page report, Deputy Senate President, Senator Ike Ekweremadu, said, “we observed that most states in the country are bankrupt because they cannot meet their obligations.”
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