With N302bn IGR, Lagos economy viable than 30 States combined

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Population density map of-Nigerian states

At least, fourteen out of thirty-six States of Nigeria are insolvent as their Internally Generated Revenues (IGR) in 2016 were far below 10% of their Federation Account Allocations (FAA) in the same year.

The index, which was released on Monday by Economic Confidential, showed that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states are unviable, and cannot survive without the federally collected revenue.

The IGR are generated by states through Pay-As-You-Earn Tax (PAYE), Direct Assessment, Road Taxes and revenues from Ministries, Departments and Agencies (MDA)s.

The report further indicates that the IGR of Lagos State of N302bn is higher than that of 30 States put together excluding Lagos, Ogun, Rivers, Edo, Kwara and Delta States whose IGRs are very impressive at more than 30% each. The 30 other states merely generated a total of N258bn in 2016.

The latest report on IGR reveals that only Lagos and Ogun States generated more revenue than their allocations from the Federation Account by 169% and 127% respectively and no any other state has up to 100% of IGR to the federal largesse.

The IGR of the 36 states of the federation totalled N801.95 billion in 2016 as compared to N682.67 billion in 2015, an increase of N119.28 billion. While the report provides shocking discoveries to the effect that 14 states which have less than 10% IGR may not stay afloat outside the Federation Account Allocation due to socio-political crises including insurgency, militancy and herdsmen attacks, others lack foresight in revenue generation drive coupled with arm-chair governance.

The states that may not survive without the Federation Account due to poor internal revenue generation include Borno which realized a meagre N2.6bn compared to a total of N73.8bn it received from the Federation Account Allocation (FAA) in 2016 representing about 4%. Others are: Ebonyi with IGR of N2.3bn compared to FAA of N46.6bn representing 5%; Kebbi N3.1bn compared to FAA of N60.88bn representing 5.14%; Jigawa with N3.5bn compared to N68.52bn of FAA representing 5.15% and Yobe with IGR of N3.24nn compared to N53.93bn of FAA representing 6.0% within the period under review.

Other poor internal revenue earners are Gombe which generated N2.94bn compared to FAA of N46bn representing 6.26%; Ekiti N2.99bn compared to FAA of N47.56bn representing 6.28%; Katsina N5.54bn compared to FAA of N83bn representing 6.65% and Sokoto N4.54bn compared to FAA of N65.97bn representing 6.88%.

Meanwhile Lagos State remained steadfast in its number one position in IGR with a total revenue generation of N302bn compared to FAA of N178bn which translate to 169% in the twelve months of 2016. It is followed by Ogun State which generated IGR of N72.98bn compared to FAA of N57bn representing 127%.

Others with impressive IGR include Rivers with N85bn compared to FAA of N134bn representing 63%; Edo with IGR of N23bn compared to FAA of N59bn representing 38%. Kwara State however with low receipt from the Federation Account has greatly improved in its IGR of N17bn compared to FAA of N49bn representing 35% while Delta with IGR of N44bn compared to FAA of N126bn representing 6.88%.

The Economic Confidential ASVI further showed that only three states in the entire Northern region have IGR above 20%. They are Kwara, Kano, and Kaduna States. Meanwhile eight states in the South recorded over 20% IGR in 2016. They are Lagos, Ogun, Rivers, Edo, Delta, Cross River, Enugu, and Oyo States State.

The states with the poorest Internally Generated Revenue of less than 10% in the South are Imo, Bayelsa, Ekiti, and Ebonyi States while in the North we have Niger, Nasarawa, Sokoto, Katsina, Gombe, Yobe, Jigawa, Kebbi and Borno States.

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  41. Remortgage with Bad Credit If you are a homeowner and need to raise cash for something – for example, a new car, a holiday or home renovations – a remortgage is an excellent method of releasing capital in an existing property. You can often also obtain a better deal at the same time, making it a win-win situation. However, if you have suffered financial problems since your initial mortgage was obtained, you might find that certain doors are now closed to you, and that might include the door to your current lender. As your circumstances have changed, the fact they gave you your initial mortgage is no guarantee they will agree to offer a remortgage deal. Even if they do, the terms they offer might be less favourable than your current deal. Having an adverse credit score can be an obstacle and present a real challenge to be overcome. If you are in this position take heart, as a bad credit score does not necessarily mean that you’ll be unable to remortgage your property. There are likely to be options available to you. To help you understand the situation, let’s first take a look at why lenders might be unwilling to offer you a remortgage deal. Bad credit calculator Find out if you can get a mortgage with our new calculator. Check here Why Might Lenders Be Unwilling to Remortgage? Most high street lenders will look upon bad credit remortgage applications in the same way they’d consider, and probably turn down, initial mortgage applications from people with bad credit. From a financial standpoint, a history of bad credit or an existing bad credit score is indicative of poor money management skills, and this makes those applicants a high risk for lenders. However, as with most things involving finance, there are a number of truths and myths which can become blurred. The biggest misconception is that the answer to a bad credit remortgage application will always be a resounding ‘no’. 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They get their information from two main sources: other lending companies that have agreed to share data about their customers, and public records. Lending companies share information including how much a customer is in debt to them, how promptly they pay their bills, and if they pay in full, and whether their credit cards are maxed out. The information gathered from public records includes details of adverse credit events such as CCJs, bankruptcies and IVAs, plus information held on the electoral roll. High street lenders interpret this data in line with their own criteria and arrive at a credit score, based on which they will say ‘yes’ or ‘no’ to a remortgage application. If the decision isn’t clear cut, they might say ‘yes’, but charge higher fees and/or a higher rate of interest. They do this for two reasons; to offset what they see as an additional risk and because they know they can, as borrowers with a poor credit rating have fewer options than those with an exemplary record. What is my credit rating? Finding our your credit rating is easy. Find out your credit report Adverse credit events stay on a person’s record for six years, after which they are removed. In the majority of cases, even if the six year period isn’t up yet, the further in the past something is, the less impact it will have on your credit score and therefore on a lender’s decision. However, even after they have ‘dropped off’ the record, if you are asked about certain types of adverse credit event – such as a previous bankruptcy or property repossession – you must declare it. While there are options available to those with an adverse credit score looking to remortgage a property, it is always recommended that you look to improve your credit score wherever possible. How does a credit score work? There are some positive steps you can take that will improve your situation and encourage lenders to look more favourably upon your application. Arguably the most important thing you can do is to improve your credit score. Improving your credit score is a continuous process, not something that can be achieved overnight – you must persevere with it to get results. However, if you are taking the right steps, you will soon begin to see some small improvements. Having a healthy credit score will make a huge difference to your future financial dealings. We always recommend speaking to a qualified adviser with regard to putting together a plan to improve your credit score; however, there are some immediate actions you can take to put your credit rating back on track. These include: Get a copy of your credit report from each of the UK’s three credit reference agencies – Experian, Equifax and Callcredit – and check that the details they hold are correct (they may hold different details, so do get your report from all three, not just one) Regularly update the personal details held on your credit report Make sure you are registered on the electoral roll Keep track of your credit card balances; ideally try to always pay more than the minimum to drive the balance down, and take care not to go over your agreed credit limit Use your calendar to make sure you pay your bills on time and manage your monthly income Cancel all lines of credit that are not in use, such as store cards or ‘just in case’ credit cards (but see below for an alternative option) Build up a positive credit history; for example, if you have a credit card that you don’t use, rather than cancelling it, use it at least once a month, perhaps for buying petrol or groceries – but make sure you pay it off in full every time, don’t build up additional debt Resist the temptation to take out payday loans, as they are considered to be a red flag showing that you cannot manage your finances month to month Moving forward, leave any good debt on your report For more suggestions as to how you can repair your credit rating, check out our page of simple tips. Additional actions to take Something else to bear in mind if any missed payments show on your credit record is whether they were due to events outside of your control. If, for example, your employer went out of business, leaving you financially stranded, then you should contact each credit reference agency and explain what happened. They have the ability to add a note of correction to your credit file explaining the circumstances, which may well mitigate the effect of the default on future credit decisions. There are other things you can do that, while they do not in themselves boost your credit rating, will help you to avoid falling into future difficulties, and perhaps to pay things off faster. For example, take on some freelance work or a second job, or look for a job that pays more or is closer to home (so you save money on commuting). 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So if your need is urgent and you are asking yourself, ‘Can I remortgage with bad credit?’ the answer is ‘yes’. Get in touch today for free initial advice and no-obligation quotes from our team of experienced bad credit brokers. How can we help? Just Mortgage Brokers have experience of working with property owners at all levels, from those who are relatively new homeowners to highly experienced landlords with extensive property portfolios. We also have unlimited access to the UK mortgage market and many years of experience of working with a network of bad credit lenders across the country. That means we are not restricted to products from any one particular lender but can work with a diverse range of specialist lenders to secure the remortgage deal you require. This combination of impartiality and unlimited market access gives us the very best chance of obtaining a competitively priced bad credit remortgage. We know exactly where to turn to find a mortgage to suit the particular needs of each and every client, regardless of their credit history. If you have a history of bad credit and are looking to remortgage a property, speak to Just Mortgage Brokers today to get the right deal for you.

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We are asked regularly, ‘can I remortgage with bad credit?’ Many borrowers want to know specifically which types of credit issue are acceptable, so below we have created a list and outline what is and isn’t possible when getting approved for a remortgage with bad credit: No credit history Low credit score Late payments Missed mortgage payments Defaults CCJ’s IVA’s Debt management Schemes Repossessions Bankruptcy Payday Loans And mortgage customers with multiple credit problems There are all sorts of different reasons customers look for a bad credit remortgage, including: Debt consolidation (bad credit mortgage refinance) Looking for a better rate Capital raising to purchase something (house/car/holiday etc) Let to buy remortgage with bad credit (remortgaging onto a buy to let and moving home) Marital split (remortgaging to buy out ex partner) Raising money for investment purposes (that not all lenders consider) If you’re looking for any of the above, or are simply just seeking some information, please get in touch and we’ll have one of the experts offer you the advice you need. How to remortgage with bad credit: Bad credit remortgages are a tricky thing to explain in one article and still make it relevant for everyone, because every situation is different. Lenders have certain criteria but then for certain customers, it may be possible to overturn a case that would usually be a decline, if it is a strong proposition for a lender regardless. Sometimes, customers with huge savings and great LTV’s can obtain bad credit home mortgage refinance deals regardless of their credit history. Below is a step-by-step guide of the best way to remortgage for bad credit customers, to help them prepare for applications and to assist them in gathering the right info for us upfront, so we can be best placed to offer the right advice. Don’t go to your bank! This is a very important step. I know it sounds so biased coming from a mortgage broker website but it’s true. We are NOT anti-banks, we all need them. We are pro helping you get what’s best. 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To remortgage with bad credit history it is vital to understand which issues will effect you, and how to overcome them by finding a lender or repairing your credit file. Remember: It’s what’s on your file that’s important, so any late payments or other issues that haven’t been registered with a credit reference agency won’t usually matter. The only exceptions to this are when you are applying for a mortgage with your bank, where you may have exceeded on overdrafts or credit cards or had issues with other arrangements like direct debits bouncing etc, and your bank keeps a record of them on your account. These can be things they take into account with their mortgage credit scoring system, but aren’t usually required to report to credit reference agencies so only your bank would know about them. 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You will NOT be penalised or scored any differently for searching your own credit file with these agencies – credit score is only affected by applications for credit. AND – ITS FREE! Sign up for the free trials below and order your reports now. Sign up for your free trials here… Get your credit rating Find a broker… Establish your Loan to value (LTV) Work out the property value and the amount of deposit/equity you’ll have after the new mortgage, to define the LTV. This figure is important because lenders base their criteria around the different LTVs, where those with higher LTVs must have better credit ratings than those with lower LTVs. Customers at 90 usually require good credit scores and clean (or very light) adverse credit, customers at 85 can qualify with lenders with mild adverse credit or severe but historical issues, and customers at 75 or less can often get mortgages with heavy adverse credit issues (depending on how recent they were). Establish affordability The broker must also check the loan you want is within the lenders limits. This is true of any mortgage, not just remortgages for bad credit. They tend to work out based on a multiple of your annual income – a rough guide is 4x. So for a borrower on £50k the max might be £200k, however, certain lenders can offer up to 5x and in special circumstances go above and beyond this. The figures used by lenders changes when it comes to deciding what is and isn’t classed as income – usually the basic salary (or net profit for sole traders/partnerships, or directors salary + dividends if ltd company), is used for the full value. Other income such as overtime, bonuses, other employed income, and state benefits, may either be taken 100, or as a lesser percentage, or not counted at all. Map your credit file to the most appropriate lender The broker will then research all the best remortgage deals for bad credit based on your loan amount and LTV, and work from the top down the list to the first lender that will be most likely to accept your application. Obviously if you have more severe credit history issues then a high street lender with the best deals is unlikely to approve you, so your rate and/or fees are likely to be higher. Don’t let that scare you however – you’d be surprised that the deals tend not to be astronomical and actually are still competitive. If there’s no one that will consider your application due to your credit history at that particular LTV, then be prepared to find more equity/deposit to lower the LTV into a bracket that lenders will consider (this may only be a few depending on your current situation, as lenders at 85 are much more flexible than at 90). The alternative is being patient enough to wait for your credit report to recover over time, as the older the issues are, the less impact they have. Click for a detailed article on How to recover your credit report as quickly as possible. TOP TIP: One of the best things you can do to increase your credit score is to obtain an adverse specific credit card, and spend and repay in full on a monthly basis – this helps to prove you can borrow and live within your means at the same time, and you’ll notice your score improve over the coming weeks and months. There are 2 options here, the first is a standard credit card specifically for those with bad credit, the second is for those who are declined for standard cards and need a guaranteed-acceptance card (usually if you have had more severe and more recent adverse credit). We’d recommend trying for the Aqua card first, then go for the Mastercard if declined. the Card by Aqua here

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