PFMDAILY#11: We are in major debt crises.

In virtually all states of the federation, outgone governors left incredible debt profiles with little or nothing to show as the investment of the proceeds of the debts.

It has become imperative for new governors to vet these debts and investments to determine the true position.

It should not be a political exercise but one that involves the Securities and Exchange Commission, Debt Management Office, Fiscal Responsibility Commission, Professional groups and credible civil society organisations.

Where there is evidence of mismanagement, proceedings for recovery of such sums should be vigorously pursued. Most state debt profiles are simply insane.