bestview: The Islamic Yorobar Party APC criminal leaders- Tinibu and Fashole are daily smiling to the bank to stock their pockets while impoverishing their states with loans..

This is the same thing they want to use Ngige to achieve in Anambra. God will not allow the evil call APC anywhere near the Zik's Place (Anambra Govt House)

eaglechild:
The major problem is that their supporters are so blinded by tribal sentiments that they seem not to see the truth.
Instead of calling for justice and equity they go about shouting Eko oni baje!

Mynd_44: I don't get this. Every country or private company in the world gets loans to build up itself but what it does is to make an internal assessment and see if the loan is not in bad light and also see why they are going for it.

If Lagos makes N29 billion every month from its IGR that brings the total yearly to N348 billion every year and from the article, she owes N193 billion. I don't see what to lose sleep about here.

bestview:


I don't care if they all perish with the huge debt profile. My concern is that they want to bring the same evil party to Anambra. They will be humiliated in November..

eaglechild:
This is a similar problem the US is having, because they feel the debt is sustainable albeit on the short term they go about borrowing.
Forgetting that the interest keeps compounding and the debt keeps increasing till it spirals out of control.

Uyi Iredia: ^^^I'm not as convinced. I'll need hard evidence.

Mynd_44:
So you believe that Lagos owes N193 billion and don't believe it generates N29 billion each month from IGR even though it is from the same article?

Perhaps we should see how much is being put into payback each month/quarter/year so we see whether this is healthy or not.

But if you make N349 Billion and owe N193Billion, it is very sustainable.

Mynd_44:
So you believe that Lagos owes N193 billion and don't believe it generates N29 billion each month from IGR even though it is from the same article?

Perhaps we should see how much is being put into payback each month/quarter/year so we see whether this is healthy or not.

But if you make N349 Billion and owe N193Billion, it is very sustainable.

texanomaly:
How much of that N349 Billion is gone before it is received? What goes OUT? What does it cost to run the government? Find out what is left after that, and you can better gage if it is feasible.

eaglechild:
Bingo

That is the question being asked here.
If you claim to generate a humongous 29billion monthly,
why then do you have to keep borrowing.

It can only mean that
the revenue is not well managed, or the recurrent expenditure far outweighs the IGR.

Lagos has never been knee deep in debt as it is now.

We need to start asking questions.

Mynd_44:
If I make N150K each month and I want to buy a car worth 300K I can keep part of that money aside until I can raise it right?

On the other hand if what I want to buy is very important, I can decide to take a loan and a certain amount is taken from the N150- each month while what I want to deal with has been settled.

We need to ask the right questions here

eaglechild:
Bingo

That is the question being asked here.
If you claim to generate a humongous 29billion monthly,
why then do you have to keep borrowing.

It can only mean that
the revenue is not well managed, or the recurrent expenditure far outweighs the IGR.

Lagos has never been knee deep in debt as it is now.

We need to start asking questions.

eaglechild:
Why is Lagos debt increasing astronomically despite her very large IGR?
Let's put sentiments aside here.

This is the right question.

The answer, to me is lack of visionary governance.
No one leaves more than double the debt he met in office while exiting.
Fashola needs to answer these questions.

fyneguy:

You are not a financial mind. That's why you could post this hogwash. Why dont you talk to one of goons who might by finance savvy?

Mynd_44:
Have you considered that these loans are not for recurrent expenditure? Recurrent expenditure is taken cared of already.

These loans are going into taking care of the numerous capital projects on the state's hands. It does not need loans for salaries etc, it does not even need the federal allocation for that (remember the case of OBJ and Lagos).

With the fourth mainland bride, the light rail project, Eko Atlantic city, the road expansion and the water project, there is the need to outsource for funds. This is basic economic principle.

eaglechild:
Definitely, such loans are meant mainly for capital projects,
but BRT workers are being owed,
pensioners are being owed,
let's not forget this,
Lagos is owing like never before,
and is borrowing more,

bogus capital projects are the easiest means to siphon funds from unsuspecting tax payers,

Are you putting the puzzle together now?
We need to ask questions.

Mynd_44:
BRT workers are NOT owed salaries. Why is it that people are not getting this issue. The only class of BRT workers which get their salary from the state government are the RED ones(LAGBUS). The Blue ones are not on the government's payroll. Plus they are not being owed, their salaries are 2 days late. They normally get paid on the 25th and today is 27. Not like it is the concern of the state government anyway.

I don't know about the pensioners. Maybe you would want to tell us the pensioners of which state government agency the state owes and come up with proof of that too.

**waiting**

eaglechild:
Just scroll down the front page for the BRT story and read it


All what you have stated does not answer the question of Lagos' increasing indebtedness.

What I see is unfortunate satisfaction with poor governance, due to blind party and tribal affiliations.
The problem with Nigeria.

When these people retire as billionaires, then it will be too late.

bestview: The Islamic Yorobar Party APC criminal leaders- Tinibu and Fashole are daily smiling to the bank to stock their pockets while impoverishing their states with debts with nothing on the ground to show for it..

This is the same thing they want to use Ngige to achieve in Anambra. God will not allow the evil call APC anywhere near the Zik's Place (Anambra Govt House)

cjrane:

The worst thing is that they borrow all these money and they just pocket 50% of it and the future generation is saddled with huge debts to pay!

The same type of borrow, borrow governance they have taught Rochas, now they want to install another Ngige puppet in Anambra to start the same borrow-borrow government!

I knew when they heard Anambra was the least indebted state in Nigeria,they were going to focus on her to hand a huge debt burden on Anambra people in order to enrich themselves.

Femmyfamous4u: The truth is that even the most developed nations of the world are all indebted but what we should consider is the capability to repay the loan. I was shocked when I found out that US is indebted to the tune of $12.6 trillion although it prides itself of having best infrastructures, high life expectancy and standard of living that is befitting. As a financial expert, all countries of the world(state inclusive) are not allowed to obtain any loan exceeding 40% of GDP. Inspite of Lagos state's high debt profile, it is still "healthy" to obtain more loans but I think we all should rather demand transparency, accountability and frown at any act of profligacy in government spending.