All these debts must be probed otherwise me and my kids will be forced to service debts looted by a party whose sole aim is to antangonize a working system.

olushowunm: Most people here are getting the news wrong. First, for Lagos, its an healthy loan, because Lagos currently have over N450billion ($2.8125billion) which is healthy. Do most people compare Lagos to Plateau, they are not the same pedestal as Lagos is thirsty for growth and also with huge revenue potential. Do you expect a place like plateau waiting for federal allocation and some meagre IGR from Nabisco and Grand Cereals to take $1b debt? Who will give them? Not in this world!

Most people here that you're seemingly attempting to educate are way beyond redemption. I can bet you less than 10% read the article itself. I can also hazard a guess that, less than 5% can interpret the financial state of a local government, talk less of a state. Most people hear the word loan and they just go on idiotic spree of faulty arguments.

But guess what? God has probably blessed NL with some rational minds like yourself that will not give up on this lost folks

kernel504:

I don't play party politics,ok? Multiply N6 billion into 12 places, it doesn't come near $2.6 dollars, which runs into trillion naira.
Engage me into something substantial, or rather use your calculator.

You have tried much to explain to you! It seems you are indefatigable and can't even comprehend my words!

olushowunm: . I don't know where to start again, because I don't understand your comment, is it the Naira/$ conversion or the partisan politics palava. And I don't remember where I mentioned APC nor PDP here. Is Kaduna state a APC state? Then about the figures, whether IGR is N237billion, or N450billion, its clear they have revenue potential. But my own state just zoomed to N6b/month from N730m from last administration. So our Governor can borrow more money because of its increased revenue! So read my comment very well. Thanks.

I don't play party politics,ok? Multiply N6 billion into 12 places, it doesn't come near $2.6 dollars, which runs into trillion naira.
Engage me into something substantial, or rather use your calculator.

Don't you know that debt is serviced, or you think is interest free.
Nigeria Government uses 1/10th of her yearly budget to service debt.

Suarezilla: Absolutely none of my bizness...why shud I care when I didn't benefit from such money? MmmtTeeewww

You should be concerned because money will be tapped from you indirectly to service the loan.

raumdeuter: Since Lagos houses 1/3 of Nigerias fresh graduates

Lagos infrastructure would continue to be stretched when some people cant stay in their region

thus the need to borrow.

Fashola needs to deploy more babaloja out to increase market levies in Alaba, Computer village, Trade fair, Ladipo and Aswani etc

You cant be living in Lagos and enjoying its benefit for free

COME ND COLLECT LEVIES NAH,OLODO,..,LAZY COWARD

mapet:

Most people here that you're seemingly attempting to educate are way beyond redemption. I can bet you less than 10% read the article itself. I can also hazard a guess that, less than 5% can interpret the financial state of a local government, talk less of a state. Most people hear the word loan and they just go on idiotic spree of faulty arguments.

But guess what? God has probably blessed NL with some rational minds like yourself that will not give up on this lost folks

Mapet, you just vindicate me! People are just not reading again and even the W.A.S.S.C.E result is a pointer to that!

olushowunm: . I understand your fears but in this modern age, we have a lot of projects that needs to be done and there is ever increasing supplies of cheap moneys. The government will always be happy to access these cheap sources of credit. It is easy to leverage on your potential to get things done faster!

it is obvious u are a contractor for the lagos state goverment,so u are bound to defend their actions as long as you get ur contracts. Well it is up to lagosians to decide if they want to continue with such government or not

This is NOTHING. When people know the level of corruption going on in LSG, some might pass out. Fashola has sold us Lagosians to Tinubu to fund and rig elections in other states.



[quote]APC is for Tinubu. Nigerians are not ready to sell they birthright to one man's political empire. Check out Lagos already: Wife -Senator, Son in law - House of rep, Son in law- House of assembly, Daughter - Iyaloja, [size=13pt]Tinubu - AlphaBeta (a company that collects 1Billion Naira MONTHLY from Lagos State), Oriental Hotel, First Airline, Shares from Lekki Tolls LCC, Oando, Royal Garden Estate 150 Hectares in Ajah, Hitech, Lakowe Resort, ABC Consortium, the Nation Newspaper, TVC, Radio Continental, 1 hectare Land in No4 Oyinkan Abayomi formal Queens drive valued at 450 Million, 26 Burdillion Road Ikoyi valued at 600 Million Naira, Lagos state Guesthouse at Asokoro valued at 450 Million, ADIVA project, 157 Hectare with 2.5 Kilometers valued at 10 Billion in IGBEKODO, Apakim Ibeju Lekki; Park view Estate Ikoyi 14 Hectares, Strabag Yard beside Lagos State Secretariat Alausa Ikeji, Multi level Recreational centre beside Mobil in Oniru Estate valused at 25 Billion, New era foundation Youth camp at Eleko, Fara Park Estate, Beech Wood Estate etc.
[/size]



Me and my kids refuse to pay for Tinubu's and APC flamboyance . Dr Dosunmu or Jimi needs to be careful before they are murdered in cold blood by a desperate Tinubu.

@Musicwriter,

I respect your opinion but totally disagree. You don't blame your inability or lack on the next person. Just like a case of 2 folks that started out at the same time, one went to school and the other did not. The former went on to own a supermarket and the latter came in and started complaining that his goods are way too expensive and that he's taking advantage on him because he has no where else to go.

My simple analogy above, may not be as simple in the reality but the sense of it subsist. First off, we need not drool on our current state but move progressively toward development. God willing with proper management, we also should strive to get into the realm of the BRICS, where our economy will be robust and we can also be part of syndicate that give out loans

I also think the world bank and IMF have been much more agent of good. If you look at the areas where these loans are targeted in Lagos state from the report for starters, Education, Water, Roads and Infrastructure etc, then it should tell us it is to the benefit of common man. But why are we bothered about World bank and IMF while right under our noses, the monies that can assist in all these areas are taking flight left, right and center... right under our nose the FG are yet to account for $20billion, which as Fashola stated, could have been used to increase our power generating capacity to over 10GW.

musicwriter: The world bank and IMF are agents of poverty. After the fall of colonialism it was created as a neo-colonial instrument to make nations to become loan dependent so they (world bank and IMF) could earn money by having nations service huge loans. Over the years they've mastered the art of luring nations to povery using what I call ''trojan'' loan. They're really not interested in any development in Lagos but is more interested that Lagos is capable of servicing it's loan. The IMF and world bank particularly love countries and states like Lagos with good financial prospects cause they're assured they will be capable of servicing their loans forever. Though Lagos have borrowed about $1 Billion but by the time it's all cleaned and dusted Lagos would have paid about $8 - $9 Billion servivng it's loan. This's how the west riff-off poor countries, and this's why we remain poor working for them.
It's a real ''monkey dey work baboon dey chop'' situation. Of course this's all possible with the collaboration of corrupt government officials.
For more details on world bank and IMF ripp-off strategy check out the below blog - August.

Africans open your eyes!.

Eko don ni ba je ooh!

texaco1: it is obvious u are a contractor for the lagos state government,so u are bound to defend their actions as long as you get ur contracts. Well it is up to lagosians to decide if they want to continue with such government or not

its clear that you have a sinister motive in your criticism and you don't even a good counter-argument worth debating on! Get on with your logistics business, maybe if PDP form a government in Lagos in year 2100 A.D, then I will see how your business will grow more. Anyway, go and check what PDP were unable to do on Apapa Expressway for 8yrs now, maybe you are into Air freight only sha!

Even seun is owning me 10naira.

Nashoji: you expected me to do what then? OK, I should have been shouting APC and PDP like others ryt. bros abeg jejely pack well, no be send fashola go borrow money.

You don't get my point. I mean the 'eko oni ogbanje' slogan, how do it sound? Doesn't sound smooth to my ears

msmon:

You should be concerned because money will be tapped from you indirectly to service the loan.

indirectly? Maybe you shud throw more lights pls

Most of the people commenting either did not read the article or have no idea of finance. A loan portfolio of $1 billion is really healthy for a state like Lagos.

olushowunm: You have tried much to explain to you! It seems you are indefatigable and can't even comprehend my words!

What do you want me to understand, when Nigeria treasury is less than $60 billion, and your saying Lagos is around $ 450.
Let me assume you made a mistake.

Tinubu well done o!

Meanwhile Lagos is the most most populous State, almost a third of the population of Nigeria is in Lagos! The busiest, and by far the most commercialized state so what do you expect?

mapet:

Most people here that you're seemingly attempting to educate are way beyond redemption. I can bet you less than 10% read the article itself. I can also hazard a guess that, less than 5% can interpret the financial state of a local government, talk less of a state. Most people hear the word loan and they just go on idiotic spree of faulty arguments.

But guess what? God has probably blessed NL with some rational minds like yourself that will not give up on these lost folks

You are right.

...and the BAT is getting richer!

All the money belongs to Tinubu. Lagos will keep borrowing to pay him.

Gbese and gobe 4 the incoming government

Khaynet:
.
.
*yawns*
I thought maturity was a matter of age but now I know better

Read your previous posts to me and tell me who is the kid here. Am i not dumb anymore, as u said in your previous post?

PDP una no go stop to dey hate b4 Thunder go start to dey strike una eh??
But But Apshit una no do am well despite all the taxes n everything Oga ooooo
All I no is der is God in everything we do der is God ooooooooo
All this money u r sharing n owing there is God oo

lilprinze: APC states just borrowing and owing money anyhow since 19bc, so owing large depths is their own way of progressing their states ??

However, in comparison to the nation’s total
external indebtedness, the states owe only 32.13
per cent; leaving the Federal Government with
67.87 per cent of the total $9.38bn.


Learn not to politicize everything you hear. Is the FG also APC?

Nigeria's debt increased by 35% in one year and it's not raising eyebrows? Are we not still selling oil? What project was done in one year?
With regards to Lagos state, it will do you good to reflect on how the state's revenue profile has increased vis a vis it's debt profile.
You cannot apply the same logic to the Federal government that keeps reducing capital expenditure and increasing recurrent expenditure.

juman:

Without doubt gov. fashola has performed well. He has done many infrastructure development.

Those housing estates commissioned, bridges constructed etc were not built by spending stones but money.

Daily running of lagos alone consume a lot of money.

Of course we still have many complains, we expect them (apc) to perform better. They should borrow big money to pursue their programmes.

I guess you don't seen to know the amount of money in question.
Lagos state cannot pay that money in full within the space of 7 years even if she stops every recurrent and capital expenditure.
We are talking of billions of dollars not Naira, please multiply $1 billion against 170 places.
Lagos could only generate N263 billion last year.
Am Pro-Fashola, but am been objective here,ok?

That's why Peter Obi will always be the most prudent governor in terms of financial management. Draging ur state into a mire of debt when u receive tons of allocation and internally generated revenue isn't very wise especially when the areas you are supposedly investing the money do not have the capacity to repay.

Octaves: That's why Peter Obi will always be the most prudent governor in terms of financial management. Draging ur state into a mire of debt when u receive tons of allocation and internally generated revenue isn't very wise especially when the areas you are supposedly investing the money do not have the capacity to repay.

Please check the records and notice that Anambra under Peter Obi increased their debts. Only Abia State paid off some of its debts.

I don't usually see anything wrong with borrowing once judiciously used but $1,000,000,000 is not a small amount. I think we should be careful how we praise Fashola because even a mad man with money can give impression of performance.

That's why it seems its only Lagos things are happening in Nigeria.


Most Nigerian states are dead locations. You can't compare Lagos to all those dead zones.

How much is $1 Billion sef?? When I just watched a $500 Billion development located in Abu Dhabi on "Extreme Engineering" on Discovery channel.


That is what Nigeria deserves, at least na d same oil we dey sell.

Nigerians and small minds.

However, in comparison to the nation’s total external indebtedness, the states owe only 32.13 per cent; leaving the Federal Government with 67.87 per cent of the total $9.38bn.

Many that have commented didn't even read the whole article and the OP simply feasted on people's laziness to pass wrong info.

1. The FG owes the most despite daily revenues from oil, VAT and even the ports etc.

2. What is the population of Lagos compared to other States?