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Nairaland Forum / Nairaland / General / Politics / Lagos Is Owing N124b (7013 Views)
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Lagos Is Owing N124b by Tinkinguy(m): 3:06pm On May 20, 2011 |
"The Lagos State’s debt profile, as of April 30, 2011, stands at N124.188billion, according to data released by the state’s ministry of finance. The figure was contained in an address presented on Thursday by the state finance commissioner, Rotimi Oyekan, during the ministerial press briefing held to commemorate the fourth anniversary of Governor Babatunde Fashola’s administration. The breakdown of the debt profile showed that the state government has a multilateral debt loan of N62,426,899,007.40 (calculated using an exchange rate of N156.50) and domestic loans of N61,761,172,731.97." more story: http://234next.com/csp/cms/sites/Next/Home/5702607-146/story.csp If Lagos is owning this much,where are the taxes going to: Guys I need your thoughts on this, |
Re: Lagos Is Owing N124b by satani22: 3:12pm On May 20, 2011 |
Tinubu is eating money from tax |
Re: Lagos Is Owing N124b by EkoIle1: 3:20pm On May 20, 2011 |
= $ 800 million. Not bad really, considering all the ongoing capital projects. Good to know Ikorodu road is getting expanded (6 lanes) with BRT access with some of that money, Eko o ni baje o |
Re: Lagos Is Owing N124b by jmaine: 3:56pm On May 20, 2011 |
Eko Ile: Guy stop deceiving yourself which Ikorodu road is getting expanded with 6 lanes . . . The same road that was partitioned to giveway for the BRT lanes is now being expanded with no construction activities whatsoever going on presently. . Interesting . . So they are planning on leveraging their debt profile by imposing their usual exorbitant tax under the land use tax . . . So that, daddy Tinubu will take his usual 25% cut and become richer while the average lagosian suffers the debt burden. Eko oni baje lai lai . . . But Tinubu must be neutralized effectively to acheive that slogan. |
Re: Lagos Is Owing N124b by EkoIle1: 4:46pm On May 20, 2011 |
jmaine: I can not in anyway solve your Tinubu hostilities, hatred and hangover because it's a serious problem afflicting a lot of irrational and myopic folks, but the highlighted statement is obviously the other way around simply because we are progressing accordingly with Tinubu around and I want him to hand around. About Ikorodu road, feel free to rant and get negative as much as you want, the fact remains that we now have the money to throw at the project. Your negative rants and Tinubu attacks is def' not going to stop the state of Lagos from progressing or prevent Fashola from commissioning another project. Eko o ni baje is not just a slogan, it's also a state of mind, obviously some just shout the slogan, but it's never their state of mind. |
Re: Lagos Is Owing N124b by Kinikini: 5:06pm On May 20, 2011 |
Sad that because we have a lot of bad leaders in governance especially PDP that is horrendously corrupt and inept, most people celebrate the mediocrity of ACN as excelence. If the debt is not enough like some posters here said , let ACN pile it further till it becomes a generational burden. Lagos is making effort at good governance but at what cost? Do you think Lagos has a due process that ensures contract are not inflated and funds are not stolen? It is like most Lagosians are hoodwinked into believing the state is doing well because of the massive propanganda of ACN. However, the corruption that is smartly being perpetrated in Lagos is massive and until such time when the average Lagosian is ready to confront the truth that the state is being milked, there will be no change in direction. My take. |
Re: Lagos Is Owing N124b by EkoIle1: 5:30pm On May 20, 2011 |
Kinikini: Of course, this is your take, unfortunately, it's the same baseless and ignorant accusations. I can't believe a Nigerian citizen is equipped with info about the massive corruption activities going on in Lagos state, bet failed to exercise his/her civic responsibilities by taking the info to the EFCC or the state legislature. Some of you really need to put up or shut up |
Re: Lagos Is Owing N124b by Kinikini: 5:38pm On May 20, 2011 |
Sir, You need not abuse us for expressing opinions. Somehow, there are many that share my view on Lagos State / ACN as expressed above. Please see Newspaper report pasted below. What do you call it if true? [b]N7bn: Group urges EFCC to probe Lagos Assembly By Olamilekan Lartey and Sesan Olufowobi Friday, 20 May 2011 View All (2) Comment(s) Post Comment Send to friend Share Hon. Speaker, Lagos State House of Assembly, Adeyemi Ikuforiji The Speaker of the Lagos State House of Assembly may be the guest of the Economic and Financial Crimes Commission if the anti-graft agency begins a probe into the allegations contained in a petition against him. The Punch learnt on Thursday that there was a petition before the EFCC against the Speaker, Mr. Adeyemi Ikuforiji, over the proprietness of the use of the over N7bn he had collected as running costs for the Lagos State House of Assembly in just 12 months. The petitioners, under the aegis of a civil rights group, Kick Against Corruption, urged the EFCC to probe Ikuforiji because he had allegedly converted the huge sum of money meant for the state legislature. The petitioners alleged that the money had been laundered abroad through an automobile company. Signed by a lawyer, Mr. Olawale Williams, the petitioners alleged that the Speaker collected N500m monthly as running cost for the House. A copy of the petition, cited by our correspondent in Abuja stated in part, “The initial monthly running cost of the House in 1999 was put at N20m and later jerked up to N40m before the end of the Bola Tinubu administration. This amount the Babatunde Fashola regime also increased to N60m. The cost had, however, been moved up to N500m monthly in 2010 by the House of Assembly. “This was passed into law and made a first line charge so that the amount can be deducted directly from the state revenue account without any recourse to the executive and has been collecting this huge sum without any corresponding impact on the lives of members or their duties.” Although, sources familiar with the petition at the anti-graft agency said investigation into the allegation would begin immediately, EFCC spokesman, Mr. Femi Babafemi, said the petition would be attended to just like any other one that arrived at the commission. “Every petition we receive is treated on its merit and if we have the one you refer to, it will be so treated,” Babafemi said. Former Chief Press Secretary to the Speaker, Mr. Lanre Odubote, told our correspondent that he was not in a position to respond. Odubote, who is a House of Representatives member-elect under the aegis of the Action Congress of Nigeria, however, advised that more investigation should be done, saying the petition smacked of mischief. He said, “How much is the allocation to the House for two years that they are now saying N7bn was diverted in a year?” When our correspondent contacted the state House of Assembly’s information officer, Mr. Kehinde Fagbolade, he declined comment on the issue, saying only the Speaker could talk on the matter. [/b] |
Re: Lagos Is Owing N124b by jmaine: 5:54pm On May 20, 2011 |
Eko Ile: It's obvious you know little of most things you type . . . Fashola giant strides were achieved in his first two years, after that the house assembly curtailed his tempo ,drive and vision by threatening him with impeachment and propaganda . . . All strings pulled by your Area father Tinubu . . . While you wish Tinubu remains in the main scheme of things sane minds in the south west are gearing for more of the Fasholas and less of the Tinubus. just hope the brain and force behind Fashola performance in person of Muiz Banire would not make himself pliable to undue Godfatherism cos i see him next succeeding Fash. . . Each year the multiple taxation increases in folds with reckless abandon, as if they just sit somewhere and determine how much you should pay without even taking a look at your proceeds to arrive at their conclusions. People like you need to move away from the cyber world and embrace reality . . |
Re: Lagos Is Owing N124b by Pukkah: 5:58pm On May 20, 2011 |
jmaine: 25%? ![]() |
Re: Lagos Is Owing N124b by Fhemmmy: 7:19pm On May 20, 2011 |
If that is all Lagos state is owing with all the populations and the service they will have to offer and yet better % of the populations aint paying taxes, then, that is awesome. But we need some kinda plan for repayment of the debt . . . . . |
Re: Lagos Is Owing N124b by jmaine: 7:27pm On May 20, 2011 |
Pukkah: Very real, Master Tinubu has a consultant proxy firm who collects tax on behalf of the Lagos state Government and carts away 25% according to their terms and condition Fhemmmy: At the emboldened; Before = yes, but now it's minimal as the tax drive has increased in recent times which makes their tax intake very plump and admirable . . . |
Re: Lagos Is Owing N124b by Fhemmmy: 7:36pm On May 20, 2011 |
jmaine: What is the % of Lagosians or people that reside in Lagos that has no job? What is the unemployment rate of Lagos? And where would the unemployed get money to pay the taxes or what would their taxes be based on? |
Re: Lagos Is Owing N124b by ektbear: 8:14pm On May 20, 2011 |
No big deal. The debt load should even increase, assuming that they can get reasonable interest rates and find worthy projects. |
Re: Lagos Is Owing N124b by jmaine: 8:23pm On May 20, 2011 |
Fhemmmy: Very good question . . . from a personal experience, those who hitherto never dreamt of paying taxes dare not try such again cos the monitoring and compliance rate is high . . unemployment rate is high in the country generally but the probability for a serious Lagosian to go entrepreneurial or find menial job if humble enough is high(can't give you facts in percentage now) , couple that with the huge tax drive and you come to the conclusion how the Lagos state internal generated have been harvesting huge sums in recent years with each year surpassing the former. They even multi tax companies, a reason why there are lots of pending suits in court challenging the taxation regime of the state government |
Re: Lagos Is Owing N124b by Fhemmmy: 8:29pm On May 20, 2011 |
jmaine: If that is the case, then, the statement still stands that . . . better % of Lagosians do not pay tax . . . . Those that runs business, 50% or more of them do not pay taxes and that is all cos we have nothing to monitor them nor to measure what they sell and how much they make. Take for example of a young lady at the side of the street operating a call centre . . . . how much tax would she pay. Take a case of a carpenter (at least he has his own business) he go to Abuja to do some jobs . . . would be pay tax upon return to Lagos state? So i still stand by the statement that better % of Lagosians do not pay tax |
Re: Lagos Is Owing N124b by hercules07: 8:45pm On May 20, 2011 |
Alpha Beta does not take up to 25% of the tax earned, they take between 10 and 20 and that is dependent on their performance, I believe their job is not to collect the tax, it is to grow the tax by identifying people who are outside the tax net, they also helped computerise LASG activities. |
Re: Lagos Is Owing N124b by jmaine: 8:50pm On May 20, 2011 |
Fhemmmy: Wrong bro. . Business owners suffers the brunt of taxation and call centers do pay levies as well . . When i said high monitoring and compliance rate , i meant every word of it . . Even the ewa agoin seller at the road side do have altercation with the LCDA people from time to time . . . I would i agree with the fact that a sizable number of people still do not pay tax but every year, the state government devices new means of mitigating against such vices . . .the alpha consulting firm in charge of collecting tax i must confess are doing a great job in generating enormous internal revenue for the government by nabbing people who refuse to pay taxes and so far so good have been performing well . The carpenter scenario you gave is difficult to monitor but as a carpenter in Lagos working in a shop, ma guy, you will pay. . . For some business people with no book keeping record, they just bill you exorbitantly and you are forced to go and negotiate what you feel you are suppose to pay, wrong procedure and in some case you pay even higher cos you have no record to prove otherwise. so that forces you to start maintaining a good book keeping record. Go to any Agbo seller and ask her if she has clashed with the revenue officers before and you will hear their tale of exorbitant charges they feel were placed on them . . and they paid up somehow just to stay afloat and survive . The Lagos state data collection system is amazing even though manually generated. . they seem to have agents all over . .the moment you open a place or anything . .they are there the next minute to levy you ![]() |
Re: Lagos Is Owing N124b by EkoIle1: 8:59pm On May 20, 2011 |
Kinikini: Why are you bothering me with this silly and irrelevant rubbish? The crap you posted reads N7bn: Group urges EFCC to probe Lagos Assembly So what is the EFCC doing? I think they investigated and trashed the allegations. Of, I know why. Tinubu is in charge of the EFCC too right? And please, stop stat nonsense about many Lagosians agreeing with your baseless rubbish. Didn't the same Lagosians gave Fashola a landslide victory. What a joker, |
Re: Lagos Is Owing N124b by EkoIle1: 9:03pm On May 20, 2011 |
jmaine: lol, blah blah blah. That's all I hear. |
Re: Lagos Is Owing N124b by jmaine: 9:05pm On May 20, 2011 |
Eko Ile: Welcome back Mr Eko Ile ![]() |
Re: Lagos Is Owing N124b by EkoIle1: 9:07pm On May 20, 2011 |
jmaine: You know Tinubu is taking 25% because? You have access to state contracts and documents showing Tinubu's name on contract documents Alpha beta registration documents with Tinubu's name on it? Of course not, it's the same silly rumors and ignorance as usual. |
Re: Lagos Is Owing N124b by EkoIle1: 9:08pm On May 20, 2011 |
jmaine: lol, welcome from where? I didn't go nowhere. |
Re: Lagos Is Owing N124b by ektbear: 9:23pm On May 20, 2011 |
You are being impractical, jmaine. You cannot have Fashola's succeed w/o Tinubus to protect them. Or do you think good governance is all that is necessary to keep one in office, when Nigerian politics is so money oriented? |
Re: Lagos Is Owing N124b by Rhino5dm: 9:27pm On May 20, 2011 |
America is owing over a trillion dollars. . .keep on hating. Eko o ni ba je! |
Re: Lagos Is Owing N124b by EkoIle1: 9:41pm On May 20, 2011 |
ekt_bear: Certain things about Lagos state and Nigerian politics in general is very hard for a lot of people to understand. Lagos state is not a PDP state today because of Tinubu and the fact that he didn't bow down or sell out to OBJ and the PDP and he's still keeping them at bay. We have our pride and dignity including Ogun, Oyo, Ekiti and Oshun statse all because of one man and his name is Tinubu. The PDP is not walking all over us because the same man is out there taking the bullets for us. The though of Fashola without Tinubu protecting sounds scary gan sef, |
Re: Lagos Is Owing N124b by jmaine: 10:22pm On May 20, 2011 |
Eko Ile: My guy kindly keep quiet, how did the emboldened sound to you . . why not even tell us that Fashola performance ,acumen and intelligence is because Tinubu tutored him up to his SAN level. .absurd thinking . .you always play the PDP card always and never tend to look inwards . . Wonder why people comment on what they have no idea about . . ekt_bear: Tinubu to protect by obstructing progress, simply interesting? . . . Fashola performance contributed immensely to the victory of the ACN in the the S.W arena and if the new elected governors in the S.W states fail to perform . .watch the TINUBU mythology get quashed . . cos the Labour party or even the PDP will be lurking to stage a comeback . . .haven't you heard of the rise of Ngige, Chime previously thought to be light weight but their performance has set them apart as people to be reckoned with . .What makes you feel God father Tinubu has to stifle the developmental vision of Fashola by undue interference just because he is feels he is a guardian and a voltron of the ACN , is that not even deleterious to the progress of Lagos as a whole . . don't make me laugh please |
Re: Lagos Is Owing N124b by ektbear: 10:27pm On May 20, 2011 |
*shrug* If no money raised for mobilization and other things, then Fashola would likely have lost this recent election. Or didn't you see the wuruwuru in 2003, 2007, and just now in 2011? Fire must be met with fire. As if Fashola's performance alone is enough to win elections. In a country where probably the voter turnout would be 15% without inducement? Don't make me laugh |
Re: Lagos Is Owing N124b by EkoIle1: 10:35pm On May 20, 2011 |
Olodo. Protecting and tutoring are 2 different things so shut up with your nonsensical analogy. Tinubu to protect by obstructing progress, simply interesting? . . . Fashola performance contributed immensely to the victory of the ACN in the the S.W arena and if the new elected governors in the S.W states fail to perform . .watch the TINUBU mythology get quashed . . cos the Labour party or even the PDP will be lurking to stage a comeback . . .haven't you heard of the rise of Ngige, Chime previously thought to be light weight but their performance has set them apart as people to be reckoned with . .What makes you feel God father Tinubu has to stifle the developmental vision of Fashola by undue interference just because he is feels he is a guardian and a voltron of the ACN , is that not even deleterious to the progress of Lagos as a whole . . don't make me laugh please How exactly did he do that? Do you have anything to share beyond you market women rumors and innuendos? If not, STFU and quit wasting my time. Telling us that you hate Tinubu and you want him to get squashed is nothing, we here the same nonsense uttered by disgruntled elements like you everyday. Put up with facts or STFU. |
Re: Lagos Is Owing N124b by jmaine: 10:36pm On May 20, 2011 |
ekt_bear: Finance and Money at whose expense ? did i hear you say Lagosians, sounds even more laughable . . .ever wondered why Mimiko was able to power through to dominance in Ondo despite being a former PDP strong hold or you felt Tinubu doesn't fancy getting Ondo under his grip due to it's unique significance economically . . . Certain characters and integrity will command the people allegiance at the polls even though rigging might be involved but the court has in recent times done their job though very slow . . Tinubu knew what denying Fashola a second term in office would have cost the ACN. He is a good strategist cos otherwise would not have being funny for the ACN in their traditional strong hold made more concrete after the demise of the Late Funsho williams his able and tested contemporary |
Re: Lagos Is Owing N124b by jmaine: 10:50pm On May 20, 2011 |
Eko Ile: My grouse are with people who have no firm grasp of events but won't stop making silly declarations and comments . . the threats of the antagonizing house of assembly members and his altercation with your Almighty Tinubu were all buzzing in the news, after settling, they had to make a public appearance that all was well and nothing of such happen . .but we all felt what that settled problem did to Fashola initial amazing drive in his administration , It went to a halt. . .and Mr Eko Ile. . .where you in Lagos then . .if no , kindly shut your traps for sanity sake lest you appear like someone who just feels the need to play the blind advocate to something you know nufin about . . Eko Ile:^^ This declaration is a silly and very useless one at that. . . you are the one that needs to STFU . . . Oshi |
Re: Lagos Is Owing N124b by EkoIle1: 10:56pm On May 20, 2011 |
jmaine: All you're doing is confirming the fact that you have nothing meaningful to share beyond your petty market women rumors. You are a waste of time, |
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