gernded:

N124b is too much considering the internal revenue and the federal allocation to lagos is enough to do those things unless if there is what ACN has to tell us.

How much is the state's yearly budget? Answer that and you'll see why your statement sounds ignorant

I think Fashola is the best person to answer that question. He is actually doing good job to be frank but the most scaring thing is how states of the federation are incuring debt unecssary is something of great concern. All I could say tis he governors are the best to tell us what is happening in term of all this debt issue.

True that

The standard Nigeria's Educational system have gone AWOL, GRADUATES can not identify Productive Debt. Crying for help on this ediots.

Part of the debt could be accrued to this https://www.nairaland.com/nigeria/topic-672177.0.html . . .interesting .

some1 is getting richer again.

WOW,


At least Lagos is making the money and if they repaying their debt, then good. Debt is good only if you're paying it on time; that help strengthen your credibility reduces potential risk factors.

I've found a consortium interested in buying Lagos State. I have to follow this story up closely and wait for the state to go bankrupt.

Obiagu1:

I've found a consortium interested in buying Lagos State. I have to follow this story up closely and wait for the state to go bankrupt.

silly man

manny4life:

WOW,


At least Lagos is making the money and if they repaying their debt, then good. Debt is good only if you're paying it on time; that help strengthen your credibility reduces potential risk factors.

Well, paying it on time is a good idea, yes. But I think debt makes sense in other circumstances. If you can borrow at 10% and get returns at 20% (for example), it makes a ton of sense to borrow.

This isn't really the right analogy for governments, but sort of illustrates the point.

Dubai and most of the first world were largely built on debt.

Let the debt level increase - it will eventually dawn on the residents of Lagos that they are the one's liable for the debt - not the government!!!

The money was borrowed for the indigenes of 'Lagos' and they are the ones that must repay the debts - through taxation.

I wonder what the interest rate on the debt is?

Sun of god:

Let the debt level increase - it will eventually dawn on the residents of Lagos that they are the one's liable for the debt - not the government!!!

The money was borrowed for the indigenes of 'Lagos' and they are the ones that must repay the debts - through taxation.


I wonder what the interest rate on the debt is?

That will lead to mass exodus. Agigi bread will be too costly for the area boys and conductors to survive on because of heavy taxation on bread industries.

Infrastructure will dilapidate more than it is now becomes whatever revenue they get goes to servicing debt and paying the master, Tinubu.

I wonder.

alj_harem:



silly man

Call me silly man until I hit the deal. You'll be running after me for a piece of land.

Hehe. Feel free to buy Lagos State bonds. The more buyers, the merrier. I actually wondered if it is listed on some sort of exchange. . .

Obiagu1:

Call me silly man until I hit the deal. You'll be running after me for a piece of land.

Obiagu 1!!!!!!!!!!! another one is a counterfeit businessman

ekt_bear:

Hehe. Feel free to buy Lagos State bonds. The more buyers, the merrier. I actually wondered if it is listed on some sort of exchange. . .

Who's buying bonds? Outright buyout or nothing, it's a decision to be made by Lagosians else their tax will hit 60-80% just to service the debt owned by the state.

Obiagu1:

Who's buying bonds?

Err whoever is buying the bonds they offered. I don't understand your question.

Outright buyout or nothing, it's a decision to be made by Lagosians else their tax will hit 60-80% just to service the debt owned by the state.

What mathematical analysis went into this projection of yours? Or did you pull it out of your @ss?

ekt_bear:

Well, paying it on time is a good idea, yes. But I think debt makes sense in other circumstances. If you can borrow at 10% and get returns at 20% (for example), it makes a ton of sense to borrow.

This isn't really the right analogy for governments, but sort of illustrates the point.

Dubai and most of the first world were largely built on debt.

True couldn't agree more; I know what you're talking about; although what other analogy were u looking to use? It's financial ratios (Return on Investment) every person, agency, organization, state or govt who borrows intend to make a decent ROI either in cash or otherwise. No one wants to borrow a loan to to make a loss on it (that's BAD DEBT).

I'm all for borrowing but responsibly, what I'm not certain about is the Debt ratios and how that affects the average Lagosian. I hope each borrowing positively impacts at least the average person in Lagos. Given that there are about 14 million individuals or more  and with $800 million in debt, that's $57.14 debt per person. I say that's somewhat fair only if the revenue is at least 4x that amount.

^-- Pop is more like 18-20 million.

Revenue, I'm not what the amount is. . . in the neighborhood of $2-3 billion/year.

ekt_bear:

^-- Pop is more like 18-20 million.

Revenue, I'm not what the amount is. . . in the neighborhood of $2-3 billion/year.

Ok given that the population taken an average of 18million to be safe and $800 million, that's $44.44 per person

Now let's look at the revenues taking an average of 2/3 billion dollars, that's $2.5billion with 18million people, I say that $138.89 per person.

That's a 3.125 revenue to debt ratio; so for every $1 in revenues, Lagos has $0.31 in debt, that's fair (not good nor bad but fair)

ekt_bear:

Err whoever is buying the bonds they offered. I don't understand your question.
What mathematical analysis went into this projection of yours? Or did you pull it out of your @ss?

Keep deceiving yourself, by the time Tinubu quits Lagos State, the debt will hit $1 trillion.

I hope they do not expect the FG to bail them out.

Obiagu1:

Keep deceiving yourself, by the time Tinubu quits Lagos State, the debt will hit $1 trillion.

Heh. Alright, I get your agenda now. Carry on; I'll just know to ignore your posts.

ekt_bear:

Heh. Alright, I get your agenda now. Carry on; I'll just know to ignore your posts.

You better do, when things go against you supremacist, either you spin or you abuse.

Obiagu1:

Keep deceiving yourself, by the time Tinubu quits Lagos State, the debt will hit $1 trillion.

Lol, seriously though, did u mean billion or trillion? Trillion is really huge, even I doubt Nigeria as a whole will reach trillion mark.

manny4life:


Lol, seriously though, did u mean billion or trillion? Trillion is really huge, even I doubt Nigeria as a whole will reach trillion

Do you think Tinubu has any feelings for his people?

EzeUche_:

I hope they do not expect the FG to bail them out. 

This is exactly my fear, another waste of niger-delta oil money

As I said let them keep 'racking up' the debts.

I expect 'Lagos' to be repossesed any day soon.

Governemts come and go but the debt will always remain.

As as a previous poster stated - stop decieving yourselves. Especially with the flawed calculations.

Children, the elderly, the unemployed, beggars etc make up a significant amount of the Lagos population.

They cannot/should not be expected to contribute to the debt payments.

Heh. Very dumb folks. Really a good thing none of you have any say in Lagos's decisionmaking.

Obiagu1:

Do you think Tinubu has any feelings for his people?

This is exactly my fear, another waste of niger-delta oil money

That's will be sad if Lagos crosses the billion mark (let alone trillion) and yet they generate almost the same amount of revenues. That won't be a good thing for Lagos at all. Lagos should take into account of the law of diminishing return though I know this isn't a production/manufacturing firm but they explain the same concept.

Sun of god:

As I said let them keep 'racking up' the debts.

I expect 'Lagos' to be repossesed any day soon.

Governemts come and go but the debt will always remain.

As as a previous poster stated - stop decieving yourselves. Especially with the flawed calculations.

Children, the elderly, the unemployed, beggars etc make up a significant amount of the Lagos population.

They cannot/should not be expected to contribute to the debt payments.

I don't know if you're referring to my calculation; however if it's my calculation, what's flawed about it?

True that all these people make up a significant amount of Lagos population, but are they not part of the Lagos population? Besides, no one is asking them to pay Lagos debts or contribute to the debt? it's a calculation showing what an average Lagos owes "IF EVERYTHING REMAINED EQUAL". Same calculation have been used in different application from accounting to finance to economics.

manny4life:

I don't know if you're referring to my calculation; however if it's my calculation, what's flawed about it?

True that all these people make up a significant amount of Lagos population, but are they not part of the Lagos population? Besides, no one is asking them to pay Lagos debts or contribute to the debt? it's a calculation showing what an average Lagos owes "IF EVERYTHING REMAINED EQUAL". Same calculation have been used in different application from accounting to finance to economics.

The economically inactive cannot/should not be expected to repay debts incured by the Govt of Lagos.

Even the 'poor' should not be taken into consideration in such calculations.

With such huge debt levels, Lagosians can expect tough times ahead - AUSTERITY MEASURES AND INCREASED TAXATION.

Sun of god:

The economically inactive cannot/should not be expected to repay debts incured by the Govt of Lagos.

Even the 'poor' should not be taken into consideration in such calculations.

With such huge debt levels, Lagosians can expect tough times ahead - AUSTERITY MEASURES AND INCREASED TAXATION.

Who is talking about paying debt? Where in my post did I say they should pay debt? Again, please I beg of you to read it carefully. Particularly in Economics when you try to compare averages, everything being equal, you calculate everything. It's sometimes called weighted average. For instance, when you calculate GDP per person in Economics, in Nigeria, that's our GDP divided by 150 million or more Nigerians. When you have that number, you can use it compare on across other nation on same ground with Nigeria. It does not mean every children and beggars contributed to the GDP. For instance, people mentioned the U.S debt, that's at $14 trillion dollars, that's more than $42k or more debt per person (feel free to look it up yourself). It doesn't mean I will contribute $42,000 to the U.S. govt to pay it's debt down. Same concept applies to this, when calculating a weighted average for comparisons, this is how u do it.