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Nairaland Forum / Nairaland / General / Politics / Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 (1731 Views)
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Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 2:46am On Feb 02, 2015 |
The Lagos State Government owes 33.86 per cent of the country’s total sub-national external debts (debts owed by state governments), investigation has shown. Statistics obtained from the website of the Debt Management Office in Abuja on Wednesday showed that out of the total external debt of $3.01bn, Lagos State owed $1.02bn, leaving the remaining 35 states and the Federal Capital Territory with $1.99bn as of June 30, 2014. Further analysis shows that out of the $1.02bn external loan commitments, $937.91m was from multilateral bodies, while $82.5m represented loans contracted from bilateral sources. With a series of loan deals, the World Bank in particular has been involved in the urban renewal programme of Lagos State as well as efforts to reform the policy environment. Some of the latest approvals by the World Bank for the state include $42m loan deal approved by its Board of Executive Directors in March to support secondary education programme in the state. The new International Development Association credit of $42m to the Lagos EKO Secondary School Project was an addition to the original credit of $95m; which was said to have systematically benefited over 620,000 students a year in 667 public secondary schools in the state between 2009 and 2013. The school loan was shortly followed by an approval of $200m to the state to support reforms pertaining to fiscal sustainability, budget planning, budget execution and the investment climate. According to the World Bank, the loan is the first in two development policy operations and it builds upon the policy reforms initiated under a previous bank supported programme. It added that the goal of the programme was to assist Lagos State in sustaining the strong momentum it had achieved in improving public services, facilitating inclusive growth and reducing poverty. This includes measures to monitor and manage financial risks more effectively, ensure adequate growth in revenues, get better value for money in public expenditures, and improve institutions and processes for land registration and development permits. Attempts to speak to the Lagos State Government officials on the status of its external loans failed as repeated calls to the Commissioner of Finance, Mr. Ayo Gbeleyi, were not picked, neither did he respond to text messages sent to his mobile telephone number. Similarly, a text message to the state’s Commissioner of Information, Mr. Lateef Ibirogba, was not responded to. Calls to his mobile number could not go through. Other major holders of the country’s external sub-national debts include Kaduna State, which owes $245.51m, and Cross Rivers State, $120.21m. Others are Ogun, $116.69m; Bauchi, $111.61m and Oyo, $80.11m. The states least exposed to foreign debts are Borno, $16.07m; Plateau, $22.99m; Taraba, $24.06m; Delta, $24.7m and Benue, $28.79m. 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. Loans from the China Export Import Bank and money raised from the Eurobond accounted for $2.54bn of the Federal Government’s $6.36bn external debt, while multilateral sources accounted for $3.82bn. As of June 2013, the nation’s total external loan stood at $6.92bn. This means that over a period of one year, it rose by $2.46bn, indicating a 35.51 per cent increase. Copyright PUNCH.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: editor@punchng.com http://www.punchng.com/news/lagos-owes-1bn-of-states-3bn-external-debts/ http://dailyindependentnig.com/2014/09/fashola-defends-lagos-external-debt-n160bn/ |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by akereconfi: 2:55am On Feb 02, 2015 |
Not surprised 4 Likes |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Firefire(m): 2:55am On Feb 02, 2015 |
Firefire: 1 Like 2 Shares
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Firefire(m): 2:57am On Feb 02, 2015 |
The new International Development Association credit of $42m to the Lagos EKO Secondary School Project was an addition to the original credit of $95m; which was said to have systematically benefited over 620,000 students a year in 667 public secondary schools in the state between 2009 and 2013. Can Fashola or APC please gives account of all this huge credit / loans allocated to Lagos State ![]() 3 Likes 2 Shares |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Disclaimer: 3:40am On Feb 02, 2015 |
APC scamming lagosians since 1800bc. Fashola spent his entire second term in office exploiting Lagosians, Lasu fees hike and lekki toll is a good example. At least those two were obvious. Toll collection in a residential area violates the right of people. I see why he chose not to sign the freedom of information bill. In as much as tinubu remain the owner of that club APC there will never be transparency. tinubu is a bad influence. 4 Likes |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Mcponpin(m): 3:41am On Feb 02, 2015 |
What do you expect.... They needed money to finance campaign! That's what Aregbesola is doing in Osun too. 3 Likes |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by ayukdaboss(m): 3:51am On Feb 02, 2015 |
[s] Firefire:[/s] Can Jonathan or PDP please give account of our missing 20 billion dollars? |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by ayukdaboss(m): 3:52am On Feb 02, 2015 |
Disclaimer:PDP scamming Nigerians since 1800AD |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by nzeadachie: 3:54am On Feb 02, 2015 |
Mcponpin:SAME WITH OKOROCHA AND AMAECHI, IMMEDIATELY THEY DECAMP TO APC THEY STOP THE GOOD WORK THEY'RE DOING IN THEIR STATES THAT'S WHY OKOROCHA'S WORKS STOPS IN OWERRI 2 Likes 1 Share |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by decode55(m): 4:13am On Feb 02, 2015 |
Amaechi & Fashola milked both their states dry in order to organize a campaign in futility. They(apc) are trying to force an 83year old serial loser and illiterate on us. It won't work! Vote for Continuity Vote for Reliability Vote for sure & steady development Vote for Goodluck Ebele Jonathan ![]() 7 Likes |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jorlons(m): 4:39am On Feb 02, 2015 |
k |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by seunlayi(m): 6:02am On Feb 02, 2015 |
fasola, Are you sure that you are still working? Omo Na gbese be this o 1 Like |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by emiye(m): 6:22am On Feb 02, 2015 |
Lagos has close to 100 billion naira in a reserved account, and it has unquestionable ability to service its debt. |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Firefire(m): 7:02am On Feb 02, 2015 |
ayukdaboss: When will you be objective ![]() ALL APC states are currently under heavy debts ![]() 6 Likes |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Swagahyk(m): 7:06am On Feb 02, 2015 |
APC=PDP,heartless Buhari and clueless Jonathan, none is better than the other. We are left at the mercy of two political parties that are established SOLELY for the downfall of the other at all cost even if it warrants to wipe out the whole country. we all made up these parties, new Nigeria lies in our hands, let's not regrete our tomorrow. Vote wisely. |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by adadadon(m): 7:13am On Feb 02, 2015 |
That's why the next governor of Lagos state is an Accountant 1 Like |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Vicotex(m): 7:15am On Feb 02, 2015 |
hope these Apc goons dey read this post |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by Nobody: 7:19am On Feb 02, 2015 |
Only the blind in mind and tribal lords will ever take APC serious 5 Likes 1 Share |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 6:13pm On Feb 02, 2015 |
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 6:13pm On Feb 02, 2015 |
APC CONTROLS NAIRA LAND 1 Like |
Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 6:14pm On Feb 02, 2015 |
Imagine 2 Likes
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 6:19pm On Feb 02, 2015 |
So trie
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 6:56pm On Feb 02, 2015 |
More 1 Like
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 6:59pm On Feb 02, 2015 |
Believe 1 Like 1 Share
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:00pm On Feb 02, 2015 |
Oh please
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:02pm On Feb 02, 2015 |
A P SHIT
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:03pm On Feb 02, 2015 |
Shyte P C
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:04pm On Feb 02, 2015 |
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:05pm On Feb 02, 2015 |
And more
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:06pm On Feb 02, 2015 |
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:06pm On Feb 02, 2015 |
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Re: Nigeria Total Debt Of 3.01 Billion Dollars Fashola Lagos Owe 1.02billion 160 by jars9: 7:07pm On Feb 02, 2015 |
Janjaweedians
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