PointB:

The FG did not stop Lagos State from borrowing. Lagos State has already drawn part of the money, some $ 200 Million. However, the FG indicated the cannot guarantee further draw down, obviously because they have information not available to us. Now it is incumbent upon Lagos State to make it's case or seek alternative funding. But if you ask me, I think the Lagos State huge debt portfolio is largely unjustified. Lagos state recurrent expenses is still huge in ratio to the capital expenses. Shouldn't Fashola be doing something about it, as other state governor have done?

PointB:

Which work is Fashola doing these days? Can you enumerate them?

How much does it take to water flowers these days by the way?

PointB:


Says a card carrying AC.N goon!

fyneguy: Pointb,

What stops the FG from deducting from Lagos monthly allocation to retire the loan? It's Lagos money for crying out loud!

mbulela:
That man can never be accepted by ACN.
His big belly will not allow him prostrate before the Bourdillon lord.

PointB:

Yes it's Lagos state money, but FG has oversight responsibility on accumulation of "External (Foreign) Debts." There are always alternative funding for Lagos State to access rather than trying to blackmail or railroad the FG. So that fact that a state wants to borrow does not necessarily mean that FG should allow it, simply because that state can pay? What if the loan is going to Tinubu's individual's pockets? Should FG continue to guarantee it, simply because the state will pay back?

jjc-to-nl:



If the fear of Jonathan is that Lagos borrowed money might go into Tinubu's pocket, then he is clueless as people say. I thought he has the control of EFCC, ICPC and NPF's Special Fraud Unit.

TeamB, I am beginning to suspect you to be a PDP apologist. What has brought Tinubu into this? No matter how genuine Lagos's case may be, you will always see it differently. I shouldn't have wasted my time debating with you.

jjc-to-nl:



If the fear of Jonathan is that Lagos borrowed money might go into Tinubu's pocket, then he is clueless as people say. I thought he has the control of EFCC, ICPC and NPF's Special Fraud Unit.

TeamB, I am beginning to suspect you to be a PDP apologist. What has brought Tinubu into this? No matter how genuine Lagos's case may be, you will always see it differently. I shouldn't have wasted my time debating with you.

mbulela:
do you have a fundamental problem with borrowing from the world bank?
If you do, state it?
what makes other means of raising funds any better in this case (like raising cash from the capital market)?
The crux of the matter is, has LASG being servicing its debt?
the debt incurred in the past are its impact being felt by the citizenry?
any white elephant projects?
This is a simple economic case and i wonder how low we can go as a people if we choose to politicise this.
Besides, if the FG is placing a blanket ban on guaranteeing loans for states, it should come out and say so and Fashola would stop dancing around NASS members and go seek other ways of funding his projects.
I don't think Fashola is dumb enough to go to NASS if Ngozi et al have given him a proper response.

Tusky44: No more free loans on the back of FG as guarantor. Go to the capital market and present your case for a loan. FG has learned the hard way and even now this is why they are struggling with fuel importers.

Eko oni banje o....go and look for investors with ACN and Tinubu as guarantor. You want FG support but also want to kick out Nigerians from your state. Free lunch no more!

seanet01: Na Hypocrisy go kill you. In this same country we have states like Akwa ibom, Rivers, Cross Rivers going for loans from The World Bank without any Hinderance from PDP led Federal government, but you ibos will always reason against intelligence, your bigoted brain will not allow you to reason beyond your sight.

AjanleKoko:

Do I need to prostrate before Jagaban? He's already collecting my money either which way.

PointB:

Is there a way you can discuss Lagos state financially without bringing in Tinubu who takes a huge chunk of Lagos State IGR as payment for services rendered the state? Do you take time to think how come the ratio of Lagos State recurrent expenses to capital expenses in that huge? You lot's better start thinking for yourself, you've been sold a hug lie! ACN is no better than PDP in lootocracy; the earlier you quit partisanship the better for you!

Desola:

Lol...iwo omokunrin yi o ni pa mi lori site yi.

PointB:

Yes it's Lagos state money, but FG has oversight responsibility on accumulation of "External (Foreign) Debts." There are always alternative funding for Lagos State to access rather than trying to blackmail or railroad the FG. So that fact that a state wants to borrow does not necessarily mean that FG should allow it, simply because that state can pay? What if the loan is going to Tinubu's individual's pockets? Should FG continue to guarantee it, simply because the state will pay back?

Desola:

na so e pain you reach?

p.s: It would be easier to befriend a snake than to be befriend an ibo. FACT!

kpolli: How does he want to pay back?

saxywale:
Good question...somebody mentioned something in the line of mortgaging the future of unborn kids i.e spending the future today, very unsustainable.

geez*:


These guys really don't know what 'plans' we have for them do they?

@Desola: You disingenuous fellow. I know you only too well and didn't expect anything less from your fallacious mind. You embody all that is untruth and nepotism. You are like a daylight robber; you lie bold faced with impunity. It is in your dna, being ibhoe, I suppose.

How do you pay for the roads in Lagos? Do you pay to walk on the pavements, do you pay road tax to drive on the roads? Do you even pay social security to use the general hospitals?

Asinwin, if Lagos is not free, why do you and your people choose to come here in droves? What, don't tell me, it's because you want to assist us in developing our lands out of the abundant goodness of your heart or to liberate us just like your baboon father ojuiku attempted to free us from the shackles of Nigeria?

And how do you know that this is a bogus claim? Oloshi, enemy of progress. That is why you would only have to venture into our lands to make anything of your lives. You would continue to hate us but not be able to do without us because we are your lifeline!

manny4life(m): My own take on this is

I smell this move as a political rather than a financial decision made - although, FG does have legal grounds not to stand.

Lagos, an industrial thriving state which accounts for about 20% of our national GDP is dire need of development compared to number of citizens. Lagos as it stands, has a HUGE debt profile, although it's important to note Lagos may have never defaulted.

Personally, I caution about borrowing ONLY IF it goes to capital projects, though Fashola has done his very best in reviving and boosting the economy of Lagos, YET, a lot of work needs to be done. The borrowing of the loan from the WBG can be justified for infrastructural and economic development, however, the amount of loan needed whereas the FG serves as a guarantor may put FG on nerves, perhaps, FG saw that Lagos debt may collapse the state in the near future if things don't turn around economically.

The FG not endorsing and rejecting the loan is though WRONG but it's not non-ethical nor illegal; however, I won't be quick in a haste till the Federal Ministry of Finance reports on the issue. I would have said FG allow Lagos follow through with the remainder and after that, send a letter to the LASG stating that the FG cannot guarantee further loans till further notice.

In that same vein, the FG may have considered very important factors before rejecting to stand as guarantor. Factors may well include forecast about Lagos financial burden and ability to pay, it may well be that the projects on which the loan was sourced is not being carried out. It may well be that Lagos has a huge potential to defaulted or perhaps have defaulted and got back in standing, we don't know, but let's wait for Madam NOI to reply.

djon78:

and what plans do u have for us?

let me tell u Nija is changing small small, by the time electricity is constant, steady and uninterrupted, many industries will spring up in the east meaning that many of our people will return home and less likely to troop to ur region, so u wont have so called us to deal with.

and by the way lagos is too overhyped, even in Africa Lagos cannot be compared to cities like joburg, capetown, cairo, etc in any ramification talkless of comparing lagos to emerging economies cities like Dubai, Singapore, Kuala lumpur, Doha etc. lagos is a cesspol, stinking, dirty, poorly planned city. so quit all these crappy noise u make about lagos.


thats why am angry with our south east leaders we are supposed to develop at least one world class city in igboland and we are capable of doing it afterall we go and help develop other regions only for them to insult us. if this city is initiated diasporan igbos and those home and abroad will really help to do it, cos i know what my pple are capable of doing
[size=18pt]
let our igbo leaders wake up if they can come out with such vision to develop a world class city within south east with a modern fast speed railway connecting the city to other regions like south south and middle belt who are our next door neighbours, then let me see what will give mostly these south westerners the effontery to insult the igbos who are the major contributors to the development of their region. i just pray for visionary igbo leaders that will develop our region then these noise makers that insult us will know our value when we leave their region to them.[/size]

amechi of rivers state is doing serious visionary things for his state likewise Akpabio for Akwa ibom state.

kawkab:

Objective post free from tribal and regional sentiments.

Please Desola, geez*, PointB and other Nairalanders should take note. Look at isues objectively stop the abuse Please

geez*:


[size=18pt]Come back and let's talk when they wake up ... And I bet you they won't[/size]

Besides Rivers and Akwa Ibom states are not a part of your Biafra Republic as they have always insisted . Too bad. Biafra is a landlocked state and don't call that your jetty in Onitsha a port for God's sakes