bigass: USA currently has a debt of about 20Trillion doLlars. How are they going to pay back

Amount is large bt rememba dere's REAL economic growth dere, unemployment is tackled head-on, n den dere is social security. Evry debt owed by lagos is basically ending up in sm pple's pocket because amount of debt is nt commensurate wt infrastructural development. Pls don't eva in ur life compare d USA to nigeria

software man:

Actually it seems to me some people here do not even understand what is being discussed.

Once they see lagos state, tinubu or fashola's name, they jump on the bandwagon and start spewing senseless garbage.
There is no cancelling of concession here. The right word is acquiring the existing concession rights.

there are several reasons a government might want to do this.

I wont take them seriously since the foundation for their ignorant argument is never rooted in common sense and facts, but ignorance, politics and petty tribalism.

Emperor_007:



^^^

Fraud in the sense that, it's completely the primary function of the state to construct roads ( either through tax collected or other state revenue ).

Secondly, do you know the minimum criteria that certifies a road fit for toll?


Those are not what's termed alternative routes, for a road to be qualified fit for toll. They're roads originally constructed to take care of people living around those areas.


Do you now, understand the difference?

Meaning, the toll is a broad day extortion and fraud. And for the state government to keep mute till now ( Fashola pretending he doesn't know is fraud ), made him a party to this fraud.


If you want to be honest to yourself, you're aware that, Fashola agreed to such venture because of the signature behind LCC.





.

if it was why did the PDP federal govt made the same arrangement for the Lagos-ibadan expressway? why can't government build airports?

why even partner with the private sector at all? Government should just do all things.

Please tell me the minimum standard to certify a road is fit for toll. There are none. A road is fit for toll once a concession contract is backed by appropriate legislation.



You are one of those people that still stuck in the past.




Going by your warped logic that

2015 on my mind . Desparate attempt to win back voters and re enslave then after 2015

A lot of ignorant people here, typical of this forum. Do you know the contents of the concession agreement? So on what basis are you submitting that it was not a favourable agreement?

One thing I salute the concessionaire for is the fact that they took a lot of risk in going into that deal. You talk of political risk. They signed such a deal in a country that was just into democracy and had no serious history of concession deals. That was a high risk investment and you do not expect them to desire a normal return on their investment.

There is not a specific standard for reaching these deals, it takes analysis of risk. It is a strategic decision to be made and one will not expect a troll on nairaland to understand how these deals are reached.

Someone asks why they did not build their money to build the road but instead waiting for the proceeds from tolls. I ask that person if the concessionaires at Tin Can and Trade Fair complex built those infrastructures. There are also concession deals on the rail corridors in UK. The concessionaires had no hand in buying the trains or building the rail lines.

In the end these deals take different forms and it is not always possible to say what is favourable if you do not know the details of the deal. Even if you have the details when the deal was being signed, a lot of time could have passed and what was favourable on signing the deal could be unfavourable in the future.

tinubu and his boy (fashola) have hammered! N7bn coming to their coffer with this new move.

t-something:
N507billion Budget , yet a 50Km road with toll gates at every 10Km could still not be completed 8 years after?
Even with an already huge debt profile of 610 billion , Bros Fashola just announced he will have to borrow more.

Lagosians can you guys boast of 500billion infrastructure X 14 years? By the time Fashola and Tinubu finish with you guys, your unborn generation will still be paying these huge debt, don't forget unlike South South states that depend on oil for their allocations , Lagos depends on businesses due to its strategic position as a major entry point into Nigeria, and with the diversification of these ports, like proposed Ibaka seaport and now Akanu Ibiam international airport , Lagos may have to share patronage with these cities hence reduction in revenue . So how does Fashola intend to repay 610 billion (and still counting) debt??

This a question sensible Lagosians should ask

Tinubu and APC goons will never see these kinda points

software man:
first, you show complete ignorance or deliberate mischief right of the bat by not understanding what budgets are and what a concession arrangement is.
basically, the big idea behind the lekki concession is to transit from infrastructural development to investment. of is the concessiomaire's money that builds the infrastructure and manages it for a given period of time to recover its money and make some profit. there is no govt money involved and therefore no budget..

the second incredibly stupid part of your post is the implication that the entire budget of Lagos state for the year was meant fto build or buy back the lekki expressway.
The actual figure for the buy back that the govt is seeking a supplementary budget for , even when clearly stated , is invisible to you.

please let us have a proper discussion on polo y matters and stop all this obsession with tinubu. it seems this obsession is beclouding your thinking and making you write meaningless jargon.

You might have dazzled feeble minds to agree with you. Why not face the facts on debt profile of Lagos State consequential to Fashola's so-called urbanization projects. Concession agreement or nor, isn't Lagos money part of that project? Why keep borrowing for projects that are taking forever, worse still, without strategies on generating funds for repayment.

Guk:

You are watching too many movies. With this conspiracy theory mindset, you would do well as a script writer for Nollywood. Make haste while the sun shines

If you are into the construction business bigtime, you often times come across some info that are quite privileged. I agree 101% with Billyonaire.

If i were to do an "esse walter" of the construction industry here now, you people will kill me.

Fasola is the greatest fraud of a governor I have ever witnessed till now. what a fraud!. With a yearly budget of 500 bn for the past 6 years, let him account for how these funds were spent given that there are no infrastructure or welfare programmes to justify these budgets.!!
Ibori can tell you how he spent his and moreso the people were not raped financialy.it was live and let live but in lagos it is die and lets live.
the most important aspect of life, health..is a big fraud..do u know that emergency ward called Bt in LASUTH cost 10,000 per day? the wards cost 3,000per day ? this is accommodation and feeding only. after this the patient pays for everythin including needle.... it is a shame no wonder fake churches and other fake healthcare healers are having a field day...and people are dying and suffering.
now they want to take over the tolling of this road.
it is a shame that Fasola will toll a 1km bridge from one residential area(lekki) to another (ikoyi)
fasola and Tinubu are the greatest fraudsters of all time..they deserve to be behind bars for the rest of their lives for all the pains and sufferings they cause to lagosians on a daily basis

software man:

What precisely is the point of your post?
Unless you have access to the details of the concession agreement contract,you are just speculating which is what i do not want to do here. I know that in most concession agreements the smart thing is to define it in phases to enable the concession company to start recouping their investment as the work moves along.

Do not forget that a concession agreement involves a private company investing it's own resources upfront and wait for a period of time to recoup by collecting daily toll. it usually involves the management and maintenance. Unless you have a copy of the contract than like i stated earlier you are just speculating.

believe me, you are the one confused here. Just tell me what the scam is here. it will be easier for any one to award a contract , and inflate it , use government money to execute it and smile to the bank.concession contracts are usually financed by international financial institutions and these people would not jeopardize their money without doing proper due diligence.

let me try breaking it down lower for your comprehension!!!

What is the cost of construction the 50KM Lekki road?? I dont know neither do you. Lets speculate based on the rates of similar road projects within the same geopolitical zone. We know roads are constructed at an average of 1 billion per KM in south western states. Lets just say this road is to be a very very super road, hence its rate is 1.5 Billion per KM, hence the total cost of the project should be 75 billion.

Now how many KM of the road has been completed? you can answer it and multiply by 1.5Billion

Now how much has been generated from this road for the past 3 years. Lets be conservative and say about 500,000 vehicles pass that toll every day out and into lekki. lets say an average of N150 (this is conservative knowing most of this would be buses and SUVs)
hence total amount generated daily ..
500,000 X 150 X 2 times daily = 150 million daily
150 mill X 360 days X 3 years = 162 billion

How much is generated from adverts on all the bill boards? Lets just say 500 million annually so in 3years that is 1.5 billion
Total amount received = 163.5 billion
Total amount spent = ?? billion
Total Cost of complete road = 75 billion
Amount refunded back to concessionaire = 7 billion

Do you now see the fraud?

james_ibor: So Fashola had to wait until Tinubu became incapacitated before landing this blow on Tinubu's LCC.

No long thing, God dey sha!

has it been proving medically that he is incapacitated?

2015 in the air, APC looking for funding

Every lagosians knew that that concession was nothing but a complete fraud, therefore the cancellation was expected and i hope it is a not a political gimmick to fool lagosians into voting for ACN again come 2015.Lagosians are now more wiser than before.

These fraudsters know what they are doing.

2015 is around the corner and the Government will no longer be ACN no matter who wins the election. It will either be APC or PDP.

When we say PDP, we all know what will happen if the original 50Billion construction cost is uncovered and if we say APC, all these holy mallams will grumble if they are aware of how much Mr. Tinubu is balling.

It makes a lot of business sense to get paid off and forget the deal. It is a win win for Tinubu's LCC.

For the benefit of ignorants who are singing for toll collection, read this analysis.

If you stay in Ajah and work in VI with an international organization like MTN where there is no short cut for tax payment. You pay heavily to Lagos State Government.(Please note that standard organizations pay as high as 35% - 40% tax to Lagos State Government from your income). Only local organiszations look for short cut.

Now lets assume you have 2 cars and only one goes out for 365 days,

You will pay 365 * 150 * 2 for the current toll on the average , i.e =N=109,500.00 per annum.
you are using pre-paid meter and no drinkable water in that area, you have to buy.

Can somebody tell me what this overrated Government have done for such person that will warrant him dancing at every call of ACN the way some paid Laptop underdogs do ?

You don't have to be biased in your Argument simply because you don't own a car or because you don't live in Ajah area.

The tolling is FRAUDULENT and can never be justified in any form. The road in question was expanded not as if it was created from the blues.

I imagine Babangida's company arranged to collect toll for 3rd Mainland Bridge since that bridge was commisioned, His eye balls would be out of his sockets by now.

berem: has it been proving medically that he is incapacitated?

You are in nigeria mate, ya radula went the same way and we are all waiting for his medical report before we hear that he has been buried. So don't wait for medical prove till you see him alive or his coffin.

infobiz9ja: I woke up in a new Buggati

Are you homeless bro?

sammhi: Fasola is the greatest fraud of a governor I have ever witnessed till now. what a fraud!. With a yearly budget of 500 bn for the past 6 years, let him account for how these funds were spent given that there are no infrastructure or welfare programmes to justify these budgets.!!
Ibori can tell you how he spent his and moreso the people were not raped financialy.it was live and let live but in lagos it is die and lets live.
the most important aspect of life, health..is a big fraud..do u know that emergency ward called Bt in LASUTH cost 10,000 per day? the wards cost 3,000per day ? this is accommodation and feeding only. after this the patient pays for everythin including needle.... it is a shame no wonder fake churches and other fake healthcare healers are having a field day...and people are dying and suffering.
now they want to take over the tolling of this road.
it is a shame that Fasola will toll a 1km bridge from one residential area(lekki) to another (ikoyi)
fasola and Tinubu are the greatest fraudsters of all time..they deserve to be behind bars for the rest of their lives for all the pains and sufferings they cause to lagosians on a daily basis

fire on...... FASH AND TINUB are greatest fraud of our time

are we sure software man is not Fashola himself in disguise on Nairaland . if you have ever heard BRF speak you will realize that he reasons in the same way as Software man; taking the points 1 by 1 and answering methodically. and he registered on Nairaland on June 12 . my Governor, i hail o

Can anyone read meanings into this news? If this news is true, I smell serious fraud!!
I will find it difficult to understand how the LASG will be willing to pay out more than 7 billion Naira for a 30 year concession agreement. If you are willing to pay out such huge sum of money for a 30 year agreement, what stopped you from constructing the road within the last 6 years of this administration. Who then will give account for all the toll money which are already collected . How can you make extra-budgetary allocations of more than 7 billion Naira for LCC when the road is not near completion? O God, intervene and give us God fearing leaders who will show accountability and hate nothing but corruption.

gazilion: Can anyone read meanings into this news? If this news is true, I smell serious fraud!!
I will find it difficult to understand how the LASG will be willing to pay out more than 7 billion Naira for a 30 year concession agreement. If you are willing to pay out such huge sum of money for a 30 year agreement, what stopped you from constructing the road within the last 6 years of this administration. Who then will give account for all the toll money which are already collected . How can you make extra-budgetary allocations of more than 7 billion Naira for LCC when the road is not near completion? O God, intervene and give us God fearing leaders who will show accountability and hate nothing but corruption.

very sad .. lagos needs another 100 billion dollars to develop its highway, waterways, roadnetworks, and railway.. the government alone cannot do this.. thats why you need private investors, i suggest the concession sue lagos government..

go back to school!!!

t-something:
N507billion Budget , yet a 50Km road with toll gates at every 10Km could still not be completed 8 years after?
Even with an already huge debt profile of 610 billion , Bros Fashola just announced he will have to borrow more.

Lagosians can you guys boast of 500billion infrastructure X 14 years? By the time Fashola and Tinubu finish with you guys, your unborn generation will still be paying these huge debt, don't forget unlike South South states that depend on oil for their allocations , Lagos depends on businesses due to its strategic position as a major entry point into Nigeria, and with the diversification of these ports, like proposed Ibaka seaport and now Akanu Ibiam international airport , Lagos may have to share patronage with these cities hence reduction in revenue . So how does Fashola intend to repay 610 billion (and still counting) debt??

This a question sensible Lagosians should ask

software man:
this is probably the most idiotic thinking I have seen for a long time.

TINUBU and FASHOLA owns LCC an imternational construction company in existence for years.

they then borrowed money from foreign banks to build an infrastructure where by it take a minimum of ten to fifteen years to recover their money.

How can anyone be this stupid?

for your infor, ation, the elo Atlantic city is 100 % percent private sector driven.

Abeg educate us on other countries LCC operate as an international coy. Am not holding brief 4 anybody o.

Akwa Ibom state budget for ths year is 657Billion. The highest for any state in Nigeria. but we can't sEe 200million infrastructure.

The families of those who died and are still dying on Lagos Ibadan expressway Would have gladly pay toll for a better safe road if that would have spared the lives of their loved ones. And for those complaining about toll on the road pls use public transport.you won't pay toll. Emulate the British prime minister, he uses public transport

bigass: The families of those who died and are still dying on Lagos Ibadan expressway Would have gladly pay toll for a better safe road if that would have spared the lives of their loved ones. And for those complaining about toll on the road pls use public transport.you won't pay toll. Emulate the British prime minister, he uses public transport

It is surprising when you compare UK and Nigeria just to defend you political god fathers. If i enter public transport in UK, am I scared some miscreants will be waiting for me at Iyanan Oworo to collect my laptop bag ?

Am I to emulate British Prime Minister or Fashola, who should join us on BRT to his office every morning.

When you compare Lagos - Ibadan to VI - Ajah, It shows how ignorant You are on the subject matter.

For your information in case you are genuinely ignorant and not another ACN laptop squad like Eko Ile. Lagos - Ibadan is interstate and nobody cares if a toll gate is there., not you paying for toll gate twice on a 50km road everyday for 365 days (=N=109,500.00) after genuinely paying all the crazy tax. How much is your house rent ?

That you don't have a car now and you don't live in Ajah does not mean you should not feel their pain. That is the problem we have in this country. We argue carelessly as long as it does not affect us directly.

How many people occupied with ASUU, but all of them can occupy the street for Subsidy removal that affects their pocket directly.

"The useless philosophy is , as long as it does not affect me directly, it is not really a bad idea."

bigass: And for those complaining about toll on the road pls use public transport.you won't pay toll. Emulate the British prime minister, he uses public transport

This is a clear case of Brain malfunction. Don't you know that the bus driver increase their fair as soon as they start paying the toll.

software man:
iif you check your records LCC owned by the chagouries has been in the Nigerian construction industry
since the early nineties.

A concession arrangement involves a company using its own money to develop infrastru
cture and then recover its money over a given period of time after which the infrastructure reverts back to the govt. Usually with these contracts is what is called a buy back option which apparently Lagos state is now trying to exercise for wider policy option.

Interestingly, the PDP controlled federal govt has failed severally in every since concession projects they ever attempted and I can understand how very ignorant and misguided people who lack the capacity to make meaningful contribution to POLICY discussions end up coming here to expose their crass ignoramce and stupidity.

The chagorys have been one of the biggest money siphoning pipes for governments at all levels since the 90s. You just indicted Tinubu more with your post. The Chagory brothers where once repatriated out of Nigeria but I guess they have found their way back to continue their collabo with Tinubu and Fash!

Fashola fraud continues. 7.5billion pay for LCC is just an indirect way of sponsoring APC. Who owns LCC? Tinubu just got 7.5b for APC campaignm

I don't need to be an Economist to see that the proposed Lekki Construction Company concession buyout by Lagos State Govt. is the fraud of the year. Who owns LCC in the first place? How come LCC isn't opposing the buyout since it profits them? LASG first move will be to reduce toll & the masses will say 'Ope oo'. Why did LASG sign such a long contract in the first place if not that they had plans? APC/PDP. Same thing

blaise26.abj:


If you are into the construction business bigtime, you often times come across some info that are quite privileged. I agree 101% with Billyonaire.

If i were to do an "esse walter" of the construction industry here now, you people will kill me.

Yes i am, i am a Construction Project Manager in addition to other skills