A-town:


This will definitely lead to Legal chaos. The lagos state government would have to concession it to somebody else to justify tolling on that road. This was their initial arguement that they couldn't fund the upgrade of that road so if all of a sudden they figure they can raise 7billion to buy back the road, then why should residents pay toll to them on a road that was ALREADY PAID FOR USING TAX PAYERS MONEY by Jakande

software man:
Lagos spends over 500 billion annually for about 14 years, can you sincerely point out to infrastructures worth this amount?

haba. in 1999, the entire lagos budget was 1 billion naira only.Even though this increases every year as a result of superb economic management of the tinubu / fashola administation , it only came to 492 billion this year.

[i]There are current plans to reduce the burden of Lagos ports (both seaport and airport ), this

A government that increases its internally generated IGR by nothing less 200% every year for the past fourteen years and that is projecting 40 billion monthly IGR within the next two years does not have to worry about a debt profile of 610 billion.

4 Play:



This comment by software man got 8 likes as at the time of my post. What's astonishing about it is how obscenely absurd it is. If IGR increased 200% per year for years as he claims, that's a rise of four million, seven hundred and eighty thousand, eight hundred and sixty nine times what IGR was before the first year.

I have to ask, why would someone tell such a crazy lie and why would as many as 8 people,presumably all educated, click on the like button? If IGR was, say just 100 million Naira in 1999. An increase of 200% per year will yield 478 trillion Naira today.

What does it say about us, our intellect and values, that we can't have a proper debate without each person seeking to tell the most outrageous lie? Incidentally, the person softwareman was replying to claimed Lagos has spent 500 billion Naira every year!

t-something:



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?

your calculation is hilarious and ludicrous. .. a million passages per day. I wont even try to argue with you, cause, I really don't think its worth it.

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.

dartsidius7:

your calculation is hilarious and ludicrous. .. a million passages per day. I wont even try to argue with you, cause, I really don't think its worth it.



Thank you very much chief. your comment is the most reasonable one here. All we have on this thread are a bunch of silly and ignorant peeps speculating about a concession agreement that they don't even know the content. Some people don't even know that LCC means lekki concession company and not construction company, some don't even know what a buyback means. Just like the guy that you have been arguing with, Without any form of traffic count, he came up with that absurd calculation. But the totality of the blame does not fall on those arguing blindly. The thing is, our leaders are also to blame, cos, there is a level of corruption, that makes all acts of governance seem like fraud, and I believe that we have attained that level.

yimikaa:
Really!! Can lagos state goverment manage the toll collection effeciently? We are watching..