[size=13pt]Fellow Nairalanders, tomorrow we shall compare the external debt profile of the PDP states with the APC states and see who is more prudent in managing the resources of the people. APC defenders am giving all of you prior notice so you can start now to prepare the defence of you progressive borrowers/ paymasters.[/size]

Atouke: [size=13pt]Fellow Nairalanders, tomorrow we shall compare the external debt profile of the PDP states with the APC states and see who is more prudent in managing the resources of the people. APC defenders am giving all of you prior notice so you can start now to prepare the defence of you progressive borrowers/ paymasters.[/size]

Don't be a fool tomorrow, be a wise one.

Take a pen and write the following down. Don't throw meaningless figures around. Do a comparable analysis for each state.
In SW, the easiest way to do it is to present the profile for both PDP and APC (since both had ruled the region).
Then show projects such loans were used to execute. We can then draw inferences.

Above all, don't present a mediocre and utterly pedestrian analysis. Good luck.

ProfCorruption:

Don't be a fool tomorrow, be a wise one.

Take a pen and write the following down. Don't throw meaningless figures around. Do a comparable analysis for each state.
In SW, the easiest way to do it is to present the profile for both PDP and APC (since both had ruled the region).
Then show projects such loans were used to execute. We can then draw inferences.

Above, don't present a mediocre and utterly pedestrian analysis. Good luck.

Is that your defence? save it for tomorrow and meanwhile start strategizing on how to pay back the crushing debt of your debt affected states in the south west.

Atouke:

Is that your defence? save it for tomorrow and meanwhile start strategizing on how to pay back the crushing debt of your debt affected states in the south west.

Poor things!

Oh yea....men..we heard u south west this south west that...instead of ranting here y don't u take a banner and go straight to the government house to talk...imagine...see how biggoted ur thinking is turning what's not statistically based to a big deal..instead of u advising or giving a way out u now turn it into a problem on the south west as if they are the one's causing the nation's debt (#smh see has ibo full everywhere) is just an observation my brother u don't have to kill urself over trivial issue's like this..and moreover remember to call off ur family's in lago's nd diasporal so we could have less weight to lift .

Oh yes they re not but u can easily come to their state's and do bussine's have fun,make money and run back to your slum and shanty's right ?fool's........have u been the one working since all this while ...stupid people who re broke alway's think they have an idea...if the debt is not statististacally based on fact's...I considered this as a medium of politicking our mentality....so wake up....I knw u re a proletariat's but @ least act's once like a bougeousie.

U must be a dumb head for mentioning such to south west zone of nigeria...u mean the debt they wrote,manipulated..and gave u gross output...and u re here ranting like a parrot's let me tell u something u don't knw...look around u...#i knw u re just living..u re not existing....and existence is the essence of living.see everything is politic's nd politicise..it's not all information u heard,read that are alway's right majority. Are involve in politicking ppeo's mind in having a biased mind toward's the gov't....this re one of the reason y we said free education should be inroduced to the east...maybe the level of illiteracy will decline...see I have no where to go if u wana talk I aren't going nowhere fool's.....!!!

U don't worth that name u worth osama bin laden first son.....werey omo...foolish ibo trying to be like yor...

[s]

Atouke:

what has lagos state to show on ground? with a monthly IGR of 20billion monthly why should the the borrowing? and unGodly ammount of $1,020,410,674billion

[/s]


Mr Olodo 45%, Spend more time on your English and basic Math and less on issues way above your ignorant and shallow head..

anonimi:

Please STOP telling very stupid LIES trying to defend the senseless LOOTING of Lagosians by your boss and his godfather.

Your ability to troll and dodge around is very well known so why waste your time trying to convince me that you know how to troll and spew irrelevant garbage..

The only way to prove people wrong by by providing your own credible facts, not by trolling.

What you can not prove wrong remains the truth, but you are too dumb and ignorant to figure this out..

anonimi:

I think you should STOP making this debt & non-performance simply an issue for south west states ONLY. Otherwise you will seem like an ethnic warlord. We yorubas can certainly deal with our THIEVING BASTARDS of leaders.

Almost all the 36 states are in the same terrible situation.

Who dash this attache villager Yoruba? You don't have to deny your own identity just to troll and spew your bigoted views..?

I just dey pass dey luk......

edogirl2:

Well, together these states are responsible for about 40% of the country's non-oil GDP. So why is the Op surprised that they have a similar ratio of the debt.


This is like someone saying Nigeria is responsible for 60% of total national debts among West Africa countries. Well, where is the 'news' in that statement.

I want ur type of brain. School dem dumb ones

Descartes:
Not correcting him really but the way he was sounding abusing the poster ,does that make him learned
Wisdom is a principal thing.

You're a fool. You are one and the same with the m0r0n who started this thread so no surprise you focus on my response alone. This is a poster who packaged lies together to claim falsely that SW states owe 45% of Nigeria's total external debt stock. You know why he has lied.The entire forum knows why. It is the usual ethnic baiting killing this forum that many are fed up of and have spoken against. As a Yoruba person and the target of such glaring character assassination from the bigoted OP, should I be praising him? He is part of a group of posters who wake up daily looking for ways to malign Yoruba people. If it takes lies to do so then so be it and this is what this dubious thread illustrates . You are equally dishonest with how you do not see or acknowledge the OP's deliberate deception and thus the reason for my involvement in this pathetic thread. has he changed the false title of the thread till now when he has been shown many, many hours ago that his allegation is false? Personally, I despise liars.

You guys only deserve derision from all proud and balanced Yoruba folks for your non-stop malevolent obsession with the SW which makes you ready, any time, to lie horridly in the effort to always make Yoruba States and people look bad. Kindly refrain from quoting me again with your garbage. Tell off your lying kinsman first if you want to gain the respect of others. He remains unrepentant over his lies and deliberate attempt at deception and you are quoting me? You are the same as him. Another immoral "olodo". You and the OP are dullards anyway so pointless educating you about the essential points related to State and National borrowing.

Gbawe:

You're a fool. You are one and the same with the m0r0n who started this thread so no surprise you focus on my response alone. This is a poster who packaged lies together to claim falsely that SW states owe 45% of Nigeria's total external debt stock. You know why he has lied.The entire forum knows why. It is the usual ethnic baiting killing this forum that many are fed up of and have spoken against. As a Yoruba person and the target of such glaring character assassination from the bigoted OP, should I be praising him? He is part of a group of posters who wake up daily looking for ways to malign Yoruba people. If it takes lies to do so then so be it and this is what this dubious thread illustrates . You are equally dishonest with how you do not see or acknowledge the OP's deliberate deception and thus the reason for my involvement in this pathetic thread. has he changed the false title of the thread till now when he has been shown many, many hours ago that his allegation is false? Personally, I despise liars.

You guys only deserve derision from all proud and balanced Yoruba folks for your non-stop malevolent obsession with the SW which makes you ready, any time, to lie horridly in the effort to always make Yoruba States and people look bad. Kindly refrain from quoting me again with your garbage. Tell off your lying kinsman first if you want to gain the respect of others. He remains unrepentant over his lies and deliberate attempt at deception and you are quoting me? You are the same as him. Another immoral "olodo". You and the OP are dullards anyway so pointless educating you about the essential points related to State and National borrowing.

k

Gbawe: The OP, likely another ethnocentric semi-illiterate, looking to tarnish the SW by hook or by crook writes, in a brazen show of 419 shamelessness, as his thread title: "Five South West Sates Owes 45% Of The Country's External Debt Stock."

He submits the total debt of SW States thus:

TOTAL $1,342,056,129 billion equivalent to N 214,717,000,000 billion Naira.

He puts the total that Nigerian states owe as the total external debt stock of the nation to make his ridiculous 45% argument !!!

I.e "Total amount owed by 36 states in Nigeria = $3,013,216,977 billion."


This is the deception he wanted to get away with i.e presenting the debt of SW States as 45% of Nigeria's total external debt stock he decieves others to be $3,013,216,977 billion when this is not the case because that figure excludes what the FG owes which contributes to total external debt stock.

The 419ner relied on most Nairalanders not reading through to see that the total external debt stock of Nigeria is actually $9,377,113,700.00 billion (see table and last figure to bottom right) consisting of what States owe i.e $3,013,216,977 billion plus what the FGN owe which is $6,363,896,722.40 billion !!!!! Naturally the OP, a Jonathanian empty barrel and anti-SW bigot, tried to hide how the FG is by far the most irresponsible borrower owing almost 70% of Nigeria's total external debt stock with virtually nothing on ground to show for this vast sum !!!!

Is the $1.3 billion approx owed by SW States 45% of Nigeria's total external debt stock of $9.4 billion approx? With this obvious attempt at deception , what is the point of even entertaining anything else the OP and his band of illiterate anti-SW brigade are saying here? Who has time for the amateurish and ultimately unintelligent witch-hunt these dunces think they can initiate against the SW? OP is clearly a crook and a fraudster. Same goes for his ALUU brigade who are even bigger m0r0ns. My advice is that you fools should inspect what you wish to put out in the public domain in your desperate effort, led by inferiority complex, to malign the SW by hook or by crook. Since the posters from the SW on this forum appear miles ahead of you in intelligence, they will discredit you easily. Better still, don't bother and save yourselves the embarrassment.

nuff said

Many people talking ignorantly about debt. Someome even mentioned the IGR of lagos and asked why Lagos had to retort to borrowing despite its huge IGR. When we don't know how finance, debt and money work, its hard to hold our leaders accountable. People should realise that these states borrow because of their high IGR'S not inspite of the high IGR's. When they borrow money, they hedge the money against the income they expect to earn within the framework or tenure of the debt. Lenders dole out loans to states that are capable of repaying such loans. Lagos for instance has hedged its 25 billion naira infrastructure bond against its monthly IGR. Its as simple as a student on a 20k allowance taking out a 60k loan to buy a phone and promising to hedge the loan against his allowance so that 10k is deducted from his allowance by the lender every month so that in 6 months he would have paid back the loan and still have plenty of money to spend.
This Means the debt is serviced by monthly deductions from the states IGR. Since the IGR is statutory and seldom declines but instead increases, the state will have no problems servicing its debt.
Infrastructure financing through debt is pure common sense. No contractor is going to wait for a state to collect its IGR momthly before getting paid for a job. Its only logical for states seeking to fund high capital projects to seek loans in lump sums and hedge against expected revenue.
If south west states are the heaviest borrowers, there are two implications:
1. They generate the highest IGR's hence the willingness of borrowers to allow them hedge their loans against the states' revenues.
2. They're the only states embarking on heavy capital intensive projects which require bulk financing and hence cannot be undertaken with federal allocations or covered entirely by their IGR's.

I'm aware most SW states use their federal allocations just to pay salaries of public workers. They finance capital projects with their IGR's through debt financing. Other regions in Nigeria in contrast are solely dependent on meagre federal allocations.

harde2lah:
I'll sue my parents if I had a brain like yours.
Mothafucker

Ode, if you had a brain like mine. Your parents will be freaking proud...

Lagos Incurs N435bn Debt in Five Years

The Lagos State Government Tuesday put its total debt stock at a whopping value of N435 billion, which it said, covered the profile of four tranches of bond it used between 2009 and 2013 as well as funds from other internal and external sources.

The state government also listed diverse constraints, which it said, were undermining the implementation of the Fourth Mainland Bridge covering a distance of eight kilometres different from the road project of about 22 kilometres along the state corridor.

But the state’s debt profile was publicly disclosed yesterday during the 2014 budget analysis, which its Commissioner for Economic Planning and Budget, Mr. Ben Akabueze presented along with his counterparts in the Ministry of Works and Infrastructure, Dr. Obafemi Hamzat and that of Finance, Mr. Ayodeji Gbeleyi among others.

At the budget analysis that attracted enlightened stakeholders from the public sector and the media, the finance commissioner gave an explicit detail of the state’s debt profile, which he said, stood at a total value of N435 billion.

Gbeleyi, who spoke towards the end of the programme, disclosed that with regard “to our total debt stock today, we have about N435 billion, which is a net of N98 billion in sinking fund,” though the debt was sustainable.

He said the state government “has a total of four tranches of bond it issued. The first one is N50 billion for five year tenure issued in 2009 and will mature in 2014. The second tranche is N57.5 billion issued in 2010. It is a seven-year bond and will mature in 2017.”

He also put the third tranche at a value of N80 billion, which he said, was issued “in 2012. It will mature in 2019. The last tranche of bond is N87.5 billion issued in 2013. It has a tenure of seven years and will mature in 2020.”

According to him, we have a bond portfolio of N275 billion. The full principal repayment for coupons for the last half year fully paid in February and fully provided for in the sinking fund that is being managed by a trustee on behalf of bond holders.

He, therefore, gave some proofs, which he said, made the debt profile sustainable, explaining that the acceptable international benchmark adopted by the federal government’s Debt Management Office (DMO) is 40 per cent.”

But the finance commissioner acknowledged that the state government “is well-below that benchmark. In 2013, we were about 13.15 per cent and the benchmark is 40 per cent. Our total public debt stock to GDP stood at 2.98 per cent in 2013.”

He added: “For a frontier economy like ours, the threshold that is allowed is about 20 percent. As at last year, the ratio of our debt to total revenue is 112 per cent. That is total debt stock at the percentage of revenue. That is 112 per cent compared to the benchmark. The benchmark allows us to borrow up to 250 percent of our total revenue.

“Again, we are well within that threshold. The last threshold is also regulated by the Federal Ministry of Finance under the Fiscal Responsibility Act. We are allowed to borrow up to 50 percent of our last three year revenue.

“As at today, we only borrow 40 per cent of that threshold. So, it all gives parameter of international benchmark that measures our debt level. They are very sustainable and responsible. Let me add that we have three international and local agencies that have rated the not just the state government, but also our bonds.”

“Over the years, we have always been notching up in our bond rating. And of the most recent rating in 2013, our Agusto rating was, at a stage, A+. By Global Credit Rating, it was also AA+. By Fitch Rating International, our foreign currency long-term rating was AA positive and then our long-term national rating was BB minus able.

“Even if you compare this rating with some sovereigns, Nigeria is better. Like Angola, for example, we are better off. In 2013, our bond rating by Agusto was AA+ and the same thing with GCR. Of course, Fitch did not rate our bond. Those are the key measures and parameters of our debt profile as it stands today,” Gbeleyi explained.

Speaking on challenges undermining the construction of Fourth Mainland Bridge, Hamzat ascribed the constraints to the huge cost of implementing the project and the number of private buildings, which the project would affect.

The commissioner said the alignment “is from the Lagos Business School (LBS) on Lekki-Epe express road when one move 200 meters away from the school. On the alignment, we have over 318 buildings. This is difficult for the state government to use the previous alignment again. We need to remember that we have swamps to contend with.

“The first alignment gives us the shortest bridge which is about 3.8 kilometres. If we go another alignment, we are talking about eight kilometres. Remember that when motorist exit the bridge, they will need an exit route.

“This route will require motorist to drive through a road that will afford them to link Ijede in Ikorodu and later link Lagos-Ibadan Expressway. And this road is about 22 kilometres. So it is just not a bridge, instead of 3.8 kilometres, we now have eight kilometres. And to construct a kilometre of that bridge is about N40 billion.

“So, the issue is that we need to factor the cost of demolishing the 318 buildings into the project. And a lot of these buildings do not have building permit. And these are beautiful houses. We are now working on new alignment…”

Hamzat, however, justified the astronomical review of the new tuition regime of the Lagos State University (LASU) students, which he said, became necessary due to what he ascribed to the impelling need to make the institution one of the best in Africa.

The commissioner added that graduates of computer science from LASU “are the best in the country. They write their own code because they are able to pay. No university does that. So are we interested in quality education or just graduating people?”

Reinforcing what Hamzat said, Akabueze put the subvention “to parastatal organisation and tertiary institutions to N32.152 billion. We have N9.2 billion that will be spent on LASU in 2014. Out of which N2.6 is capital and N6.6 billion is for recurrent.

“So, when people say that the dedicated revenue increase in the state budget is because LASU tuition fee has increased. Let ask, how many student do we have in LASU? Remember that this new fee is only meant for the new students.

“Those who pay the new begin from two sessions ago. For instance, one-third of the population is expected to pay the new fee which is average of N200,000. When one multiply this by 4,000 students, this amounts to N800 million.

“This is the total revenue that will come from the tuition fees. This is far cry to the state government expenditure on the institution. LASU is not funded by the tuition fees paid by the students. It is not possible in today’s world to get quality tertiary education at N25, 000.

“Many people here pay more than the new tuition to fund their children’s education at the primary education level. All the governments around the world invest more money to fund basic education than tertiary education.

“This is to create platform for more people to be educated. The growth in dedicated revenue showed that out of the N9 billion proposed to be spent on LASU, less than N1billion is generated from tuition fees,” Akabueze.

http://www.thisdaylive.com/articles/lagos-incurs-n435bn-debt-in-five-years/169996/

Lagos’ N435bn debt profile not new – Fashola

LAGOS — Governor Babatunde Fashola of Lagos State yesterday, took a swipe at the Federal Government over the claim that the state’s debt profile of N435 billion was high, saying “We have used the money to provide various projects in the state.”
Fashola said: “Lagos is happy to show what we are doing with the debt we owe. But the Federal Government that was accusing the Lagos State government for acquiring debt is allocating to itself 52 per cent from the Federal Allocation Account, FAC.”
Speaking after commissioning of the N1 billion Imota Asphalt plant and inspecting some of the ongoing projects in Ikorodu axis of the state, he said: “What is the Central Government showing for this huge allocation? Rather, they were busy commissioning markets. Is that the Presidency’s responsibility. So we want to know what happened to the money.”
He noted that the debt profile of the state was not new, adding, “this is because if we are the most populous, with the highest contributor to the GDP of the country, why will the debt not be big. And today, if the oil falls short today, we will survive.”
On Asphalt plant
Fashola said that the project was geared towards fast tracking road rehabilitation and construction and that the project was already impacting on the host community in a positive way, saying residents would be the biggest beneficiaries of the project.
Earlier, Executive Chairman of the Lagos State Public Works Corporation, LSPWC, Mr. Gbenga Akintola, said the Imota Plant manufactured in Italy had a maximum production capacity of 180 tons per hour.
- See more at: http://www.vanguardngr.com/2014/02/lagos-n435bn-debt-profile-new-fashola/#sthash.R0FXW78t.dpuf

Revealed: Lagos Debt Profile Nears N500billion
The Lagos State Government on Tuesday finally opened up that it is currently indebted to the tune of N435 billion as at the end of 2013 and the amount is still rising! The State debt figure had been shrouded in secrecy with some estimates saying it's nearing A trillion Naira. This prompted the State House of Assembly, LSHA, last year to direct

its Committee on Economic Planning and Budget to probe the debt profile of the state and report its findings to the House in September 2013.

But while revealing the true figure yesterday the state government said the profile is still below the international borrowing benchmark adopted by the Federal Government. State Commissioner for Finance, Mr. Ayo Gbeleyi, while making this disclosure during the presentation of the 2014 budget analysis by the Ministry of Economic Planning and Budget, placed the acceptable international borrowing benchmark at 40 per cent. He added that with regard to the state's total debt stock currently, the state has about N435 billion, which is a net of N98 billion in sinking fund

“To speak to sustainability of that figure, in terms of our total debt value, that is cost of loan repayment and interest to our revenue, that figure is about 13.15 percent”, he said.

“The acceptable international benchmark adopted by the Federal Government Debt Management Office is 40 per cent. We are well below that benchmark. In 2013, we were about 13.15 per cent and the benchmark is 40 percent. Our total public debt stock to GDP stood at 2.98 per cent in 2013.

“For a frontier economy like ours, the threshold that is allowed is about 20 per cent. As at last year, the ratio of our debt to total revenue is 112 per cent. That is total debt stock at the percentage of revenue. That is 112 per cent compared to the benchmark. The benchmark allows us to borrow up to 250 per cent of our total revenue.

“Again, we are well within that threshold. The last threshold is also regulated by the Federal Ministry of Finance under the Fiscal Responsibility Act. We are allowed to borrow up to 50 per cent of our last three years revenue. As at today, we only borrow 40 per cent of that threshold. So, it all gives parameter of international benchmark that measures our debt level. They are very sustainable and responsible”.

Gbeleyi added that three international and local agencies have rated not just the state government, but also its bonds; and when these are compared with the ratings of some countries like Angola in relation to debt profiles, Nigeria has a favourable position.

“In 2013, our bond rating by Agusto was AA+ and the same thing with GCR. Of course, Fitch did not rate our bond. Those are the key measures and parameters of our debt profile as it stands today”, he said, adding: “Our Agusto rating was, at a stage, A+ by Global Credit Rating; it was also AA+ by Fitch Rating International, our foreign currency long-term rating was AA positive and then our long-term national rating was BB minus able. The profile of the state was actually increased by its recurrent interest in bond issues”.
http://www.elombah.com/index.php/special-reports/20440-revealed-lagos-debt-profile-nears-n500billion

Lagos, Ekiti, seven others are heavy debtors –FRC

Nine states of the federation are in serious debts judging by their revenue profile, the Fiscal Responsibility Commission has said.

The states are: Lagos, Ekiti, Kaduna, Cross Rivers, Ondo, Edo, Bayelsa, Ebonyi and Kwara.

In its Annual Report and Audited Accounts 2011, which was released in Abuja on Thursday, the FRC listed the nine states as being under the weight of huge debts.

The FRC also raised the alarm that given the rate of growth of the national debt and debt servicing, the nation’s debt was unsustainable except action was taken to reduce the rate of growth or increase the Gross Domestic Product growth rate.

According to the report, the total indebtedness of each of the states as of December 31, 2011 was beyond the limit set by the Debt Management Office.

The DMO had said that states’ indebtedness should never rise more than 50 per cent of their annual revenues in the previous 12 months, while the nation’s total indebtedness should not be more than 40 per cent of the GDP.

For each of the nine states, however, the total indebtedness as of December 31, 2011 was more than 50 per cent of their revenue profile.

For Lagos State, the debt to revenue ratio stood at 155.4 per cent, with the annual statutory revenue standing at N125.48bn and a debt profile of N193.44bn.

On a revenue profile of N44.97bn and a debt profile of N35.98bn, Ekiti State’s ratio stood at 80 per cent. Kaduna had a revenue profile of N63.94bn, debt profile of N40.08bn and debt to revenue ratio of 62.68 per cent.

For Cross River State, the ratio stood at 61.44 per cent on a revenue of N56.92bn and a debt of N34.97bn.

The ratios for Edo, Ondo, Bayelsa, Ebonyi and Kwara states stood at 56.03 per cent, 55.12 per cent, 54.5 per cent, 51.85 per cent, and 51.75 per cent, respectively.

Four other states whose debt to revenue ratio exceeded the states’ average of 36.36 per cent are Imo, 49.4 per cent; Ogun, 45.45 per cent; Bauchi, 41.97 per cent; and Osun, 36.52 per cent.

The least indebted states by the debt to revenue ratio include Rivers, 2.02 per cent; Borno, 3.28 per cent; Akwa Ibom, 3.88 per cent; Taraba, 6.79 per cent; Plateau, 8.02 per cent; and Adamawa, 8.72 per cent.

The FRC said the debt profile included external debts; money borrowed from banks and the capital market, but excluded debts owed to contractors, which could not be ascertained.

The FRC explained, “Only statutory revenue is used in the analysis because the states refused to supply data on their IGR. In any case, the IGR is not more than eight per cent of the states’ total except Lagos, which also refused to furnish its IGR. In essence, the omission of the IGR may not distort the result of the analysis.
http://www.punchng.com/news/lagos-ekiti-seven-others-are-heavy-debtors-frc/

Atouke: [size=13pt]Fellow Nairalanders, tomorrow we shall compare the external debt profile of the PDP states with the APC states and see who is more prudent in managing the resources of the people. APC defenders am giving all of you prior notice so you can start now to prepare the defence of you progressive borrowers/ paymasters.[/size]

You should know SW people are more than capable to pay these debts without hassle if they want.

Atouke: State Amount Owed
1) Lagos $1,020,410 674 billion ( the most by any state and over 1/3 of the total amount owed by 36 states)
2)Ogun $116,689,249 billion
3)Ondo $51,439,910 billion
4)osun $73,404,212 billion
5)Oyo $80,112,064 billion.

TOTAL $1,342,056,129 billion equivalent to N 214,717,000,000 billion Naira

Total amount owed by 36 states in Nigeria = $3,013,216,977 billion

If all the states were borrowing at the rate that the south west states are then The country will be in a more serious trouble than we are at the moment.

all data from the debt management office http://www.dmo.gov.ng/oci/subn/docs/Federal%20and%20State%20Governments%20External%20Debt%20Stock%20as%20at%2030th%20June_%202014.pdf

This is not a political post...its real and i have known it for long and pity Lagosians....Lagos has the highest no of toll gates,motor parks,companies,markets,apapa wharf etc that generates revenue thereby making Lagos the highest in IGR....Lagos tax policy is the highest...and apart from oil producing states, Lagos rank high in allocation received by Fed govt...But it ponders me why Lagos has the highest Debt profile still....why all these borrowing and what is there to show for it May God help the masses and the future generations

aresa:



You created a bogus account today just to post this dumb trash? ...

Because I am saying the truth