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Nairaland Forum / Nairaland / General / Politics / Debt Profile: Fashola Justifies N160bn State’s Debt (13713 Views)
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Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Articul8(m): 7:59am On Sep 11, 2014 |
ratiken: Really?while PDP is a blessing? I need nt say much cos are ppl are so adamant and wunt wnt to be sincere with demslvs. Even as an individual(established ones) u knw hw far u go 2 survive ur family. U mait av to borrow and pay tru ur nose later if u wnt ur family @ least 2 live fine. What I knw is dt,if an org.,or state is nt worthy of debt, such state ll nt b given. D govt.above approved it. Jt my own line of tot without allegiance to any political party 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by jking001(m): 8:00am On Sep 11, 2014 |
Criminals, extremist apc and looting. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:01am On Sep 11, 2014 |
PointB: What sort of explanation is this? Why talk like an ignorant market woman if you don't know keep quiet rather than make a fool of yourself. This loan was negotiated and agreed in 2010 during Fashola's first term. There has been no secrecy and that information has always been public for real Lagosians. Is it that easy to borrow 160 billion from the World Bank? Loans that are given out at close to 0% interest. Find out before you start making noise. The loan was agreed before they ever broke ground on the rail project which has been under construction for years. It was Iweala who was MD when the World Bank approved the loan. The loan was agreed in tranches. The World Bank was ready to release the next tranche so that means they were happy.The Fg was playing politics that is all The same FG borrowed from China to build light rail in Abuja. Which is more economically viable?? 3 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by MilesLamar(m): 8:01am On Sep 11, 2014 |
eko na obanje 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by igbsam(m): 8:04am On Sep 11, 2014 |
Show me one politician that is not a thief And I will show you where the devil have his bath. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by BlackTechnology: 8:06am On Sep 11, 2014 |
iwonbaoko: Fine Okonjo approved it What did he do with itttttttt Simple question He should answer 3 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by forgiveness: 8:08am On Sep 11, 2014 |
ratiken: Really? Pls tell me something. Is FERMA reconstructing or expanding ikorodu road? |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by mako007(m): 8:11am On Sep 11, 2014 |
aljharem: Fashola and the APC lead Tinubu government are full of lies and propaganda. Lets itemize the things he claimed to have do with a loan of 160 billion Naira. Also note that Lagos generate 29 billion Naira monthly apart from 12 billion Naira monthly allocation from the Federal GovernmentHe goat 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:13am On Sep 11, 2014 |
BlackTechnology:This is an adult forum? If you must quote me then take time to READ he claims the money is being spent on the Light rail project. I am NOT a Fashola or APC supporter. That does not mean we should not use our heads So ask questions like someone who has a brain and not meat and potatoes in their head. Who gave the loan? On what conditions For what purpose? etc if you use your head you will quickly figure out what he did with it. The real debate if he is to be accused of mismanagement is whether the project is overpriced compared to similar projects. I believe there would always be that kind of thing but since I am not a Fashola supporter I cannot speak to that. The fact is the World Bank gave that money for a SPECIFIC PROJECT not for the Lagos State general budget 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:17am On Sep 11, 2014 |
Ikorodu road from Mile 12 to Ikorodu is a Lagos state project and nothing to do with FERMA |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by PointB: 8:17am On Sep 11, 2014 |
iwonbaoko: Guy just shut up if you don't know what's at stake! Who is talking about where the loan was borrow from or not? What difference does it make if it was from IMF or World Bank? The bigger questions I asked, if I must repeat for the sake of those like you who lacking in comprehension, are: 1. What is Fashola currently doing with over 40B monthly (29 from IGR + 11 from FG) 2. What is on ground to justify the 160B he has collected as loan? Those are the key issues, not which external bank he got the loan from or who approved it! #FasholaBringBackOur160Billion 5 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by PointB: 8:20am On Sep 11, 2014 |
forgiveness: Let's say the answer is NO! Was the 160B spent on Ikorodu Road? #FasholaBringBackOur160Billion 3 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by porka: 8:23am On Sep 11, 2014 |
bushdoc9919: How so? |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:23am On Sep 11, 2014 |
PointB: What is at stake in Eko Ile or Mgbidi? Are you mad Who told you he has COLLECTED 160 billion? You are just an ignorant dunce with no idea what is at stake as you claim. The World bank often pays contractors directly just as was the case in the Ebonyi Bamenda road on the Camerounian side of the road. The issue here is the loan. If you want to talk about Fasholas performance that is another issue. But why are you so interested in our Lagos sef. Go and fix your teaching hospital in Abia |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Anacksunamun: 8:24am On Sep 11, 2014 |
aljharem: Fashola and the APC lead Tinubu government are full of lies and propaganda. Lets itemize the things he claimed to have do with a loan of 160 billion Naira. Also note that Lagos generate 29 billion Naira monthly apart from 12 billion Naira monthly allocation from the Federal GovernmentWOW!! This is systemic robbery!! 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by DVanguard: 8:25am On Sep 11, 2014 |
Hmmmm, the comments on this thread tells a lot about the level of our intelligence. The level of ignorance in our land is too much and alarming. Lets keep on with our ignorance and lets see where it will let us to. The budget of California on fire service is almost as large as Nigeria yearly budget. Yes, there is lot of corruption in the land but that should never stop us from being objective. Which state in Nigeria don't seek for loan (including the federal govt), and it is a foolish business man that will invest in a capital project with liquid cash against available loan. I now understand why lots of Nigerians are very poor. Most capital projects are financed by loan any where in the world. During the meltdown economic crisis, Almighty America borrowed from China to facilitate there capital projects to revive their economy. I pity for my country with the high bunch of illiterates we breed. Basic Economics. Tufiakpa. 5 Likes 1 Share |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by porka: 8:25am On Sep 11, 2014 |
iwonbaoko: So, can you itemize what the funds were used for? 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by huptin(m): 8:26am On Sep 11, 2014 |
N160Billion for a state that generates over N20Billion monthly is totally wrong, inexpedient and absolutely unjustifiable. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by PointB: 8:27am On Sep 11, 2014 |
Speaking on the rationale behind the debt, Fashola said: “I think it was the debt management office of the Federal Government that published the report that we have a debt of about N160billion. I don’t know the intent of the publication but if it was to inform the public, I think we have always kept the public informed anytime we borrow money. If there are other intentions behind that, only those who make the publication would know what the intentions are. Sounds to me like a man, trying to explain away the reason his hand was found in the cookie jar. Anyway, Mr Fashola, indeed anytime you want to borrow money, we know how you arm-twist, and rigmarole FG to sign-off, so we appreciate the transparency of the FG in this timely reminders of who borrowed what. Can you Mr. Fashola, kindly enlighten us on how you spent the money you borrowed. We want know for sake of transparency in governance. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by porka: 8:29am On Sep 11, 2014 |
DVanguard: Hmmmm, the comments on this thread tells a lot about the level of our intelligence. The level of ignorance in our land is too much and alarming. Lets keep on with our ignorance and lets see where it will let us to. The budget of California on fire service is almost as large as Nigeria yearly budget. Yes, there is lot of corruption in the land but that should never stop us from being objective. Which state in Nigeria don't seek for loan (including the federal govt), and it is a foolish business man that will invest in a capital project with liquid cash against available loan. I now understand why lots of Nigerians are very poor. Most capital projects are financed by loan any where in the world. During the meltdown economic crisis, Almighty America borrowed from China to facilitate there capital projects to revive their economy. I pity for my country with the high bunch of illiterates we breed. Basic Economics. Tufiakpa. It's a simple thing. Albert Einstein, why not use your non-meat brain to list those "capital projects"? 4 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:29am On Sep 11, 2014 |
porka: I am not a spokesman for Lagos State |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ahmeduana(m): 8:30am On Sep 11, 2014 |
NwaTeacher1: Fashiola is a smart Criminal. Lagos state internal generated revenue is the highest in the country today. What & what did he do with 160b. I pity the poor masses who will come out & shout " Fashiola is trying". Try where? APC & its deceit since 500BCFASHOOOWW & OJUYOBO, THE DUO ARE STEALING LAGOS BLINDLY THE REASON WHY PEOPLE ARE NOT TAKING NOTE IS THAT THE REVENUE THAT LAGOS STATE IS GENERATING IS SO HUGE TO THE EXTEND THAT NO MATTER HOW THEY DIP HANDS INTO THE POT OF SOUP IT WON'T HAVE EFFECT, IS JUST LIKE THROWING A FISH INTO ATLANTIC OCEAN TO DRINK WATER FROM IT THE FISH CANNOT MAKE IMPACT! 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by PointB: 8:32am On Sep 11, 2014 |
iwonbaoko: What is this one blabbing about? You are not making any iota of sense! By the way do you know how much tax I pay to Lagos State yearly? Or you think I have no right to query what my money is used for in the state I pay the tax? Or is Fashola performance limited only to planting and watering of flowers, while over 160B disappear into a black-hole? Guy, park well! #FasholaBringBackOur160Billion 3 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by porka: 8:33am On Sep 11, 2014 |
One of Fashola's few public projects (i.e. projects that are not on PPP arrangement) is being stalled for another 12 months. What could be the reason(s)? Is it shortage of funds? |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:34am On Sep 11, 2014 |
Ahmeduana:You have no clue SO HUGE?? really ? Lagos has a total budget of about 50000 NAIRA for every person in Lagos annually. That does not seem like an Atlantic to me. This year the budget was under 500 billion naira for at least 10 million people |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:34am On Sep 11, 2014 |
BlackTechnology: Neither do you...but let's play..... HEALTHThat's what Mass General in the US spends on research. I stand to be corrected Yes,it is one thing to build....it is another thing to maintain what you have built. That is where the costs come in. And guess who pays....since you Nigerians refuse to pay for it....it is govt....and debts go up. (Which is why Jona wanted to remove the fuel subsidy....the oil money is not enough). If Fashola had wanted to build such, he would have done so under 8yrs because Lagos IGR is large enough to achieve it. So,you are proposing to spend 1/4 of the state revenue on JUST one world class hospital? And we have not yet started talking about maintenance costs either....or fuel costs.Or the health budget for the other health centers, salaries, etc. EDUCATION Ya think? Oil producer Norway's second largest university has an annual budget of $800 million. LASU spends N14MILLION per annum. Want to know why? Which leads to the ACTUAL point of my original comment....which you think is a defense of your pal Fashola.(It isn't. NIGERIA NEEDS TO DIVERSIFY ITS ECONOMY SO THAT IT CAN AFFORD THE FREEBIES WE NEED TO ENJOY!(and reduce the debt in the process). P.S....You better read the article. RICH KID,.POOR KID: THE FALLACY OF EDUCATION SUBSIDIES IN NIGERIA....answers the education issue well 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by AZeD1(m): 8:34am On Sep 11, 2014 |
The level of ignorance on this thread is alarming and the sad part is most of the people commenting have no idea of finance. A debt of N160 billion for a state like Lagos is not bad. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:39am On Sep 11, 2014 |
AZeD1: The level of ignorance on this thread is alarming and the sad part is most of the people commenting have no idea of finance. A debt of N160 billion for a state like Lagos is not bad.I don't know whether it is good or bad. I do not necessarily support it but I think we must establish the facts first and that is why I have taken issue with some critics here simply on facts .As far as opinions go what do you mean by "a state like Lagos" and what do you mean by "bad" at what point does debt become "bad" what are your bases for determining this? |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by BlackTechnology: 8:39am On Sep 11, 2014 |
iwonbaoko: Trash Why haven't the project being completed Stop talking like a kid If the money is meant for the light rail project, why haven't we seen light trains on it working At least let light trains start operating on completed sections Pls return back to bed this forum is not meant for blind defenders or babies. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ahmeduana(m): 8:42am On Sep 11, 2014 |
iwonbaoko: You have no clue SO HUGE?? really ? Lagos has a total budget of about 50000 NAIRA for every person in Lagos annually. That does not seem like an Atlantic to me.Let me ask you this when the governor said they generate 29billion did you believe him that he is delivering or giving the real fact about what the state is generating? |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by porka: 8:54am On Sep 11, 2014 |
iwonbaoko: What are you trying to say with the bold? Ok, could, can... it has been modified. That you are not a spokesperson makes you like any other person here. If you don't have an answer to people's questions why not just sit and read instead of jumping at what is clearly beyond you. Are you that emotionally unstable? People who use words like s.tupid, meat head, potatoes head etc are usually dealing with emotional issues. Hope everything is alright? 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by basty: 8:55am On Sep 11, 2014 |
aljharem: Fashola and the APC lead Tinubu government are full of lies and propaganda. Lets itemize the things he claimed to have do with a loan of 160 billion Naira. Also note that Lagos generate 29 billion Naira monthly apart from 12 billion Naira monthly allocation from the Federal Government Olodo, Can you compare Lagos to your dung called Aba in Abia State? 1 Like |
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