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Nairaland Forum / Nairaland / General / Politics / Debt Profile: Fashola Justifies N160bn State’s Debt (13724 Views)
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Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 8:57am On Sep 11, 2014 |
porka: Hey stop pretending! But in the event you are not pretending. 1.LASU has a budget less than N15 million (hey since this is a Lag thread....we might as well use the home uni). 2.Serious universities have budgets in excess of $200MILLION (in the American currencies). 3.Norway's second largest university.....has a budget of $800million....(Norway is the second largest producer of oil....and has a population of 11 million people....so of course they can afford that....plus Norway has industries). My point is....if you want free education it is either you have the cash and the low population to sustain it,or Lagos starts producing oil at the amount Saudi and Norway do at current prices....or you raise fees. Because pretty soon, our uni grads will lose out to better trained foreign graduates....all because the kudi isn't enough. Unless you have N10 trillion to donate to Nigeria's universities. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Demdem(m): 8:59am On Sep 11, 2014 |
So jonaadaft approved it? So what's all these cry about? 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ifex4real: 9:02am On Sep 11, 2014 |
the debt will be paid my we who leave in lagos, now that lagos state is now introdusing ratio and televition tax. meany lagosian don't undestand what is going on 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by deletrue: 9:07am On Sep 11, 2014 |
orlaryhincah: Una no fit catch Fashola for corner I swearWhy? When person defend himself no mean say others no go know say hin dey talk fabu. 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by AZeD1(m): 9:07am On Sep 11, 2014 |
iwonbaoko: 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 byBad debt is unsustainable debt or debt that was used for frivolities. If we use the figures branded around here (N40 billion) as the monthly income of Lagos state, then the State government has about N4000 to spend on each resident of the state(population 10 million). Now what can N4000 do monthly? We have also not paid salaries of the workers or considered the liabilities of the state. This money has to be gotten from somewhere and you also have to realize that while the state government has to pay salaries at a certain time, you are not guaranteed the exact time it will get it allocations. 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by youngice(m): 9:07am 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 Governmenthater alert 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by 9jauk: 9:10am On Sep 11, 2014 |
Looting galu In the hands of APC in Lagos, I'm glad the electorate are realising the magnitude of Unprecedented and relentless looting of Tinubu we are tired of APC...160b chai,Uncle fash you should be ashame of yourself,the duo are way too crafty for my likeness Kilode. 1 Like
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Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ifewilshere(m): 9:11am 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 GovernmentYou don't see beyond your nose. 3 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ifewilshere(m): 9:14am On Sep 11, 2014 |
EmoBoy: He failed to state what the debts were used for. I have no objection towards borrowing only if it used to finance revenue generating infrastructure projects or for provision of social services. However, if this is not the case and the debts are used for recurrent or variable expenditure then we have a problem.the press didn't ask him the question. Did they? Am sure, if they had asked, he would give them an answer. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Gbawe2: 9:18am On Sep 11, 2014 |
iwonbaoko: Dude, I really respect all your input on this thread. Your intellect, clarity of vision and insightful knowledge puts you head and shoulders above others here who are mainly ignorant and just plain biased to the point of self-deceit. To even put issues in perspective, If Lagos were a sovereign Nation, it's GDP would make make it around the 7th Largest economy in Africa. Simplistically, and for those who are honest with themselves, are we saying that the over 40 Countries that fall behind Lagos in the GDP tier, if the State were an African nation, would struggle to get developmental loans, for critical infrastructure, totalling N160 billion which is $1 billion? The ability of Lagos to pay the loan, as you consistently inferred, is not in doubt because of a look at the financial health and vibrancy of the State. With all due respect to Nigeria, there are property developers in the UK who get loans over $1 billion for private and riskier ventures and it is asinine to then think a mega city which has the 7th largest economy in Africa has somehow borrowed irresponsibly or above it's capacity. Do some of the ignorant individuals who have commented here know the meaning and implications of debt-to-GDP ratio? Lagos has one of the best debt-to-GDP ratio in Nigeria !!! As simple as that. Anyone who understands the economic issues that really matter for the purpose of this discussion will know Lagos has borrowed responsibly and indeed has the financial health, nurtured by the political leadership of the State for the past ten years, to borrow more. But for your impressive contribution, which gives hope that there are still intelligent and objective folks here, this is the sort of thread I ignore because it is usually a cesspit of hateful ignorance, self-delusion, misinformation and unthinkable obstinacy in the face of indisputable facts. Honestly, the pervasive market-woman ignorance which gives rise to the inane comment one sees here leaves me despairing for Nigeria. http://uk.reuters.com/article/2013/10/23/uk-lagos-megacity-idUKBRE99M04620131023 "WE CAN'T STOP THEM COMING" http://en.wikipedia.org/wiki/Debt-to-GDP_ratio Debt-to-GDP ratio http://businessdayonline.com/2014/09/ambode-says-lagos-debt-is-under-control/#.VBFWl_ldUvI Ambode says Lagos debt is under control 6 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by DVanguard: 9:21am On Sep 11, 2014 |
porka: I am more informed than engaging you in insult. I will not school you for your great ignorance. I will not mention the capital projects that are available all around Lagos state that encourages most company to be ready to pay their tax cos it is stated that in the congregation of the blind, one-eyed porka is a king. Keep your blind eyes to all the projects in lagos state cos of your ignorance. Ewu |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by mbulela: 9:22am On Sep 11, 2014 |
forgiveness:They have been fixing oshodi-apapa expressway regularly that is why that road is better than lekki-epe expressway 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by BlackTechnology: 9:22am On Sep 11, 2014 |
bushdoc9919: Research and medical services are two different things. Why research focuses on finding new things, medical services focuses on addressing medical challenge using existing knowledge. And if Fashola seeks to make the hospital research oriented, all he needs to do is to invite investors to invest in a research project with the agreement of sharing the gains of success. How do you think Indians handle their Maintenance cost Guy, hospital charges paid by people will be used to pay for it. He can even create a scheme whereby people can have a special account with Insurance companies connected to the hospital so that if they have any medical challenge these insurance companies can foot their bills I repeat For non pure , applied and medical sciences, real and computer simulated videos can reduced the use of real lab/workshop learning materials thereby reducing cost of education. This can also help to perfect their skills before they are allowed to make use of real life learning materials. Note US use simulated video to train their troops before they handle real weapons. Germany use simulated videos to train their pilots before they handle real planes This help them to save training cost and equipping cost You are computer literate Ponder on what I just said below Remember There are many paths to success. It is your duty to find out these paths, their certainty and cost before picking a path 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ghost01(m): 9:38am On Sep 11, 2014 |
The simple thing our Nairaland financial gurus fail to understand is that no institution will borrow you money if it knows you do not have the wherewithal to pay back. For the Lagos residents complaining, last I checked, Lagos was just one of 35 states. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 9:38am On Sep 11, 2014 |
AZeD1: Firstly one man's frivolity is another man priority . Or is there an agreed definition of frivolity? I digress. I was hoping to get some "analysis" but your offering is disappointing. You now introduce another word; "sustainable" what does this mean in the context of Lagos state and our discussion here. These are just words "bad,unsustainable etc" very often people have very strong opinions but cannot put together any coherent or meaningful logical underpinning for these. The money "has to be gotten(sic) from somewhere" . The real issue is how is it going to be repaid. How much can Lagos state afford to pay each mont NOW based on its current "Liabilities" profile and so how long will it take to pay ? That is the quality of debate I expect to have not throwing nebulous and meaningless terminologies aroun 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 9:38am On Sep 11, 2014 |
BlackTechnology: I am afraid you still don't get it. Oya....read the articleI linked. Get what I am talking about. You think that your universities are world class...when they are not....and infact need hefty funding. I will add this....oil producing countries that can afford quality free education (not Nigerian standard) have these in common...1) Populations below 20 million 2) Well diversified economies. The fact is.... OUR UNIVERSITIES ARE IN A MESS.....and OUR ECONOMY IS DUTCH DISEASED. Which is why India can afford world class....THEY manufacture medical equipment, they have enough technicians, and their utilities work well enough. Unlike Nigeria....where we have to import hospital equipment....on opur limited oil money...... Sort the above two out....and Lagos won't have debt. I am not defending Fashola....or any body.....just want Nigerians to realize that the money they think they have.....is not enough.and that we have to work for money. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by deletrue: 9:38am On Sep 11, 2014 |
What we are saying is not as if borrowing is not acceptable but how the fund is used is what people are after. Fashola is saying that FG approved the money and therefore knows that the reasons advanced are acceptable. What Fashola and his Thief.nubu failed to see through is that the FG will not be there when this money is moved into Thief.nubu's pocket and other individuals. No body will ever doubt the degree of Thiefnu.bu's corrupt practice, especially, through highly sophisticated means. For now, he is one of the most dirtiest corrupt Nigerians living. Very wealthy and indeed owned the largest proportion of not only Lagos state assets but also all covers almost all the western states. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by helphelp: 9:40am 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 Ode |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by DVanguard: 9:42am On Sep 11, 2014 |
BlackTechnology: This is the most gullible suggestion have ever come across, seeking for investor for research purpose. Why will i invest into your research institute if you are not known for something in that field. Do you think investors just invest for investing sake. Let us assume the investors agree to invests, how much do you thing it takes to set up a research institute of reputable standard that will draw up investors. Hospital Charges should be used to run hospitals (are u serious). Do the know the staff strength of any government hospital in Nigeria. The charges or money generated is not enough to pay even the junior workers not to talk of senior staffs and overhead of the hospitals. If Nigeria hospitals are giving full autonomy i don't think most people will get health services. The Health sector in Nigeria is heavily subsidies even in the face of corruption. You talked about creating a special account like insurance, who pays the insurance people for every service rendered to the people or patient. Do you think the money will fall from heaven. You are very funny, Germans trains their military with simulated video and equipment. Do you know how much it cost to set up such facility. Do you think when it comes to military intelligence you make it known to your future enemy or friend country. It seems you don't understand the cost of all this facilities and programs. it cost Germans and Americans millions of dollars over the years on research before they are achieve. Wake up from the dream land gee. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by latola05(m): 9:43am On Sep 11, 2014 |
disloman: Ignorance is a disease which can only b cured by commenting without hatred.C ya life.He has asked critical questions that demand answers, your role is to share the truth with us if you think what he said is wrong. Fashola's government is overrated in all ramifications, Lagosians deserve more than what they are currently getting from his government. Yet, they deceive the people that Fashola is working. It is alarming that up till now, the LASG employees in Alausa do not know the breakwdown of their salaries as displayed on their payslips. The corruption even starts from his office is Alausa. We need some change in Lagos state, APC has done their bit but I do not mind if PDP or any other good party can produce a governor to govern Lagos state. Well, its up Lagosians to count their blessings and losses during the last sixteen years of governance by APC. You will definitely realize that the pains outweigh the blessings. The basic welfare that Lagosians should have gotten with all the loans that Fashola has been getting from World bank includes: Low-cost housing, good roads at local governments level, affordable health care system, free education, Security, promotion of small scale businesses to create jobs for graduates and non-graduates, organized traffic system. Please choose wisely in the next election! 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by OneNaira6: 9:43am On Sep 11, 2014 |
So let me get this straight Lagos has one of the highest allocation from FG. One of the highest taxed state on that country and yet they are still borrowing money Despite all that borrowing, the city still look a third world city. I don die laughing. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by youngguru23(m): 9:52am On Sep 11, 2014 |
Waec Gce Physics Practical Answers 2014/ 2015 | Myshoolsinfo - http://myschoolsinfo.com/forum2_theme_111395442.xhtml?tema=7 |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ttalk: 9:55am On Sep 11, 2014 |
Why crying as if it your concern whether Lagos borrow money or not? Has BRF asked you to come pay it on his behalf? Leadership comes with responsibility and there are unavoidable risk that should be taken if progress is to be made. Many of you agree that Lagos can do without FG allocation, how did it arrive at that? This could not have been achieved without building a stable economic and industrial base that would guarantee the inflow of resources that make up high IGR Lagos generates. You people should better focus on meager oil money that is not enough to cover your expenditure and which will vanish the moment we start practicing true federalism. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by BlackTechnology: 9:59am On Sep 11, 2014 |
bushdoc9919: LASU has a budget less than 15billion according to you OK If Fashola desires to see LASU graduate high quality graduates , he should take the following steps 1) Introduced real and computer simulated videos as teaching and learning materials to save training cost and perfect their skills before they are allowed to use real life learning materials 2) LASU should encourage marketable projects at University , Faculty and departmental levels. He should use his influence to market the projects to FG Companies and the international community eg Nigerian Army needs drones. LASU students can be asked to contribute 5000 naira each which will be used to develop a drone that will be sold to the military. If LASU students are 10 000 in numbers, the project money will amount to 50million which is sufficient to build a medium size drone. If successful, it can be sold to the army at 4 times the cost which is 200million of which the money can be re-invested into the research lab/workshop and further other research works like ebola vaccine 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 10:02am On Sep 11, 2014 |
Gbawe2:Thanks for your kind words but I would not want you to put words in my mouth. I have not voiced an opinion (yet) on Lagos state's ability to pay back the loan. I was actually hoping to debate that issue . My point is that The loan and information about it is not news.It has been in the public domain since 2010. It was agreed with the World Bank and I know that prior to its approval Lagos State was required to make several changes to its public procurement rules and other "transparency" parameters. It was a long and involved negotiation lasting more than a year. Okonjo Iweala was MD of the Bank at the time. I also agree that the interest terms of the loan are very very favourable and that makes it attractive. One is also persuaded by the fact that this specific loan is directed to a specific project. Now I must point out that I am NOT an APC supporter,not a Fashola supporter or a Tinubu supporter either. So I prefer to have a balanced debate. Therefore I am not in support of ALL loans by Lagos state necessarily. I support loans from the World Bank because they perform greater diligence on how the money is spent and the interest rates are very good. With regard to ability to pay I am not really in a position to comment without good information on the Expense/Liabilities profile of Lagos State. One must know the Revenues as well as expenses before one talks about ability to pay. GDP/debt ratios have no value if government is constrained from extracting revenue ffrom its economy. This could be the case for all kinds of reasons and so two governments with the same GDP do not necessarily have the same revenues The other question as some people are suggesting is that the money is being stolen. Again the form of debate should be to compare like for like projects in terms of quality/cost. That is the sort of debate I would welcome. Unfortunately most of those criticising do so with partisan objectives but that does not mean that there can be no criticism 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ollajay: 10:02am On Sep 11, 2014 |
Oga, no be all Yoruba's support Fashola/Tinubu/APC profligacy aka fraud. Gbam We can now see the result Unfortunately most yorubas on NL who wasted Awo's free education will defend this madness never asking why Tinubu was flown oversea for treatment after spending such amount on development[/quote] |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Gbawe2: 10:04am On Sep 11, 2014 |
Ttalk: Why crying as if it your concern whether Lagos borrow money or not? Has BRF asked you to come pay it on his behalf? Leadership comes with responsibility and there are unavoidable risk that should be taken if progress is to be made. Many of you agree that Lagos can do without FG allocation, how did it arrive at that? This could not have been achieved without building a stable economic and industrial base that would guarantee the inflow of resources that make up high IGR Lagos generates. You people should better focus on meager oil money that is not enough to cover your expenditure and which will vanish the moment we start practicing true federalism. So Nairalanders still has intelligent posters like you active and posting? My man, sometimes the nauseating ignorance of some contributors here makes one want to bang his head against the wall. It is the sound leadership of Lagos over the past 10 years, not anything the FG or any other State has done, that has seen the GDP, IGR and economic health of Lagos improve drastically to the extent the State now has one of the best debt-to-GDP ratio in Nigeria. It is the exemplary leadership Lagos has that has now put it in the position to claim the position of 7th largest economy in Africa if the State becomes a sovereign nation today. It would have been good if those focusing on the negatives here had the intelligence to at least put up factually and economically sensible arguments. Yet all we get, bar the contributions of a few posts to include your own, is incredible ignorance, shocking simple-mindedness and hideous lack of knowledge. A disgrace to Nigeria really. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Unemadu: 10:05am 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. You are not very intelligent. The question is what did he do with the money and not why he should be borrowing 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Amya(f): 10:11am On Sep 11, 2014 |
DVanguard: Answer the question ojare! Mr know it all California! In trying to sound smart you've shown the whole world your ignorance. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by BlackTechnology: 10:15am On Sep 11, 2014 |
DVanguard: Point of correction Some of the most reputable research institutions started small. As they succeeded, they expanded and advanced further using investors money. Real and computer simulated videos are cheaper that is why Advance Nations use them to train their citizens Do you know that a heat seeking missile cost $80 000 that is why only US soldiers that have high scores using simulated videos are allowed to train with the real missile I don't know what you studied in the University but am sure you never studied any course related to engineering-technology 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by DVanguard: 10:16am On Sep 11, 2014 |
Unemadu: Mr Intelligent help me. I can't school you over your stupidity. Google can help you or check threads about Lagos on NL. MUMU, EWU 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Wiseoldman: 10:23am On Sep 11, 2014 |
bushdoc9919: |
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