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Nairaland Forum / Nairaland / General / Politics / Debt Profile: Fashola Justifies N160bn State’s Debt (13715 Views)
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Re: Debt Profile: Fashola Justifies N160bn State’s Debt by ademoladeji(m): 3:19pm On Sep 11, 2014 |
Ttalk:God. Bless you! |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by aljharem(m): 3:26pm On Sep 11, 2014 |
Ttalk: The APC celebrated the merger with so much hype and fanfare that some of its members started to feel that the party had already taken over power from the Peoples Democratic Party (PDP) at the federal level. It was an illusion or what psychologists call collective self-delusion which almost beclouded every sense of reality. ---John Ainofenokhai - See more at: http://www.vanguardngr.com/2014/09/ikimis-revelation/#sthash.GjIfiwa8.dpuf That is all I have to say self illusion is very bad |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by phemybof(m): 3:43pm 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 Lagos could have worse than this, if ruling by PDP 2 Likes
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Re: Debt Profile: Fashola Justifies N160bn State’s Debt by aljharem(m): 3:46pm On Sep 11, 2014 |
phemybof: How do you know ? Lagos was worst during tinubu era We are not voting for party again and we certainly don't want any connection with Tinubu PDP for Lagos 2015! |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by aljharem(m): 3:49pm On Sep 11, 2014 |
We want a lagos indigene. Ade Dosunmu No Tinubu No Fashola No Ambode No Jimi Agbaje (Tinubu's boy) NO NO NO 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by pheesayor(m): 3:57pm On Sep 11, 2014 |
I'm not justifying corruption, the cost of building is way high especially in a place like Lagos and there is little the state can do about factors only the federal government can control. There's also need for return on investment, it is people like you that jumped on the news of the debt profile of lagos. As for FERMA on Ikorodu road, you're wicked liar because I ply that route (Yaba to Maryland) and it is LPWC (Lagos Publics Works Corporation) I see there carrying out maintenance and not FERMA. Lagos is doing well in most areas and they only need to be encouraged to do better. Check the truth you've been standing by properly and make amends. Cheers. aljharem: 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by arresa: 4:22pm On Sep 11, 2014 |
Ttalk: This is the problem with a very shortsighted and unnecessarily antagonistic FG. They derail their own thinking and bad bele moves by pointing the gun at themselves all the time. The bond ratting for Lagos state and the FG is the same with the same out look and Lagos state's ratting is the best in Nigeria. They and the lenders are very much aware per the state's excellent capability to service lone which they are doing anyway. The first tranche is paid off and their is more than enough money and capacity to pay the next in 2016. This is nothing but a distraction and diversion from their own huge debt with nothing to show Nigerians. After $20 billion in power spending and embezzling, Nigerians are still in darkness with grand scale looting corruption and incompetence ravaging the country and institutions, Nigeria is losing territory and sovereignty daily to few hundred rag tag terrorists. This is the same FG that borrowed $500 million to buy and install obsolete CCTV cameras that didn't identify one single terrorists while they blow up Nigerians in the same Abuja several times over.. Till this very second, no accountability or questions asked, that $500 million is gone and Nigerians still have to pay back that 4500 million loan to China.. The have zero moral or any kind of authority to even open their mouth to start with... 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by OLADD: 4:25pm On Sep 11, 2014 |
pheesayor: I'm not justifying corruption, the cost of building is way high especially in a place like Lagos and there is little the state can do about factors only the federal government can control. There's also need for return on investment, it is people like you that jumped on the news of the debt profile of lagos.[color=#006600][/color] Its high time we stopped celebration of pettiness and tokenism. Yes, we can see some roads been constructed, Buses been procured, some houses been built, but can we conveniently say these are the products of N160 billion debt and almost N20 billion monthly IGR? I can say without contradiction that more than 60% of Lagos state revenue and debt had gone into politicians pockets. The state should be rubbing shoulders with London, Dubai, NY etc in terms of outlook and development if those debts and IGR had been judiciously applied. That's an incontrovertible fact. 2 Likes |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by manny4life(m): 4:35pm On Sep 11, 2014 |
bushdoc9919: Where do you guys pull these numbers? Building a world class hospital will cost $800million? Will the hospital be the most biggest and most expensive in the world? Meanwhile universities abroad have budgets of $400 to $800 million? Wonderful. Other than Ivy League schools, that have numerous offsite campuses and extended learning centers, how about you point out one state university, with one location even multiple locations within the state that has the same size budget like you claim. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by arresa: 4:37pm On Sep 11, 2014 |
pheesayor: I'm not justifying corruption, the cost of building is way high especially in a place like Lagos and there is little the state can do about factors only the federal government can control. There's also need for return on investment, it is people like you that jumped on the news of the debt profile of lagos. Stay off Ikorodu Road, Lagos tells FERMA The person you quoted functions under hate and ignorance hence all his clueless, hateful and ignorant ramblings. They want to argue and criticize, but they still can not keep up with news, realities on the ground and basic current affairs... |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by pheesayor(m): 4:38pm On Sep 11, 2014 |
God bless arresa: |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by manny4life(m): 4:40pm On Sep 11, 2014 |
If you ask me, he did not justify the need for borrowing. Justification comes with numbers, facts and figures which I did not see... Anyway, if Lagos likes the debt, I like it too... Sooner or later, every man for himself. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by aljharem(m): 4:55pm On Sep 11, 2014 |
manny4life: If you ask me, he did not justify the need for borrowing. Justification comes with numbers, facts and figures which I did not see... Anyway, if Lagos likes the debt, I like it too... Sooner or later, every man for himself. No sir, we do not like debts These people are the social media team of apc and has no representative on the taught of Lagosians |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Gbawe2: 4:58pm On Sep 11, 2014 |
It will be to the glory of Nigeria if the youths embrace a quest for knowledge and then speak after a sound understanding of what is under discussion. Wading in ignorantly and sentimentally, to make prejudiced or biased conclusions, achieves nothing. http://www.lagosstate.gov.ng/news2.php?k=3728 LAGOS LIGHT RAIL: FASHOLA SAYS STATE’S HUGE LOAN PROFILE IS USED TO FINANCE CAPITAL INTENSIVE PROJECTS 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by arresa: 5:01pm On Sep 11, 2014 |
manny4life: If you ask me, he did not justify the need for borrowing. Justification comes with numbers, facts and figures which I did not see... Anyway, if Lagos likes the debt, I like it too... Sooner or later, every man for himself. DMO DG Nwankwo recently said no state in the country at present has debt that is unsustainable and in the case of Lagos, he says evidence abounds as to what it is using the money for. That's according to the man in charge of FG's budget office and GEJ appointee.. He said in the case of Lagos, he says evidence abounds as to what it is using the money for So, what more do you need...? And if you need more justification and where the money went, look in the thread below... https://www.nairaland.com/1894158/lagos-state-pride-south-west |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by AdeniyiA(m): 5:19pm On Sep 11, 2014 |
all these our leaders shouldn't be voted in the second time as they do absolutely NOTHING when reelected. I've discovered that their noise about continuity is nothing but that of embezzlement ,idleness, stagnancy,inactivity, backwardness nd dilly dally The most annoying part is that of using our money to provide infrastructures and wanting us to start worshipping nd praising them ,na their PAPA money? 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Gbawe2: 5:21pm On Sep 11, 2014 |
arresa: We do not even need his position per se. Lagos, for those who have inquisitive and probing minds, is a joy in terms of the information it makes readily available in the public domain. In this regard, Lagos is head and shoulder above other States as per the provision of readily available financial information which can bring even a total layman up to speed very quickly as per the running of the State. This is why the likes of David Cameron use the terms "accountable, visionary and responsible" for Fashola exclusively Lagos is not at all vague with it's financial figures and data. The website of the State, even as I have not seen that of all States of Nigeria, has to be one of the best in Nigeria with how it virtually gives crucial information about Lagos which allows observers to see exactly what is going on. I suggest some posters should spend some time perusing the page below showing financial information about Lagos. Nairalanders can scroll down to inspect "REVENUE,EXPENDITURE & DEBT PROFILE OF LAGOS STATE" . For the sake of even being more effective in their own personal lives, some Nairalanders really need to begin searching for and working with established facts instead of letting emotions, unobjective hatred and prejudice rule and compromise their reasoning/outlook. http://www.lagosstate.gov.ng/financialslist.php |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Ayekotoo(m): 5:26pm On Sep 11, 2014 |
arresa:I am very disappointed that you progressive minds have allowed Haters and PDP sycophants to hijack this thread when he was initially opened but yet its never to late. thanks for all your contributions |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by aljharem(m): 5:28pm On Sep 11, 2014 |
Now we are haters and PDP because we are tired of APC |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Gbawe2: 5:38pm On Sep 11, 2014 |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by arresa: 5:41pm On Sep 11, 2014 |
Ayekotoo: Fact is, it very obvious that some visible and invisible hands hare pushing these anti Lagos/APC threads and keeping them on the front page for ulterior motives. A similar thread was started and remained at the top of the front page for several days till I started another thread showing in pictures progress and development in Lagos state. After starting the Lagos state thread, their thread disappeared, but they quickly yanked off the Lagos thread and buried it in the travel section when in fact the thread has nothing to do with travel. There are similar threads on the front page in the politics section right now with similar content that they refused to touch. Enugu thread pride of the east thread is still in the politics section unmoved.. We are all Nigerians and we should be happy and tolerating when it comes to our progress and development regardless of our political and tribal leanings. This is our unifying and patriotic duties, but just it seems the decisive ways environment ravaging the country is manifesting dangerously even here on NL. Bottom line, letting lies and deception carry the day is not an option, there's got to be room for facts and truth and this is where we come in... Just like I quickly dispelled the ignorance and lies spewed about FERMA and Ikorodu road by the ignorant and hateful poster spewing rubbish all over the place.. |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by arresa: 5:49pm On Sep 11, 2014 |
Lagos begins expansion of Ketu- Ikorodu road at N29 billion. ^^^^^ That's for the ignorant poster about FERMA and Ikorodu road... |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Toksytoks(m): 5:49pm On Sep 11, 2014 |
Fashola has explained this over and over again, but the ignorant ones will refuse to see reasons for the loan. " Simple, there are few things to understand. There are upper limits of debt profiles by global standards, in relation to a certain percentage of the GDP. We are not near that threshold anywhere. Secondly, what types of debt profile is it, is it for recurrent expenditure or capital? It is for capital. If in less than two years to go, I went to the stock market to raise N85billion and it was fully subscribed and you know bankers do not want to lose money; they know what is coming from that and they keyed in; with these projects people earn income and because they earn income, they pay taxes. We are simply moving the money round. In 1999, when my predecessor took over, we were working with N14 billion IGR and we are now having a budget of almost half a trillion naira and how do you want us to finance that? Is it the money under the pillow? You can’t build a city like that. We want rail and all that, you don’t do it waiting for people to bring kobo kobo. For instance, the track Europeans built are still there. It is a 100-year asset. You have to finance it by debt and it will pay off. During Tinubu’s time, when he drew N15 billion out of N25 billion bond, they said he had mortgaged Lagos. I paid that debt in my first year in the office. The first bond that we took is maturing this year. It is a N50 billion bond. We have N90 billion in trustees account to pay off N50billion. If we keep waiting until the money gathers together, you can’t begin to tell me that there is no road to your house. Where am I supposed to build them? The road that Asiwaju built with N15 billion, I can’t touch again with the same amount of money. The dollar was trading at less than one to a naira, but it is almost doubled. When I assumed office, the dollar was at $1 to N112 and we were borrowing at 10 per cent. Now you are lucky to get at 17 per cent. Dollar is now $1 to over N170. Those are the realities and we must salute our economic team for the investment they have been able to achieve. If not for that, would you have LASU-Iba Road, that rail, or make Ikorodu Road motorable today; Badagry expressway and others? The money we are spending on Ikorodu Road is a loan. It’s a long-term loan. Take the money now and pay back later as long as the people continue to pay their taxes and financial capacity continues. " http://www.vanguardngr.com/2014/02/fashola-jonathan-will-hand-whether-like/ Dangote is the richest black man in the world with a networth of 25 billion dollars. whenever he wants to expand his conglomerate he takes loans. despite his huge profit after tax, he took a loan to finance Obajana and ibeshe. Only myopic people finance capital projects from earnings. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by manny4life(m): 5:50pm On Sep 11, 2014 |
arresa: Haha, you're so quick to quote the FG's budget office, but when Madam NOI froze it, Lagos was the first to petition NASS and the president. Please let's leave the politics behind borrowing. Even when it's bad, we must find words to justify it. Mere words aren't factual and we don't need grossly inflated figures. Besides, I never said I wanted more... If I did, I would have asked, nevertheless, thank you for the link. Again, whether he justifies it or not is not relevant to me; I posted because I was anticipating factual numbers and not mere words; his comments doesn't justify the title of topic. Like I said, if Lagosians like it, I LOVE IT. Sooner or someday, it will be every man for himself. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by arresa: 6:27pm On Sep 11, 2014 |
manny4life: 1. Best thing to do was to quote the man in charge of debt activities in Nigeria and the folks that knowingly and constitutionally singed off on the loans saying they can see the results on the ground in Lagos. And I also gave you a link with detailed pictorial renderings of progress and development in Lagos state. 2. The fact that the state is not in any kind of default and in fact not only paid of the first tranche, but also have more than enough money and capacity to pay off the coming second tranche is solid facts, not mare words. On the other hand, your assertions are mare words 3. Facts is you and the FG showing us facts that Lagos state have defaulted, have missed payments or in no shape or form to service the loans. That's where you need to start from if you really are concerned. 4. Lagos state's debts, numbers and debt proceedings is not a secrete, it's there on their website and in a state government website link this thread too. NL is not a state government repository of facts and figures.. I never said I wanted more... If I did, I would have asked 5. How do you reconcile both red and blue quotes of yours? In one breath you are saying you didn't ask for anything while in another breath saying you are anticipating factual numbers and not words.. You can not keep up with your own comments or what? 6. The end products of borrowing is what's done with the borrowed funds and according to the FG and the link I posted for you to see, we have positive facts regarding what the state is doing with the money... The burden is now on you to prove otherwise which I'm 100000000% sure you can not do and won't even do... 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by Nobody: 6:57pm On Sep 11, 2014 |
manny4life: It may even cost more than that....because we have to import most of the equipment to keep the hospital running. Problem with Nigerians is that we are content with the mediocre. We don't want world class because we do not want to pay for world class. Simples. Meanwhile universities abroad have budgets of $400 to $800 million? Wonderful. Other than Ivy League schools, that have numerous offsite campuses and extended learning centers, how about you point out one state university, with one location even multiple locations within the state that has the same size budget like you claim. That's the problem (I say this in a nice way) that I have with you Nigerians. You guys are content. Too content. Look, our universities are in a mess. We cannot do vital research into Ebola because we do not have the facilties and the trainig to do that research. We cannot do essential research into producing chemicals, and so on from a cob of maize because we do not have the labs to do it. We even do not have the good libraries and research centers because we do not have the facilites for the stuff. I guess you Nigerians do not want world class. You want the same old messed up universities and hospitals because it is easier for you to pretend that they are in a mess because some big corrupt czar is looting the money(which is true....I do not and never deny the existence of corruption in this country)....than face the fact, the inconvienent fact....that corruption aside., the oil money which you and the Hausas fight over is not enough for everyone....even for the Niger Delta. That is why I yell well well....if you want free education....you either diversify your economy so that you have the tax funds for subsidies galore....or you make the tough choices and make sure Nigerians pay for some of these services. But you Nigerians pretend you are rich. You also make the mistake of thinking that techincal education is for slaves and jokers. Because of that we do not have enough technicians....and as a result we do not have the guys we need to fix our power supply, run our industries, staff our heavy industry and so on. We instead have a surfeit of office workers,and would be office workers fighting for oil money from sun up to sun down....and making some of the most bigoted comments about each other's tribe that make me....as a student of history (ok,an amateur student of history) very uncomfortable. Yes, you Nigerians do not want to work. You all want to go to uni and get an office job....and pose in your house. You won't invent things, you wont fix things. Well, countries that have free education alsohave heavy tax revenues from their domestic industries....because they have enough guys who fix things and invent things....and get their hands dirty. We, we are a country of fat and satisfied office workers.....who think that hard work is beneath us and who want to share money. That is why we never have enough money for world class....we are so busy sharing the money instead of using it to make more money via innovation. Yes...we have raw materials. What are we using the raw materials for,other than selling them and sharing the money? I am angry and tired of Nigerians. They will never learn. If they want to see an end to debt and the beginning of world class....they better work for it. We are not a rich nation. We are a nation of parasites that pick over everything and when we don't get what we want....we fight such sick wars that hundreds needlessly die....all because we think our share of the kudi is not enough. Rant over. Best we stop being complacent. We can get that $800m hospital....or even that $800million university (which is the budget of Norway's second largest public university) if we work for it...and stop sharing money. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by mbhs139(m): 7:56pm 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 I would have taken you serious like your 76 ilks that liked your post but for your unforgiving blunder, even my three years old niece wont make such a error; it's unpardonable. Your rant about FERMA maintaining Ikorodu Road speaks volume of how shallow minded you are. It shows that you really don't have a grip on on-goings. 1 Like |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by aljharem(m): 10:23pm On Sep 11, 2014 |
mbhs139: Ok prove otherwise then ! Who has been maintaining Ikorodu road |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by arresa: 11:04pm On Sep 11, 2014 |
pheesayor: God bless Thank you. Even the same joker is still asking the same dumb question. Some people are just eternally warped and ignorant... |
Re: Debt Profile: Fashola Justifies N160bn State’s Debt by PeterKbaba: 12:26am On Sep 12, 2014 |
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