Can anybody tell me why fashola is not yet swimming in the bigger waters of the FG.?
Its an injustice and a disgrace that GEJ is president ,when we have fashola around who is probably younger.

This eveny tori na long long one, I no fit read them all oooooo

When will they rate borno state as SS

engineerd:

Gay or Nah

Nah...just punning

Some of you do not understand economics, even thou I don't understand it greatly myself, it is not difficult to see why Lagos would be exalted to an higher rating.

People there are making a great effort to improve the economy , it is one of the first states to recoup taxes, they have a good service industry and it is both an industrial hub and financial hub.
Trade and commerce also excels there.

A good number of multinational corporations run their enterprise through there and MMA hosts some 75% of the national air traffic.

It obviously has an unmatched advantage in the country.

What the FD and respective state goverbments needs do is replicate such models in other key cities like kano, Kaduna , PH , Akure , Onitsha, Ilorin .

One key to development is energy and a reliable national road and rail network among few necessities.

And some of you mentioning employment ,need realise Lagos has a bloated population which it can neither support at the moment nor ever effectively do. It is however doing a more honest task of the hand it has been delt than any other place.

Lagos state indegenes with all their Nigerian traits have always been proactive and require more of their leaders. Even in the military days we Ibadan people thought baba marwa was doing a decent job amid all the turmoil and uncertainty.
All haters can break their head all they want , Lagos is different .
It's not a city I like much. I can't live there it's too busy too congested , reminds of London. But I can appreciate it has been favoured due to it's national history and the advantage that provides.

Wallahi I no understand 10kobo of wetin this OP yarn.. abeg who get secret of the sand season 2,borrrow me.

crusader01: I can't stop laughing at all the above comments. Wetin be difference between dem and boko haram wey no want Western education.

i swear! Olodos everywhere!

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Waspy: I love Abercrombie...I hate his Bit.ch #FitchRating

I love Abercrombie and Fitch (A&F) products especially the T-Shirts always my favourite.

Dear seun , please next time when mods want to bring older topics to FP, make sure the old posts in it have not reached half of front page not to talk of getting to third page!!

Am hear to read comments

egift: APC, please give us a Buhari/Fashola ticket in 2015!

Why not Fashola/Buhari?

egift: APC, please give us a Buhari/Fashola ticket in 2015!

Why should that demon buhari be near fashola, intelligence and useless should not mix.

Kilieleyi??

olaxco2f: Too long jere

Wait make I read finish, I go tell you wetin the level.....................

















I guess na F..u.

murimoney: the PDP warriors will soon come in and shout FRAUD.
pls if you are sensible enough don't argue with them when they come into this thread coz they will drag u down to their level n beat u with experience.

I trust Fashola. He has paid huge sums for this

egift: APC, please give us a Buhari/Fashola ticket in 2015!

They can only win with: Fashla as President/a Christian Northerner as Vice, with that, Nigeria will make Great Progress. Anything other than that, Jonathan has won already.

....while standards and poor says Nigeria risks a downgrade in their impending ratings. Take Lagos out of Nigeria and there isn't much left.

sammieguze: Ok....ok... Please what does all that means?
That there is now good job in lagos?
No more traffic hold up?
That lagos is now crime free? If so.... Hurray

if not......

The rating may not be useful to you because you don't understand it.

good job is relative, what is good for yup may be bad for me. I still consider lagos the best place for job seaker and entrepreneur.

Every major city have traffic issues. the revenue is channeled more into transportation infrastructure

sarutobie: The only thing I understood there was 400billion naira!!..that is some serious cash mehn..e go make sense pass if that money go trickle down to the common man..

common man is a choice..we live in a world that is built on competative edge...
get a good education, think and pull urself out of poverty

destante: ....while standards and poor says Nigeria risks a downgrade in their impending ratings. Take Lagos out of Nigeria and there isn't much left.

Take newyork,london,paris,rome,jourhanesburg out of the US,UK ,france,italy and southafrica respectively and tell me what is left.

F117A: Take newyork,london,paris,rome,jourhanesburg out of the US,UK ,france,italy and southafrica respectively and tell me what is left.

what? Please push out US. That economy has a very good geographic spread.

Orina: (The following statement was released by the rating agency) MILAN/FRANKFURT/LONDON, September 19 (Fitch) Fitch Ratings

KEY RATING DRIVERS ...Fitch expects internal generated revenues (IGRs) to grow above NGN400bn by 2016, or 80% of total revenue, from about NGN266bn in 2013 (70%), reducing its dependence on federal allocation.

Fitch expects capital spending to remain at NGN250bn in 2014 as Lagos continues to invest in transport (including a light metro transit and a motorway under construction), water, health, education (child-care centres) and social protection. We expect spending to eventually decline in 2015-2016 as a new planning period is phased in after the state elections.
http://mobile.reuters.com/article/idUSFit75488020140919?irpc=932

The areas in bold are of interest. Whereas Fitch expects IGR To grow by 150%, it expects Capital expenditure to be flat & even decline. The assumptions are that the reduced capital expenditure savings would be used to service debts implying that APC Would slow down development after they are re-elected in Lagos. A food for thought. The latter is senseless.

Now how will Lagos grow the IGR from N266b To N400b or 150% increase? Answer is that toll fee would be increased, taxes would be multiple and increased, Lagosians should brace up for more of LASMA/LAWMA Tariffs, radio&television fees, market stall charges and several other ways to increase the IGR as projected. If these were the assumptions upon which Fitch came up with the blah! Blah! Blah!!! Then the rating assumption is hogwash! Same as the rating. My opinion please. Kindly respect it and express yours with empirical information not theories.

F117A: Take newyork,london,paris,rome,jourhanesburg out of the US,UK ,france,italy and southafrica respectively and tell me what is left.

please take the US out Texas GDP alone is over $1trillion more than south africa + Nigeria's GDP

F117A: Take newyork,london,paris,rome,jourhanesburg out of the US,UK ,france,italy and southafrica respectively and tell me what is left.

Now I see you know nothing about US. Newyork is becoming old fashion. There are states that have overtaken Newyork long ago. California has the largest number of billonaires. Texas is very rich as a state. Do you think development is limited to one or 2 states in the US as it is in Nigeria. Travel by plane in the night to the different states and tell me what you see on ground.

Newyork to me is rough and too crowded. Every Tom Dick and Harry live there

swezenberg:

Now I see you know nothing about US. Newyork is becoming old fashion. There are states that have overtaken Newyork long ago. California has the largest number of billonaires. Texas is very rich as a state. Do you think development is limited to one or 2 states in the US as it is in Nigeria. Travel by plane in the night to the different states and tell me what you see on ground.

Newyork to me is rough and too crowded. Every Tom Dick and Harry live there

okay maybe the US is an exception,thanks to the petrodollar.

i have never been a fan of Fashola, but recent events are beginning to soften my heart towards, He is a world class administrator no doubt, very intelligent and cerebral. But in terms of relating revenue accruing to Lagos state government and its output in terms of key infrastructural development, i dont think he has done enough.

F117A: okay maybe the US is an exception,thanks to the petrodollar.

You are welcome brother.

Orina: (The following statement was released by the rating agency) MILAN/FRANKFURT/LONDON, September 19 (Fitch) Fitch Ratings has upgraded Nigerian Lagos State's National Long-term rating to 'AA+(nga)' from 'AA(nga)'. The Outlook is Stable.
The agency has simultaneously affirmed Lagos State's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB-' with Stable Outlooks and its Short-term foreign currency IDR at 'B'. Its NGN275bn MTN programme, together with its NGN57.5bn and NGN80bn bonds, which mature in 2017 and 2019, respectively, have been affirmed at 'BB-' and upgraded to 'AA+(nga)' from 'AA(nga)'.
KEY RATING DRIVERS The upgrade reflects Fitch's expectations of the state's continued solid operating performance, improved transparency and efforts towards an increasingly sophisticated and transparent administration, which is conducive to growing private sector investments.
The rating action reflects the following rating drivers and their relative weights: High: Management and Administration: Fitch believes that Lagos management is becoming increasingly more sophisticated. With the aim to progressively improve transparency and accountability to international standards, the state is improving its governance and disclosure, with budgets and quarterly performance being published on the official website. Debt management has also improved, with longer bond tenures and more loans from development banks while ministerial departments continue to bolster collections of local taxes.
Economy: With a local GDP accounting for 20%-25% of the national GDP, Lagos is a key driver of Nigeria's economy despite being the smallest state by territory. Domestic production is fuelled by its diversified economy as a commercial hub in the country, with service, construction, transport and industry making up 80% of the local economy. Fitch believes that Lagos' socio-economic indicators will further improve as local GDP growth is expected to outperform the estimated national GDP growth of 7%-8% in 2014.
Medium: Finance: After recording a strong 57% in 2013, Fitch expects Lagos to see its operating margin stabilise at around 50% in the medium term, supported by growing local taxes, and by the administration's commitment to keep cost growth in line with inflation (expected at 8%-10% over the medium term). Lagos' revenue structure is highly diversified compared with the national average, amid continued efforts to expand revenue sources through oil-related projects. Fitch expects Lagos' revenue to remain driven by services and the tertiary sector Under its base case scenario, Fitch expects internal generated revenues (IGRs) to grow above NGN400bn by 2016, or 80% of total revenue, from about NGN266bn in 2013 (70%), reducing its dependence on federal allocation.
Fitch expects capital spending to remain at NGN250bn in 2014 as Lagos continues to invest in transport (including a light metro transit and a motorway under construction), water, health, education (child-care centres) and social protection. We expect spending to eventually decline in 2015-2016 as a new planning period is phased in after the state elections. This should lead to narrower deficits at Lagos before achieving a balanced budget in 2015, from a peak deficit of 25% of revenues in 2010. Given Lagos' policy of attracting private sector investments to complement capex funding, Fitch believes this will limit the state's recourse to debt, which should remain at around two to three years of the current balance.
Lagos's ratings also reflect the following rating drivers: Debt and Liquidity: Under Fitch's base case scenario Lagos's debt will be at NGN450bn in 2014-2016, with bonds representing about 50% of total debt (down to about 40% when net of repayment provisions made to the sinking fund), in line with 2013 and up from about 30% in 2009, and long-term debt stabilising at about 80% of total debt. These figures, if materialised, will compress the debt to revenue ratio to 90% from the 100% expected for 2014, mirroring improved debt management with fixed repayment schedules, longer maturities and monthly provisions into debt reserve funds. In Fitch's base case, liquidity should not be a risk, averaging NGN100bn over the medium term, equivalent to approximately 1x annual debt service requirements.
RATING SENSITIVITIES The ratings could be further upgraded if improvements in the budgetary performance result in debt levels at 1x the budget size, while maintaining a high component of subsidised foreign loans (about 30% at end-2013), in turn lowering the debt servicing burden. Further improvement of the local economy giving additional boost to IGRs would also be positive for the ratings.
Conversely, an operating margin declining towards 30%, unfavourable changes in the national tax policy, debt rising beyond Fitch's expectations and economic instability, even at the local level, could lead to a downgrade.

http://mobile.reuters.com/article/idUSFit75488020140919?irpc=932

Waoh,sounds great BUT can you translate this to english so that regular citizens can understand?