HMMM, Please search the forum before creating a new thread on Nairaland. this rule was violated , same story had existed earlier
https://www.nairaland.com/2420644/lagos-gets-200m-world-bank

I think with the IGR of over 20 billion naira per month Lagos should be able to come up with development plans without borrowing.

It was reported that Fashola's regime generated over 2 trillion naira for 8 years, look around Lagos and tell me that the money generated within that period reflects on Lagos' infrastructural deficiency.

esecoal:
I wonder oo
lol
hope na im surname of im papa im use

abi

Superman11:


Thank you. i usually ask this same question and nobody seems to give an answer. This is what puts us in debt as individual states and as a country. i am following your profile ..here correct guy.

thanks bro but I for wish u b femAle u know what am saying u all the same thanks but as u dey follow me now me no get food To give u oooooo bro na joke all the same thanks

Since Judas sold Jesus, borrowing will never cease. But wait, I smile a lot of luting in aso rock hence ministers have not been appointed.

tplacid:
I think with the IGR of over 20 billion naira per month Lagos should be able to come up with development plans without borrowing.

It was reported that Fashola's regime generated over 2 trillion naira for 8 years, look around Lagos and tell me that the money generated within that period reflects on Lagos' infrastructural deficiency.

Same question I was asking about the Wike deal. If you can afford it by earnings, why borrow and pay interest. Is there any capital/infrastructural project that is executed in an instant, no. They take years to roll out so if you earn regularly you should be able to self-finance except if someone is being economic with the truth.

oyindare:
thanks bro but I for wish u b femAle u know what am saying u all the same thanks but as u dey follow me now me no get food To give u oooooo bro na joke all the same thanks

folloow me back lets interact more bro. i just followed ur profile

chuna1985:
And now Lagos debt stands @ 500 billion naira, Chisos Christ

Funny thing is that they won't do anything meaningful with that Money.

Lagos as glaring transport issues, Man hours are wasted in traffic n yet so called APC people won't get a loan to get Lagos a Good rail system.

I tire.

The Lagos State Government yesterday justified the N160 billion it borrowed from the World Bank, noting that the fund was channelled to finance its light rail (blue line) project.

http://www.thisdaylive.com/articles/lagos-how-we-spent-n160bn-world-bank-loan-on-light-rail-project/188736/



Exactly what they are using the money for.

The metro rail alone when completed is capable of generating billions and more than enough to pay off everthing the state own and still keep making billions every month for many decades to come to fund many more visionary projects to serve Lagosians.

The 10 lane Lagos Badagry expressway is our economic gateway in and out of Ecowas/West Africa so the FG shouldn't abandoned that road and their responsibility. Spending money on that road and the rail line spells measurable economic benefits for the people of Lagos state and Nigerians on general.

This is the kind of projects sovereign countries execute with federal funds, but this single project is the largest public works project in Africa and it's being done by an ordinary state in Nigeria.

How much is $500 million when you stand to recoup and make much more much more in no time?

Don't think in terms of debt, think more about the economic value and financial benefits of your debt.

You people need a serious education about subject matter before commenting and spewing ignorance...

Superman11:


folloow me back lets interact more bro. i just followed ur profile

ok

aresa:


The Lagos State Government yesterday justified the N160 billion it borrowed from the World Bank, noting that the fund was channelled to finance its light rail (blue line) project.

http://www.thisdaylive.com/articles/lagos-how-we-spent-n160bn-world-bank-loan-on-light-rail-project/188736/



Exactly what they are using the money for.

The metro rail alone when completed is capable of generating billions and more than enough to pay off everthing the state own and still keep making billions every month for many decades to come to fund many more visionary projects to serve Lagosians.

The 10 lane Lagos Badagry expressway is our economic gateway in and out of Ecowas/West Africa so the FG shouldn't abandoned that road and their responsibility. Spending money on that road and the rail line spells measurable economic benefits for the people of Lagos state and Nigerians on general.

This is the kind of projects sovereign countries execute with federal funds, but this single project is the largest public works project in Africa and it's being done by an ordinary state in Nigeria.

How much is $500 million when you stand to recoup and make much more much more in no time?

Don't think in terms of debt, think more about the economic value and financial benefits of your debt.

You people need a serious education about subject matter before commenting and spewing ignorance...

Ignorance is a grand master in the lives of millions of Nigerians. Are u even blind Lagos debt is 500 billion naira, not 500 million dollars. That will take over 50 years to repay n ur here blabbing nonsense.

DELTA TO CONTEND WITH N636BN DEBT – OKOWA

By Festus Ahon

ASABA—DELTA State governor, Dr Ifeanyi Okowa, yesterday, decried the financial position of the state and disclosed that the government had over N636 billion debt, including contractual obligations, to contend with in the next three years.

Addressing the state legislature, Okowa said: “A total monthly deduction of N4.60 billion will be made from our FAAC receipts with effect from this June through to March 2017, and thereafter N1.098 billion monthly until September 2018.

‘’This leaves us with a balance of N3.4 billion assuming the FAAC allocation stays at N8.03 billion.

“The receipt from Internally Generated Revenue, IGR, is about N2.0 billion monthly, after deducting cost of collection.

Okowa


http://uncova.com/delta-to-contend-with-n636bn-debt--okowa

Lagos state's Total debt is N435 billion

Lagos state with 20 million people and the 2nd largest workforce in Nigeria pays out N6 billion in wages every month so why is small Delta state with Total population/Less than 5 million paying out the same wage bill amount like Lagos state.? Scheming and ghost workers of course..



There are countless projects on the ground to justify Lagos state's debt of N435 billion with, but what's on the ground in Delta state to justify their N636 billion debt with? Nothing....


Delta state without anything on the ground owe almost N636 billion. That's almost N200 billion more than Lagos state so if you really need to cry about debt, you need to do it with Delta state.

chuna1985:


Ignorance is a grand master in the lives of millions of Nigerians. Are u even blind Lagos debt is 500 billion naira, not 500 million dollars. That will take over 50 years to repay n ur here blabbing nonsense.

STFU you ignorant dullard. I was talking about total world bank loan and what the state is using it for.

Your ignorant self said they should be borrowing to solve transportation issues and metro rail when if fact that's exactly what they are using the money for.


If you clowns are really worried about debt, you should be doing if over Delta state with N636 billion debt . N200 billion more than Lagos state's debt.

Dumb hypocrites...

That's about many states yearly allocation. Hope we see what it will be used for. All these stupid worldbank should stop giving these loans that they know will be mis-appropriated and the state plunged into unending debt and poverty.

My own argument is simple. If the IGR is that good, good enough to repay the loans then why do you need the loans when typically these projects take years to complete. A typical 4-lane 200 mile highway has a typical completion period of 48 months. Rail lines take even longer. Why the rush. Something doesn't add up. Incomes are either exaggerated or expenditure is suspect. Same thing I said for Rivers State. Some of these loans are unnecessary in high income states. My two cents points to electioneering expense recovery.

...........and the looting continues.

hope this man no weti e dey do, u 1 reduce poverty u dey borrowing large amount. Na una vote dis man 2mr the debt go become hard tin to pay. To me dis man no get idea. Na push nd God fatherism e take enter seat.

aresa:



STFU you ignorant dullard. I was talking about total world bank loan and what the state is using it for.

Your ignorant self said they should be borrowing to solve transportation issues and metro rail when if fact that's exactly what they are using the money for.


If you clowns are really worried about debt, you should be doing if over Delta state with N636 billion debt . N200 billion more than Lagos state's debt.

Dumb hypocrites...

Lagos owes the highest debt in Nigeria, they owe over 35% of the nations debt so don't even carry that ur delta state story come.

Lagos has been borrowing for the past 16 years and couldn't get a working rail system. Now they have borrowed a total of 500 billion naira and will still not get a rail system.

People like u support serial thieves to rule over u.
With all those billions borrowed , most parts of Lagos r bleeped. Fcucked up roads, no tap water in over 70% of Lagos.

Go and look for a place to sit down.

Reference:
My own argument is simple. If the IGR is that good, good enough to repay the loans then why do you need the loans when typically these projects take years to complete. A typical 4-lane 200 mile highway has a typical completion period of 48 months. Rail lines take even longer. Why the rush. Something doesn't add up. Incomes are either exaggerated or expenditure is suspect.

Of what relevance is IGR that amounts to nothing in terms of overall responsibilities?


N20 monthly billion IGR x 12 months = N240 billion

N10 monthly allocation x 12 = N120 billion

N240 billion + N120 billion = N360 billion

Annual budget is N489 billion


That's N129 billion shortfall that they still have to make up from somewhere to serve 20 million people with decayed infrastructures.

While states like Akwa Ibom with less than 5 million people have N500 billion plus budget regardless of IGR.

Lagos state's huge IGR is a myth against what it amounts at the end of the day and in terms of actual operating budget and this is why they still have to borrow to make things work and fund capital projects.

When people make noise about IGR in Lagos state, they are basically clueless because it is still nothing when it comes to formulating budgets and overall responsibilities..

chuna1985:


Lagos owes the highest debt in Nigeria,



[s]they owe over 35% of the nations debt so don't even carry that ur delta state story come.

Lagos has been borrowing for the past 16 years and couldn't get a working rail system. Now they have borrowed a total of 500 billion naira and will still not get a rail system.

People like u support serial thieves to rule over u.
With all those billions borrowed , most parts of Lagos r bleeped. Fcucked up roads, no tap water in over 70% of Lagos.

Go and look for a place to sit down.[/s]

You can prove me wrong by stating exactly how much Lagos owe and how much Delta ow instead of your silly and ignorant comments.

aresa:


You can prove me wrong by stating exactly how much Lagos owe and how much Delta ow instead of your silly and ignorant comments.

Did u prove me wrong about how much they owe

chuna1985:



Did u prove me wrong about how much they owe

Why should I when you are the one claiming they owe? Or we should just take your word for it just because?

I showed you what delta state is claiming they owe so why not tell us exactly how much they owe in Lagos state?

Or you are just too lazy and incompetent to put basic figures behind your ignorant claims?

He's only been in office less than 40 days, and already committing to a new loan??

What the heck is going on?

aresa:



Why should I when you are the one claiming they owe? Or we should just take your word for it just because?

I showed you what delta state is claiming they owe so why not tell us exactly how much they owe in Lagos state?

Or you are just too lazy and incompetent to put basic figures behind your ignorant claims?

Its a general info that Lagos owes over 35% of Nigeria's debt.

I already told u that Lagos now owes 500 billion naira .


Delta owes just about 4.5 billion naira.

http://www.informationng.com/2015/04/lagos-leads-nigerias-most-indebted-states.html

... noted




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