Lagos State Is Sinking In A Sea Of Debt - Politics (2) - Nairaland
Nairaland Forum / Nairaland / General / Politics / Lagos State Is Sinking In A Sea Of Debt (7255 Views)
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| Re: Lagos State Is Sinking In A Sea Of Debt by Nobody: 4:51am On Jun 14, 2010 |
OAM4J:Let's not derail. If you derail Eko yo si baje o  |
| Re: Lagos State Is Sinking In A Sea Of Debt by mrkoma2012: 5:11am On Jun 14, 2010 |
If the money owed in debt is spent on major infrastructure in lagos state certainly it'll pay for itself. |
| Re: Lagos State Is Sinking In A Sea Of Debt by SweetT1: 5:18am On Jun 14, 2010 |
FL Gators: How is that? When Ekiti cant even pay her bills. Ekiti make thugs and criminals their leaders. Yeye people, how can anybody even compare Lagos to Ekiti? Awon Omo alagidi |
| Re: Lagos State Is Sinking In A Sea Of Debt by Nobody: 5:22am On Jun 14, 2010 |
Sweet T:Who or what brought you out? Rooooooooooooooooooooooooooool Eyez OAM4J:lol look at Sweet T's profile. Wa ri oyan nla nibe oh too late, he removed his real pix |
| Re: Lagos State Is Sinking In A Sea Of Debt by davidif: 5:34am On Jun 14, 2010 |
Debt is not bad as long as it is sustainable (read: if its not a significant chunk of your GDP) or else you would end up like Dubai or Greece. I know its hard for a sovereign body to default or go bankrupt but having seen what happened to Argentina, Russia and lately Greece, we should be careful that the debt is being invested in the future to create further wealth. For example, if one is borrowing to invest in education, power, healthcare and other things that can make a country successful in future, then that is not bad as it is an investment and not an expense. But if one is spending money on planting flowers around lagos or spending money on the millitary, then you are just pouring money down a sink hole. [color=#990000][/color] |
| Re: Lagos State Is Sinking In A Sea Of Debt by SEFAGO(m): 5:37am On Jun 14, 2010 |
hehe see how everyone is insulting my iyawo's renegade state |
| Re: Lagos State Is Sinking In A Sea Of Debt by Nobody: 6:03am On Jun 14, 2010 |
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| Re: Lagos State Is Sinking In A Sea Of Debt by chardino(m): 6:32am On Jun 14, 2010 |
There is nothing you do in this world that people will not complain. Fashola You are one of the BEST Governor we have in this country presently LAGOS STATE O NI BAJE. (I,m from Rivers State) |
| Re: Lagos State Is Sinking In A Sea Of Debt by adconline(m): 6:35am On Jun 14, 2010 |
This effectively makes Lagos one of the most indebted states in the country, with combined bond issues of ₦100 billion. The plan for Lagos calls for another ₦175 billion to be borrowed, to finance all the various projects proposed for the city. Using our rough calculations, this means that every month, the Lagos state government has to pay bondholders ₦2.3 billion, given that the interest rates on these bond issues is about 13%. Half of that will be paid for the next 5 years, while the other half has three years to go. ₦26 billion a year is a large amount. Shouldn’t 13% of N100 billion be N13 billion instead of N27.6 billion @ N2.3 billion X 12 months? Can we stop comparing Lagos State with cities like New York, LA and Jo-Burg since we are talking about Nigeria where a government official is an institution. Americans and South Africans have better legal and financial oversights than Lagos, so there no basis for comparison. What are the ways to measure delivery of these projects vs amount spent? Also I would think that it's time Fashola partnered with private firms to build and manage these infrastructural projects. e.g new express ways and bridges to be installed with toll ways in order to recoup the cost of investment and future maintenance costs. Private entities could pay LASG up front take over ownership after some years. Finally, can folks who have no meaningful contributions to make stop raining abuses on people. Absolute power corrupts absolutely. " Knowledge is power, but wisdom is liberty" |
| Re: Lagos State Is Sinking In A Sea Of Debt by lala78: 7:54am On Jun 14, 2010 |
adconline: |
| Re: Lagos State Is Sinking In A Sea Of Debt by Nobody: 7:57am On Jun 14, 2010 |
Don't know about you, but I see where all the money is going, you can't develop without spending. |
| Re: Lagos State Is Sinking In A Sea Of Debt by denzel2009: 7:58am On Jun 14, 2010 |
Seanet02 needs to be sectioned to complete his dose. @OP Do they charge toll for the use of the roads He has been constructing or do motorists pay road tax? If not, I dont know how they will repay the debts incurred to finance these projects. How far have they gone with the rail project? That should be able to generate more income if properly managed. |
| Re: Lagos State Is Sinking In A Sea Of Debt by lala78: 7:59am On Jun 14, 2010 |
adconline: I think that was what he did on Lekki/Epe Express rd and you know what? people are complaining about why they will be paying toll fee on that road. |
| Re: Lagos State Is Sinking In A Sea Of Debt by CarlosVent(m): 8:08am On Jun 14, 2010 |
soon lagos will owe more than its country Nigeria. haba |
| Re: Lagos State Is Sinking In A Sea Of Debt by teskyg: 8:38am On Jun 14, 2010 |
Hey poster,you are one of those masquerade working against the Government of Fashola.I have never see your post against enemies of progress like Yerima,Ibori,Orji Kalu e.t.c.Please wake up, Even if he is borrowing,we can see the benefits , what of other Governors that borrowing to finance their oversea projects?Please ,don't distract the Man of the people, we resist your type, |
| Re: Lagos State Is Sinking In A Sea Of Debt by SLIGHT(m): 8:47am On Jun 14, 2010 |
Lagos should better embark on stringent austerity measures b4 it economy drowns in the sea of debt |
| Re: Lagos State Is Sinking In A Sea Of Debt by babsmii(m): 8:55am On Jun 14, 2010 |
SLIGHT: Na lie, France for over 50years have never for once paid up to 20% of their debts, they keep recycling their debts figure and they've survived. the truth is no country or faction of the government can run without debts, it's obvious he's not just spending with eyes closed |
| Re: Lagos State Is Sinking In A Sea Of Debt by Nobody: 9:06am On Jun 14, 2010 |
Is it a bad debt,yes or no ?.this is what people should be concerned about even the united states has it fair share of debt.from what is going on in lagos,it appear the debt is not a bad one evidently from the manifesatation of the loan. economic issues should not be politicised and;if there is any evident of misuse of such loan by the government,then,appropriate action should be taken against him. |
| Re: Lagos State Is Sinking In A Sea Of Debt by tpiah: 9:17am On Jun 14, 2010 |
this felele again with his everlasting bad belle?  is someone forcing all these nincompoops to stay in lagos? |
| Re: Lagos State Is Sinking In A Sea Of Debt by wazobiang: 9:21am On Jun 14, 2010 |
how much is it let me pay it. fashola has made a change. there are so many other governors that embezzle much more money without doing anything at all. also there's the possibility that you are wrong because even though your calculations are intelligent, you may not have other information. |
| Re: Lagos State Is Sinking In A Sea Of Debt by lafile(m): 9:34am On Jun 14, 2010 |
It is discussions like this that keep me amazed about how Nigerians think. I am a supporter of Fashola but not blindly. I will not support somebody to an extent that i'll tell him 'carry go' if he makes a mistake. Most people have bluntly refused to read, digest and discuss the statements made by the poster. They just 'yab' him and he's family without bothering to find out if what he said makes sense. Only few people have actually taken time to reply his ascertions. Some people (The Senate guy, for example) have blatantly refused to comment on the topic at hand. These blind supporters are the Enemies of Fashola. That said, the only way progress can be made in Lagos is through infrastructural development. This costs money the LASG does not have. The only way is to borrow. The hope is that these infrastructural developments can drive sustainable economic development, which will in turn provide adequate financial strength to pay back these loans, with interest. However, the problem of over invoicing still exists. I believe its the devil Fashola has to lie with for now, if he wants to stay in government long enough to oversee these developmental goals he has set. I know its not ideal, but considering where we are coming from its something we have to live with. Our politicians, almost all of them are greedy, self serving leeches. If they are not kept reasonably happy, i fear what they can do. remember nobody gets into government without the support of a party. And all the parties are 98% populated by these greedy people. So until such a time as when men of integrity can form a critical mass in these parties, every person in Government with an agenda to serve must find a way of sleeping with the enemy just to survive. I consider it a miracle that someone with a positive agenda is even in Government. Look around. He is about the only one we have. |
| Re: Lagos State Is Sinking In A Sea Of Debt by tpiah: 9:39am On Jun 14, 2010 |
USA is the biggest debtor in the world. has that stopped the US embassy in lagos from being swamped by desperate visa seekers from all parts of nigeria? NO. |
| Re: Lagos State Is Sinking In A Sea Of Debt by candylips(m): 9:39am On Jun 14, 2010 |
good debt is good. bad debt is bad  |
| Re: Lagos State Is Sinking In A Sea Of Debt by seanet02: 9:44am On Jun 14, 2010 |
@poster Stop abusing the best man among the governors. Dont you know the difference between a productive loan and the one meant for white elephant projects like that of ekiti state. FASHOLA is bringing development to lagos and if you cant cope with progress, go to hell with your senseless brain. |
| Re: Lagos State Is Sinking In A Sea Of Debt by tpiah: 9:44am On Jun 14, 2010 |
candylips: does the goodness or badness have anything to do with skin color? |
| Re: Lagos State Is Sinking In A Sea Of Debt by Sprumbaba: 9:49am On Jun 14, 2010 |
elerebu ni seanet02 yi o. |
| Re: Lagos State Is Sinking In A Sea Of Debt by ud4u: 10:06am On Jun 14, 2010 |
Even if Fashola borrows to develop Lagos, is very much welcome because some past governors borrowed and squandered them. @ poster and their cohorts, there is nothing you people can do to tarnish the image of this man, the flag is flying and you can see it every where around the Lagos. |
| Re: Lagos State Is Sinking In A Sea Of Debt by Nobody: 10:09am On Jun 14, 2010 |
tpiah:most people dont really know how the economic of a nation works.some dont even know why developed countries also have debt. The same US and other european nations are just recovering from a recession which happened as a result of bad debt.if fashola had taken bonds to generate;use it well and there are satisfactory evident on ground that such loan can be redeemed in a specifed time on,then there is no problem with such idea |
| Re: Lagos State Is Sinking In A Sea Of Debt by jmoore(m): 10:13am On Jun 14, 2010 |
WHO SAID THE MORE DEVELOPED A COUNTRY THE HIGHER THE DEBT BECOMES? THAT IS A WRONG PRINCIPLE!!!!! YOU DID NOT PUT CHINA IN YOUR LIST!!! CHINA IS DEVELOPED!!! AND THEY ARE NOT INTO BIG DEBT LIKE THOSE COUNTRIES YOU LISTED |
| Re: Lagos State Is Sinking In A Sea Of Debt by Nobody: 10:43am On Jun 14, 2010 |
jmoore:US and japan are still ahead of china in term of economy progress and china may likely overtake japan by the end of this year and the US years to come due to its increasing exporting capabilities.china surely have debt but not as bad as the united states and others;that surely you ca't rule out. |
| Re: Lagos State Is Sinking In A Sea Of Debt by Druss(m): 10:48am On Jun 14, 2010 |
Funny enough I dont see the true developed countries (not the US or UK) but instead the Scandinavians who are truly a developed nation in that list , How is Norway doing? Debt is never good!! |
| Re: Lagos State Is Sinking In A Sea Of Debt by dremoney(m): 10:55am On Jun 14, 2010 |
jmoore: Please note that ''China'' is no where near a ''Developed Country'' classification, Over 50% of her population live in underdeveloped rural areas,the economy is still a communist state,large controlled from the centre.Alot of informations we dont know about how China manage their reserve.Protectionism is at the extreme in china,they devalue their currency specifically to make other countries less competitive,in-short,China is only advancing,its not a developed country. Developed countries get loans to fund welfare,health and other government business,China is not keen on welfare as much as others. The only thing they have is Military(Nuclear woteva) and the ability to spy on other countries technology and make their version. |
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