Lagos State Governor, Babajide Sanwo-Olu has sought the endorsement of the House of Assembly for a loan of N250 billion.

The governor’s letter was read on the floor of the House during plenary on Tuesday by the Clerk of the Assembly Mr. Sani Azeez.

According to the governor’s letter, the loan was broken down as: a fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion.

The governor explained that the budgetary provisions of recurrent and capital budget of ministries, departments and agencies were not likely to be utilized before the end of the year, saying that N34.050 billion could be re-ordered.

The the letter, the governor stated that his administration was constrained by the lack of revenue for the remaining months of the year and that it would not be in a position to propose a supplementary budget, which informed the recourse to re-ordering 2019 budget.

He said the budget as at 31st August, 2019 had a 71 per cent overall performance, which was below the set target of 100 per cent.

“Further analysis shows that the recurrent expenditure stood at 80 per cent while capital expenditure was at 64 per cent performance, portending a 49:51 capital/recurrent ratio against the target of 55:45.

“It should be noted that some of the major MDAs that are supposed to implement the capital expenditure are performing below expectation, while others have almost exhausted their budgetary provisions,” Sanwo-Olu explained in the letter.

According to the governor, all other arms of government should cooperate with him by ensuring that they improve on spending in priority areas, adding that the administration was desirous of keeping its electoral promises to the citizens and had resolved to take advantage of clement weather condition in the latter part of the year to complete various projects.

The projects, he said would benefit from the re-ordering were: completion of Lagos-Badagry express road; Agege Pen cinema overhead bridge; Agric-Isawo road; Bola Ahmed Tinubu-Igbogbo road; rehabilitation of schools; initiate and complete smart city project and zero tolerance for portholes, among others.

Speaker of the House, Mudashiru Obasa subsequently committed the governor’s request to the joint committees on Finance and Budget and Economic Planning.

They are to report back to the House on Monday, 21 October, 2019.

https://www.pmnewsnigeria.com/2019/10/15/sanwo-olu-writes-assembly-seeks-approval-for-n250bn-loan/amp/

Day never break oh...

That's Lagos State's IGR in 5 months...yet....

Why the rush?

That guy on Bourdillon has impoverished Lagos , Lagos makes more money than most west African countries and despite having absolutely nothing to show for it the govt can't still account for and is still looking for loans to meet up

It has started......tomorrow a new tax will be introduced to pay back these dubious loans.

How can one man completely destroy a state and yet, igbos in Lagos are looking at him? Abi are you guys waiting for yorubas to talk? Don't wait o. Cos it is easier for a camel to go through the eyes of a needle, than for a Yoruba man to fight for his right....

Jj

FarahAideed:
That guy on Bourdillon has impoverished Lagos , Lagos makes more money than most west African countries and despite having absolutely nothing to show for it the govt can't still account for and is still looking for loans to meet up

Most of the money Lagos make goes to Federal Government

My grouse about the whole thing is that when eventually the loan is secured. They would simply share the money among themselves.

Proactive governance

The sad thing about this whole issue is that the man can even decide to divert the money for his personal use and nothing will happen





I build websites and I'm based IN abuja, 0802 067 5190.
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Ok

Lagos is finished

FarahAideed:
That guy on Bourdillon has impoverished Lagos , Lagos makes more money than most west African countries and despite having absolutely nothing to show for it the govt can't still account for and is still looking for loans to meet up

Wailing day and night.
Do you ever get tired?

250 naira àbí what am I hearing?
My eyes have begin to pain me again.

Las las, na debt go kill Lagos state

inside all d revenue

Please, how much are we making at the toll gate for an Express road that is just from VI to Ogombo round about?

Scam of the century!!!!!!!

The people are their enablers.

They’ll always defend this level of asininity from their governors with the old “America is owing money too yet they’re developed”

Okay

FarahAideed:
That guy on Bourdillon has impoverished Lagos , Lagos makes more money than most west African countries and despite having absolutely nothing to show for it the govt can't still account for and is still looking for loans to meet up

Seeking loan isnt sign of being improverished as no one lends a poor state money, Loan to Lagos state is a financial plan of getting funds to execute projects faster than revenue streams in

Let's share the money

haq haq haq

Hofbrauhaus:
How can one man completely destroy a state and yet, igbos in Lagos are looking at him? Abi are you guys waiting for yorubas to talk? Don't wait o. Cos it is easier for a camel to go through the eyes of a needle, than for a Yoruba man to fight for his right....

Lol go and fight for the right of Abia people that Ikpeazu is sprinkling Kerosene on first.

The problem is not the borrowing, cos Lagos State is credit worthy, the problem is judicious use of the borrowed billions.

It seems from all indications that the office Sanwo-olu is occupying is much bigger than him to handle.

I wish him wisdom

Sukueponmalu:

Wailing day and night.
Do you ever get tired?

Hmmmmmm this is so true and deep!

solmusdesigns:

Seeking loan isnt sign of being improverished as no one lends a poor state money, Loan to Lagos state is a financial plan of getting funds to execute projects faster than revenue streams in

Little Farahaideed, hope you have taken this little lecture from your elder bro?!

And d bullion van goes to bourdillon lol....eko oni baje o, ambo ambo and now sanwo eko!!!!

The money should be used for what it is meant for... The isawo road needs urgent intervention, I pity the people living in that area