Lagos is among the richest of Nigeria’s 36 states. However, when the media reported that Governor Babajide Sanwo-Olu wants to raise some ₦250 billion loan, it raised eyebrows.

In his letter to the state’s assembly, Sanwo-Olu had given his reasons as lack of revenue for the remaining months of the year, and not being in a position to propose a supplementary budget.

The idea of getting a loan is actually not the problem, but the fact that Lagos has gotten nothing to show for its decade-long indebtedness. It’s a supposedly wealthy state, but still, the debt level is among the highest in Nigeria.

Continue reading here: https://qwenu.com/2019/10/29/%e2%82%a6250bn-loan-for-lagos-what-is-governor-sanwo-olu-up-to/