This foolish governor thinks He is smart. The 60 billion debt the silly osibanjo was talking about included Nigeria's debt Since 1960. Of Which Lagos and rivers are major contributors.

Silly APC hypocrites

BackDatAssUp:



The question that needs to be answered is if Fashola took out loans and is leaving Lagos indebted.

With lowering revenue from the federation account as a result of crude revenue dropping that means Lagos will have far lesser revenue because Irrespective the Bank loan must be repaid.

So the question fashola was meant to answer is not what he did with the loan but if he took out a loan in the first place.

But your alafin Gbese will not understand because borrow-borrow and long throat of another man's resources is in your genes.

How in the hell do you administer the obligations of social contract with a population load of 21 million heads anywhere in Nigeria and remain debt free?

Please teach me, id love to learn a new principle in voodoo economics.

MayorofLagos:


How in the hell do you administer the obligations of social contract with a population load of 21 million heads anywhere in Nigeria and remain debt free?

Please teach me, id love to learn a new principle in voodoo economics.

Ask Kano State government.

Last I checked, Kano has the highest population from both census and registered voters.

Besides, how many people does fashola's fascist administration cover in health and education? There are more private schools and hospitals that cater for more people than what Lagos state provides for.

These are all lame excuses that don't hold water.

MayorofLagos:


How in the hell do you administer the obligations of social contract with a population load of 21 million heads anywhere in Nigeria and remain debt free?

Please teach me, id love to learn a new principle in voodoo economics.

And besides lagos gets as much as it gets from the federal purse based on population figures and the IGR they enjoy is tied to the population as well.

So when the fool wanted to depopulatedl Lagos he did not know that population is one of Lagos greatest advantage and assets in the sharing and revenue formula,

funkybully:
This foolish governor thinks He is smart. The 60 billion debt the silly osibanjo was talking about included Nigeria's debt Since 1960. Of Which Lagos and rivers are major contributors.

Silly APC hypocrites

I think your graph looks good and convincing, your explanation on the other hand, hhhhmm......i dont know!

Do us a favor, using your graph, bring a itemized list and break the Lagos debt into its components by sector.


How can the 60bn Federal debt be retroactive to 1960 when madam Ngozi already claimed credit for cleaning all that up in her first role as Finance Minister?

Be reminded that I have a new role in Nairaland....i have declared war against prodigal graduates that come in here with half-baked intellect and attempt to dominate discussions. Make your degree talk credibly for you when you engage in here.

MayorofLagos:


I think your graph looks good and convincing, your explanation on the other hand, hhhhmm......i dont know!

Do us a favor, using your graph, bring a itemized list and break the Lagos debt into its components by sector.


How can the 60bn Federal debt be retroactive to 1960 when madam Ngozi already claimed credit for cleaning all that up in her first role as Finance Minister?

Be reminded that I have a new role in Nairaland....i have declared war against prodigal graduates that come in here with half-baked intellect and attempt to dominate discussions. Make your degree talk credibly for you when you engage in here.

The debt that was cleared was that mainly drawn from international money borrowing institutions like the IMF, World Bank and Paris club and did not include those sourced from bonds, securities, bilateral loan agreements with other nations, local banks and contractor fees.


And mind you it is not federal debt but national debt which comprises of total debt incurred by Councils, States and the FG.

[s]

MayorofLagos:


I think your graph looks good and convincing, your explanation on the other hand, hhhhmm......i dont know!

Do us a favor, using your graph, bring a itemized list and break the Lagos debt into its components by sector.


How can the 60bn Federal debt be retroactive to 1960 when madam Ngozi already claimed credit for cleaning all that up in her first role as Finance Minister?

Be reminded that I have a new role in Nairaland....i have declared war against prodigal graduates that come in here with half-baked intellect and attempt to dominate discussions. Make your degree talk credibly for you when you engage in here.

[/s]

Intellect ko, intellectual ni. See Who is talking about intelligent discussion.

BackDatAssUp:



And besides lagos gets as much as it gets from the federal purse based on population figures and the IGR they enjoy is tied to the population as well.

So when the fool wanted to depopulatedl Lagos he did not know that population is one of Lagos greatest advantage and assets in the sharing and revenue formula,

You are expressing your sentiments in this response.

Go back and read what Fashola said. Let me give you a stark reality in case you did not comprehend his explanation.

Traditionally we inherited a society that is apathy to debt....but we are evolving a new society, one that aspires to be like America.

The glitz and glamour, the economy and security of Lagos is what appeals to Internally Displaced Persons that migrate from NE and SE to come and live and be part of Lagos society.

We must continue to support that aspiration and the appeal of Lagos as a desirable place to live. It is not cheap!

Beside, Lagos is no longer competing with its sister states in Nigeria.....we are aiming to compete with international cities and position Lagos on the global top places to do business. There is no international city of rank in that list that is debt free. Get on the internet and look up the debt and credit ratings of cities like Rio, Dubai, Miami and so on...

Lagos is not aspiring to be like Onitsha or Kano or Port Harcourt or Abuja.....we are gone and trying to displace cities across the Seas from their ranking on the list.

Caustic people and bad belle like yourself are throwing spanners in the effort for us to progress.

BackDatAssUp:



Ask Kano State government.

Last I checked, Kano has the highest population from both census and registered voters.

Besides, how many people does fashola's fascist administration cover in health and education? There are more private schools and hospitals that cater for more people than what Lagos state provides for.

These are all lame excuses that don't hold water.

Again, Lagos is not using Kano as a model for its growth. Drop that thought!

Clear and logical explanation. In fact for a lay man like me to understand this I wonder why it is so difficult for those self acclaimed professionals to see logic in this analysis

BackDatAssUp:



The debt that was cleared was that mainly drawn from international money borrowing institutions like the IMF, World Bank and Paris club and did not include those sourced from bonds, securities, bilateral loan agreements with other nations, local banks and contractor fees.


And mind you it is not federal debt but national debt which comprises of total debt incurred by Councils, States and the FG.

Why cant your mind think broadly and expand on the thought expressed by Fashola?

He did not mention IMF or Worl Bank explicitly but can you ever imagine that Eko Atlantic is being financed by a bond market?

A network of metro rail system using its own power grid to operate is financed from a bond market?

C'mon! I give up on you.

BackDatAssUp:



The question that needs to be answered is if Fashola took out loans and is leaving Lagos indebted.

With lowering revenue from the federation account as a result of crude revenue dropping that means Lagos will have far lesser revenue because Irrespective the Bank loan must be repaid.

So the question fashola was meant to answer is not what he did with the loan but if he took out a loan in the first place.

But your alafin Gbese will not understand because borrow-borrow and long throat of another man's resources is in your genes.

Gbam

See them, children of hate and confusion jubilating over his false vomits. How many public amenities are available to lagos people? The question is if he is leaving lagos indebted, no one is going to read his self praise singing... After all, even Aregbe- Rascal and Theodore Orji also sings sf praises

Lagos don't borrow to Pay Salaries..Lagos don't borrow for Re-Current Expenditure.. Only d FG does..

brixton:
See them, children of hate and confusion jubilating over his false vomits. How many public amenities are available to lagos people? The question is if he is leaving lagos indebted, no one is going to read his self praise singing... After all, even Aregbe- Rascal and Theodore Orji also sings sf praises

Lagos takes its loan in tranches...The first $200M loan matured last year and it has been repayed.. The next would mature in 2017, already measures have been put in place for repayment...I have seen a whole lot of public amenities in Lagos...

If i could directly feel govt impact in my modest Slum.. Then i appreciate what d govt have done, what d govt is doing and what it plans to do... Eko must be better...
BTW, what state are u from? Lets compare Fashola with ur state governor..Thanks..

BackDatAssUp:



The question that needs to be answered is if Fashola took out loans and is leaving Lagos indebted.

With lowering revenue from the federation account as a result of crude revenue dropping that means Lagos will have far lesser revenue because Irrespective the Bank loan must be repaid.

So the question fashola was meant to answer is not what he did with the loan but if he took out a loan in the first place.

But your alafin Gbese will not understand because borrow-borrow and long throat of another man's resources is in your genes.

1. Lagos state can do without N10 billion monthly allocation and regardless of allocations, Lagos since 1999 is yet to default any salary payment and even on top of that, Lagos state produces and commissions project averagely everyday if you go by volume.

2. Fashola is still the most productive governor i the history of Nigeria and Lagos stat retains the best credit ratings Locally and internationally and even better than your financially irresponsible FG.

3. Debt as instrument of development and infrastructure upgrades equals income and investment generator since this is what investors look at when investing. They look for safety and security which he invested in heavily , infrastructure, prudent and attentive governance.

4. When you borrow to invest in capital projects like the Lagos metro rail, you effectively cornered for yourself a gold mine that keeps generating income needed to fund many other projects and social services.

5. The metro rail alone with a million or more passengers a day means many more billions in cash flow to invest elsewhere, employ many more and broaden the tax base.


6. Lagos state's debt is good debt not only because the benefits and effects, but also because of the positive credit ratings which in any any civilized society means prudent and responsible financial management.

7. Lagos state positioned itself in a place where they can do without FG allocations and this is why they are able to pay the second largest workforce in Nigeria and delivered more projects than your FG many times over while your crooked, corrupt and incompetent FG borrows to pay civil servants with little or nothing to show for hundreds of billions of dollars in earnings and oil wealth.


Lagos state is yet to default on any kind of debt payments, salary payments, payment to contractors and in fact, they have billions saved and in reserve specifically for debt payments..


You do need major education when it comes to debt..

U

olatunji21:

Lagos takes its loan in tranches...The first $200M loan matured last year and it has been repayed.. The next would mature in 2017, already measures have been put in place for repayment...I have seen a whole lot of public amenities in Lagos...

If i could directly feel govt impact in my modest Slum.. Then i appreciate what d govt have done, what d govt is doing and what it plans to do... Eko must be better...
BTW, what state are u from? Lets compare Fashola with ur state governor..Thanks..

Sir, I am from Edo state but reside in Opebi, Ikeja whenever I'm in the Kwantoury(sic).

Kindly educate me on the social amenities available to iyana ipaja, Volks, ikotun, ejigbo, owowoshoki, iyaba iba, okokomaiko and other slums in our obodo lagos.

GCR Affirms Lagos State Government Of Nigeria’s National Scale Rating At A+(NG); Outlook Positive
Lagos, 30 January 2015—Global Credit Ratings has affirmed the long term national scale rating assigned to Lagos State Government of Nigeria at A+(NG), with the outlook accorded as Positive. Concurrently, the following bond rating action was taken

The Programme 1 Series 2 N50bn Fixed Rate Bond was fully redeemed in February 2014 and accordingly the Issue rating has been withdrawn.
The long term issuer and bond ratings are valid until 08/2015.
RATING RATIONALE
Global Credit Ratings has accorded the above credit rating(s) to Lagos State Government of Nigeria (“Lagos State”) based on the following key criteria:
Total revenue rose by N30.7bn to N376.7bn in F13, of which Internally Generated Revenue (“IGR”) accounted for 81%, similar to previous years. In contrast to most States, IGR has been sufficient to cover recurrent expenditure over the review period, reflecting Lagos State’s decreasing reliance on federally allocated receipts. The consistent growth in IGR collection has largely been driven by an aggressive tax policy, which has seen income tax receipts grow more than eight-fold over the last decade, to a high N197.7bn in F13. As strong IGR provides a buffer against any decrease in federal receipts, Lagos State’s income is likely to be less affected by the recent slump in oil prices than States that are highly dependent on the Federal Government to support income.
In addition to the increased revenue, recurrent expenditure declined by N6.6bn to N197.6bn in F13, resulting in an increase in operating surplus to N179.1bn (47.5% of revenue), from N141.7bn in F12. The robust surpluses have helped the State execute several developmental projects over the last few years.
The State evidences increased recourse to borrowings, with debt rising by a net N326.2bn over the 5-year review period to N537.6bn at FYE13. This position is moderated by an accretion of N98.6bn in the Sinking Fund Account, which is available to meet interest and redemption obligations. In this regard, the gross debt to income ratio rose to a high 143% at FYE13 (FYE12: 107%), from 81% at FYE09, while the net debt to income ratio rose to 108% (FYE12: 79%). Notwithstanding that the rising debt has been used to fund infrastructure and development projects, which are likely have a positive impact on the economy going forward, debt to income ratios appear to be high. Although, most of the borrowings have medium to long term tenors, and maturities are diversified, debt service costs could constrain the State’s ability to adequately fund operations, more so if projected revenue growth does not manifest over the medium term.

GCR takes note of the funds being transferred to the Sinking Fund Accounts [via the Consolidated Debt Service Account (“CDSA”) and Irrevocable Standing Payment Order (“ISPO”)] to ensure sufficient funding for the repayment of principal and interest on the 3 existing bonds. Based on the trustees’ report, a combined sum of N84bn has been accrued as at December 2014, providing comfort on the capability of the State to effectively service its obligations on a timely basis.

http://globalratings.com.ng/news/article/gcr-affirms-lagos-state-government-of-nigerias-national-scale-rating-at-ang




^^^^^^^


Superb financial management...

[s]

brixton:
U

Sir, I am from Edo state but reside in Opebi, Ikeja whenever I'm in the Kwantoury(sic).

Kindly educate me on the social amenities available to iyana ipaja, Volks, ikotun, ejigbo, owowoshoki, iyaba iba, okokomaiko and other slums in our obodo lagos.

[/s]

brixton:


You will always b the president I know dear GEJ!!

You deserve no answer...

aresa:
[s][/s]




You deserve no answer...

Child of hate and lies.

NgeneUkwenu:


Can Someone Remind Us, What the Useless Fedora Wearing Drunkard from Otuoke is leaving Behind?

Map of the 2nd Niger Bridge.

NoMoreTrolling:


So the man with the most debt is now viewed as intelligent? Chai!

Sycophancy is real

Dangote, otedola, ifeanyi uba are debtors, does that make them bad business men.

Mr, the USA is owing $16 trillion, does it mean their economy is managed by dunces.

I really would like to know, how debt is related to intelligence in this context.

brixton:


Child of hate and lies.

I really wasn't expecting anything sane and intelligent from your type..

arewaempire:


Map of the 2nd Niger Bridge.

Eve that one if ever get built go be toll bridge for 30 long years...

Fashola for president 2019!

NoMoreTrolling:


So the man with the most debt is now viewed as intelligent? Chai!

Sycophancy is real

Some people Mumu no be small.

Posterity will surely judge those who mortgage our children's future with little or nothing to show for it.

Awon barawo!

Love it when the panic button of TANoids is pushed. Their reaction is such great fun to watch.

jonathan must answer apc on Nigeria debt...

NgeneUkwenu:
~Fashola

This is a Technical Knock Out for The Taniods, Satans, and the Useless Oliseh Mumu!

when u say 'technical knock outs' for the TANoids, that will depend on if they have the right version if the brains to understand that the amiable governor is talking about the cluelessness of their master and his empty cabinets.

oops...I think u just explained...lol

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This APC PDP war on NL is just stupid. Agreed fashola did a lot of projects but that was mostly in his first term. But the bulk of debts owed emanated for his second term despite all the trillions they generate yearly lagosians still provite their own water most lagos roads are a eyesore the drainage system in place like oshodi,musjin is just terrible so fashola should stop bragging and explain where all thosE funds really went too
Fashola didn't even finish lekki airport and seaport, light rail and those are the major capital projects in lagos state.
With all that money and the small size, large middle class and population lagos should have been a tokyo or dubai by now.