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Fashola Explains Lagos Debt - Politics (5) - Nairaland

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Re: Fashola Explains Lagos Debt by Demdem(m): 9:23am On May 26, 2015
Ermmm.....to fools wondering what Fashola has really done in Lagos, the below thread is a masterpiece. Currently still updated....
grin
https://www.nairaland.com/2322688/fashola-vs-akpabio-updated-projects
Re: Fashola Explains Lagos Debt by TpAuta(m): 9:24am On May 26, 2015
The way u chaps attack yourselves here gives room for concern.

Last time I checked EVERYONE is entitled to his/her own opinion without fear or favor thus I don't get why one person's opinion would be a source of attack to another.

You all are here justifying what's not while in total darkness, living in miserable conditions while they and their cohorts are living la vi da loca.

They don't give a rat's ass about us so I see no reason why their matter should even cause rancour amongst us.

Haven't they done us enough harm? Now there are inciting us against one another.
Re: Fashola Explains Lagos Debt by ifeoluwasegun(m): 9:26am On May 26, 2015
However and whichever way, he (Fashola) represents my best man.

He's truly a developmental role model.
Re: Fashola Explains Lagos Debt by dBard: 9:30am On May 26, 2015
radgenez:
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.


Am not an economist, but from a 'layman's' point of view, Fasholas explanation doesn't suffice .
Weighing the capital projects against the current debt profile still shows a large deficit.
It's impressive that the igr sufficient for the recurrent expenditures but plunging the state and by default the nation into this degree of debt is.........
The comparison with the U.S ofAmerica wasn't wise wen it's common knowledge that America's economic problems stems majorly from its ridiculous debt profile.

...and please, this isn't about apc/pdp. like the recent fuel crisis, wen the consequences of these politicians actions hits, it's y'all that suffers irrespective of political inclination.
Re: Fashola Explains Lagos Debt by peedeeasobie(m): 9:32am On May 26, 2015
anonimi:
This should probably rank among the biggest FRAUDULENT SCAM in the nation's history sad

* Four years ago, with plenty fanfare, our gomina (governor) waka go Toronto for inspect and buy aloku scrap metal trains =>













* In January 2013, i.e. some two years after the Toronto visit, our excellent governor said the trains will be ready by June, i.e. five months after the unsolicited statement, based on his inspection & assessment of work done so far at the time =>
















* Last year, our fine-boy-no-pimples Misita Gomina confessed he had already spent a whopping sum of N160 billion on the light rail that was supposed to be in use since June 2013. Depending on the exchange rate he used that could be $1 billion to $1.2 billion spent shocked







As of today, we nor see train, even sef all the billion, billion $$$$$$$$$$$$$$$$$ don disappear enter Toronto. We prayer be sey make dem nor turn around small time sey na bad business like the N8 billion Sunborn floating hotel angry angry

In fact their candidate, Ambode now dey tell us sey na to restructure the financing and delivery will be in 18 months time. Laakulilai, we don suffer finish in the hands of these scam masters and smooth operators => embarassed






Una wey sabi financial management small go know sey the man just dey tell us sey money don finish dem must BORROW plenty $$$$$$$$$$$ loan again to have any hope whatsoever of using the trains in 18 months lohun lohun far away longest time!

Can anyone reconcile the fact that the federal government approved LASG's World Bank loan for this project yet they spin us long tales of no federal support. He must think we are all baby pikins wey mama fit tell FAKE tory angry




Over 'too much' dey do you!
Guy you too much!

Good and solid writeup, APC pls come and answer

1 Like

Re: Fashola Explains Lagos Debt by shammah1(m): 9:33am On May 26, 2015
Useless people. I really hate APC for several things and the few are; they lie a lot, they never accept their mistakes, they're always bias and not being fair to all, they discredit others except themselves. They keep ranting and blaming PDP for everything. I pray that we are not in for the biggest doom in Nigeria’s history because Nigeria can't move forward with all these.
anonimi:
This should probably rank among the biggest FRAUDULENT SCAM in the nation's history sad

* Four years ago, with plenty fanfare, our gomina (governor) waka go Toronto for inspect and buy aloku scrap metal trains =>













* In January 2013, i.e. some two years after the Toronto visit, our excellent governor said the trains will be ready by June, i.e. five months after the unsolicited statement, based on his inspection & assessment of work done so far at the time =>
















* Last year, our fine-boy-no-pimples Misita Gomina confessed he had already spent a whopping sum of N160 billion on the light rail that was supposed to be in use since June 2013. Depending on the exchange rate he used that could be $1 billion to $1.2 billion spent shocked







As of today, we nor see train, even sef all the billion, billion $$$$$$$$$$$$$$$$$ don disappear enter Toronto. We prayer be sey make dem nor turn around small time sey na bad business like the N8 billion Sunborn floating hotel angry angry

In fact their candidate, Ambode now dey tell us sey na to restructure the financing and delivery will be in 18 months time. Laakulilai, we don suffer finish in the hands of these scam masters and smooth operators => embarassed






Una wey sabi financial management small go know sey the man just dey tell us sey money don finish dem must BORROW plenty $$$$$$$$$$$ loan again to have any hope whatsoever of using the trains in 18 months lohun lohun far away longest time!

Can anyone reconcile the fact that the federal government approved LASG's World Bank loan for this project yet they spin us long tales of no federal support. He must think we are all baby pikins wey mama fit tell FAKE tory angry

2 Likes 1 Share

Re: Fashola Explains Lagos Debt by merry02(m): 9:43am On May 26, 2015
Obj didn't give lag local gov 4 9months bt GEJ gave them such huge amount,they speak dirty of him
Re: Fashola Explains Lagos Debt by Ucheosefoh(m): 9:46am On May 26, 2015
bettercreature:
You are not a threat to us academically,the best lawyer you ever produced is dead,you dont have media,no lawyer,we only hear voice of the tout from the south east and south south every day,what am saying is your Biafra movement is a threat to our well being because we solely rely on oyel money for our existence
Check statistics of late you will know that the southwest is behind the southeast in every aspect academic performance and ratio. I thought you guys don't need us why is the Biafra movement a threat?
Re: Fashola Explains Lagos Debt by bettercreature(m): 9:50am On May 26, 2015
Ucheosefoh:
Check statistics of late you will know that the southwest is behind the southeast in every aspect academic performance and ratio. I thought you guys don't need us why is the Biafra movement a threat?
Post the statistics here if you are confident about it,its not a big threat to our national security as i said earlier but a big threat to our collective wealth which is Oyel money because we solely rely on it
Re: Fashola Explains Lagos Debt by peedeeasobie(m): 9:55am On May 26, 2015
bettercreature:
Because you guys are become threat to our national security with this your unintelligent Biafra movement!



When a person is stationed in a particular local govt all thru his life without going out, he reasons like this!

1 Like

Re: Fashola Explains Lagos Debt by peedeeasobie(m): 9:59am On May 26, 2015
Ucheosefoh:
Check statistics of late you will know that the southwest is behind the southeast in every aspect academic performance and ratio. I thought you guys don't need us why is the Biafra movement a threat?


Pls stop arguing with that guy.

Whenever you see a tribal bigot, just know you are seeing an unintelligent person!

He thinks Nigeria starts from badagry and ends at shagamu!
Re: Fashola Explains Lagos Debt by asha01: 9:59am On May 26, 2015
yimikaa:
This guy is so intelligent. Fash baba

Backing it up with facts and figures,laying it bare,even a layman would understand his explanation.

of course, the way u understand bicos as far as I am concern, there are only figures and no facts (which road, which this and which that) he should be specific about the projects so that it can be verified.

if he is straight let him attached figures to projects that can be verified.

it is only the usual government attitude to defend and u will accept whether verifiable or not
Re: Fashola Explains Lagos Debt by Ujupsy: 10:00am On May 26, 2015
The truth about some nairalanders is that when they are in support of a man even if he is a criminal he is the best, with this kind of money a white man will do more and appear like not my best
Re: Fashola Explains Lagos Debt by Ahmeduana(m): 10:11am On May 26, 2015
NgeneUkwenu:


Mumu TANIOD! So America with the highest Debt should be viewed as "unintelligent"? Economic illiterate!

Read below!



SEE AS YOU ARE USING (POLICIES OF A FOREIGN COUNTRY WITH A EFFECTIVE FREEDOM OF INFORMATION, WITH A STRONG FUNCTIONAL INSTITUTIONS) TO VALIDATE AN INEFFECTIVE, CROOK, THIEVES, MANIPULATIVE PRONE SYSTEM OF A STATE CONTROL BY CULTS, FRAUD STARS AND DRUG KING PINS. if it is really you that is on your profile picture THEN I CAN NOW SEE THE REASON WHY THEY SAY FAT PEOPLE ARE CREATED WITH EMPTY SKULL!

2 Likes

Re: Fashola Explains Lagos Debt by myproperty(m): 10:12am On May 26, 2015
yimikaa:
This guy is so intelligent. Fash baba

Backing it up with facts and figures,laying it bare,even a layman would understand his explanation.

Why is it always difficult for us to say the truth no matter who we are supporting. Why would someone praise a Governor who borrowed N139,000,000 to sink just two boreholes, if it was done by a Governor you don't like what would you say?
Re: Fashola Explains Lagos Debt by richard870(m): 10:13am On May 26, 2015
enoqueen:
All of una be thief!!!!
Rogues you mean? Smh 4 naija
Re: Fashola Explains Lagos Debt by 989900: 10:13am On May 26, 2015
As the monthly IGR is coming, we are returning 15 per cent of the IGR into a consolidated debt service account. We can’t touch it. Take out 15 per cent of N20bn. We have over a N100 billion in that account to pay the debts. Those who are saying we owe, the system for paying bond is secured. We just paid the second bond, which was the first that I took. We paid it last year. The next bond will be due in 2017 and it is about N60 billion or N70 billion but we have N100 billion in the account. In any event, we have over-secured our liabilities as far as the bonds are concerned. As far as the local short-term loans from banks are concerned, we were able to pay.

The above is what matters the most.
Re: Fashola Explains Lagos Debt by poseidon12: 10:15am On May 26, 2015
After this huge debt, one can still not find a decent road to drive around on in most parts of Lagos. No transparency at all in the government of Lagos State. We needed a change to expose the massive corruption and cronyism in Lagos.

1 Like

Re: Fashola Explains Lagos Debt by OrlandoOwoh(m): 10:15am On May 26, 2015
Fashola is just intelligent. When I told somebody that he should the next Minister of Power or Works, he said no: Fashola is a lawyer, and would do well in the Ministry of Justice. Fashola's analysis here shows that he can even run the Ministry of Finance.

3 Likes

Re: Fashola Explains Lagos Debt by shaqhead: 10:16am On May 26, 2015
Firefire:


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!
U dnt say much this days, jst d same repeated cliche of "Posterity will judge". Come give me ds me ds "Posterity" numbr so I call him/her to judge once and for all.

Seriosly I expctd a "robust" comment from u on ds cos somtym back I read ur back and forth on some topic similar to ds wt LNZH.

But it seems uve bn silenced!
Re: Fashola Explains Lagos Debt by shaqhead: 10:17am On May 26, 2015
arewaempire:


Map of the 2nd Niger Bridge. grin

Hahahhaahaa...guy u dey mad o...i wl tel my daddy for u!
Re: Fashola Explains Lagos Debt by shukuratbaby: 10:18am On May 26, 2015
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Re: Fashola Explains Lagos Debt by PointB: 10:22am On May 26, 2015
I have answered this question many times and it seems people just dwell on debt but in the context of debt, let us look at the assets too. I am leaving behind hundreds of kilometres of roads, bridges, schools, hospitals, courtrooms, social services, skill centres, streetlights and traffic lights. I am leaving behind also people who now have jobs, who did not have jobs seven years ago. I am leaving behind a stronger security force; a stronger LASTMA, a stronger KAI. That is where the money went. I am leaving behind a rail system. I am leaving behind so many assets for the continuity of life. I am also leaving behind a bigger workforce – a better equipped workforce.

Fashola's response is very pedestrian.

Lagos State is not the only state leaving behind infrastructure. The question he should be answering is whether the infrastructure he's leaving behind in commensurate with the huge debt he's leaving behind.

Again, where is Fashola pulling the fictitious 21 million people from? The last official census put Lagos population at 9 million people. Indeed Lagos State population has grown, but how that manage to become 21 million would make an interesting read.

And simply dividing the income with number of people is also pedestrian. Is he building new roads, new hospitals, new schools, courtroom etc for every new addition to Lagos State? Isn't it principle of prudential planing of visionary leadership to forecast and plan ahead, and build infrastructure base on projected growth? Why does he need to simply divide the population with income when asked question about spending?

A new couple who intend to have say a family of four will probably rent/own a 3 or 4 bedroom apartment, they do not need to build more houses on the arrival of every baby. The arrival of every baby will definitely increase the recurrent cost of running the home, but it will have very little impact on the fixed/capital asset (the house). If some of the children grow old enough to add to the income of the house, doesn't that help with the cost of maintenance and running expenses?

Even some of the so-called infrastructure are heavily tolled, and this same people pay through their sweat to use the facility. By the way, where is the rail system?

Fashola is being very economical with the facts/truth here, and it's sad to see people make argument in support of this obvious massive sleaze that's going on in fashola's Lagos.

5 Likes

Re: Fashola Explains Lagos Debt by Dbboy(m): 10:27am On May 26, 2015
NgeneUkwenu:
~Fashola

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

The sophisticated ones this is the hight of hypocrisy one claim to leave behind non functional street light, poorly trained lastma and not so many drivable road while at the opposite end his opponent that left a functional train system,25000 km renovated road remodeled airport that are visible and brings in income is been vilified I thought the south westerners are rational I can now see them for what the are this is the hight of hypocrisy and bigotry.

1 Like

Re: Fashola Explains Lagos Debt by Firefire(m): 10:31am On May 26, 2015
shaqhead:

U dnt say much this days, jst d same repeated cliche of "Posterity will judge". Come give me ds me ds "Posterity" numbr so I call him/her to judge once and for all.

Seriosly I expctd a "robust" comment from u on ds cos somtym back I read ur back and forth on some topic similar to ds wt LNZH.

But it seems uve bn silenced!

Good afternoon, thank you for your observation. Our robost and more engaging comments would begin when the incoming Administration takes over.

Our dream is for a better Nigeria.

Our goal is to see a place to be called home after sojourn & toiling.

A society free of political corruption, misplaced priorities and misappropriation of public resources.
Re: Fashola Explains Lagos Debt by shaqhead: 10:35am On May 26, 2015
icedbreez:
Story for the gods. Debt is debt don't try to preach Mr Saint Fashola. ...always making out only GEJ is leaving behind huge debts and then it turns out you are no better. I pray this change mantra doesn't turn out a scam. The only little hope I sustain is for the person of Buhari.
Simple economics, thats if u have a faint idea of what that is wl teach u that debt is nt "debt" as u put it...there is good debt and bad debt!

Yes, Lagos is in debt but d debt incured is for Capital and not Recurrent Expenditure(world of difference)-mind u he has nevr defaulted in salary payments.

Simply put, d debt was "invested"!

Did u miss the part where he syd there is 100billion in an account to service those debts.

Dangote is in debt as we speak but if he comes to u to borrow him 50 million, wl u lend him d money? Of course u wl! Why? Cos u kno he has d capacity to pay! That is Lagos State for U, so u undrstand!

1 Like

Re: Fashola Explains Lagos Debt by shaqhead: 10:37am On May 26, 2015
Firefire:


Good afternoon, thank you for your observation. Our robost and more engaging comments would begin when the incoming Administration takes over.

Our dream is for a better Nigeria.

Our goal is to see a place to be called home after sojourn & toiling.

A society free of political corruption, misplaced priorities and misappropriation of public resources.


Same goal we share!
Re: Fashola Explains Lagos Debt by Firefire(m): 10:42am On May 26, 2015
PointB:


Fashola's response is very pedestrian.

Lagos State is not the only state leaving behind infrastructure. The question he should be answering is whether the infrastructure he's leaving behind in commensurate with the huge debt he's leaving behind.

Again, where is Fashola pulling the fictitious 21 million people from? The last official census put Lagos population at 9 million people. Indeed Lagos State population has grown, but how that manage to become 21 million would make an interesting read.

And simply dividing the income with number of people is also pedestrian. Is he building new roads, new hospitals, new schools, courtroom etc for every new addition to Lagos State? Isn't it principle of prudential planing of visionary leadership to forecast and plan ahead, and build infrastructure base on projected growth? Why does he need to simply divide the population with income when asked question about spending?

A new couple who intend to have say a family of four will probably rent/own a 3 or 4 bedroom apartment, they do not need to build more houses on the arrival of every baby. The arrival of every baby will definitely increase the recurrent cost of running the home, but it will have very little impact on the fixed/capital asset (the house). If some of the children grow old enough to add to the income of the house, doesn't that help with the cost of maintenance and running expenses?

Even some of the so-called infrastructure are heavily tolled, and this same people pay through their sweat to use the facility. By the way, where is the rail system?

Fashola is being very economical with the facts/truth here, and it's sad to see people make argument in support of this obvious massive sleaze that's going on in fashola's Lagos.

Good response.

Fashola is a fraudster!

Overhyped and extremely overblown.

The future of the unborn children in Lagos has been mortgaged until 2050.

Despite the huge internally generated revenue which is 75% of the state annual budget.

The monthly 26% Federal Allocation

The Oil boom and windfall accrued to states sharing.

The SURE-P sharing and allocation from the ECA account.

It is painful that Lagos state could still be indebted to this magnitude.

Bonds sold on several occasions and the intended projects still remains a WIP!

Until my fellow Yorubas shun this politics of sentiment and be bold to ask their leaders for accountability, we would be making a journey in a circle.

E&OE

3 Likes

Re: Fashola Explains Lagos Debt by Okwudiri87: 11:01am On May 26, 2015
l used to respect this man but am very very disapponited in him. So fashola can left this kind of debt and they are shouting change. Well, buhari let see where u are going to start to fight ur corruption. Amechi is also leaving Rivers state dry, pls where is the change. I think l prefers transformation than change.
Re: Fashola Explains Lagos Debt by rildwanullahi(m): 11:06am On May 26, 2015
NgeneUkwenu:
~Fashola

This is a Technical Knock Out for The Taniods, Satans, and the Useless Oliseh Mumu! grin grin
see you, that man is a politician he will always find a way out. A government that used 139 million naira to build two boreholes.

1 Like

Re: Fashola Explains Lagos Debt by udeh3(m): 11:34am On May 26, 2015
BackDatAssUp:


You can choose to believe a lie even if you know it is a lie but that will never make the lie become the truth.

And what is that description that the truth holds again? The truth is bitter! And that is something you shameless shilling self plus your legion of daft plebs can never dispute.

The better truth is that Lagos state is owing debth. They are the highest borrower with all their IGR, yet they criticize d fed govt for leaving office with such a depth they're owing

What a lovely country to be?

1 Like

Re: Fashola Explains Lagos Debt by udeh3(m): 11:34am On May 26, 2015
BackDatAssUp:


You can choose to believe a lie even if you know it is a lie but that will never make the lie become the truth.

And what is that description that the truth holds again? The truth is bitter! And that is something you shameless shilling self plus your legion of daft plebs can never dispute.

The bitter truth is that Lagos state is owing debth. They are the highest borrower with all their IGR, yet they criticize d fed govt for leaving office with such a depth they're owing

What a lovely country to be!

1 Like

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