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Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. - Politics (2) - Nairaland

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Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by PointB: 8:10pm On Nov 28, 2012
Desola:

In fact, we are checkmating you by making mandatory, a requirement for residence cards to ensure that you don't come and eat, shit in our land and come census period; run back to your backward villages to be counted so as to generate more money for your governors who only seat pretty at the top without having to use their allowance from daddy Nigeria on you lot because you are ghost citizens who actually reside in Lagos. Ensuring you are counted means that we know where you are; what you are doing and it enables us to get the accurate allocation from daddy Nigeria. It is unfair at the moment that census records shows 18million Nigerians residing in Lagos when in actual fact, it could be well over 20million. We get allocation based on the 80mill figure but have to cater for over 20mill, now that is a huge descrapancy!

Let me laugh in abracadabra grin grin grin grin.

Young lady, the population of Lagos State is what the National Population Commission says it is. Not what Fashola's card says, and we all know how the figures are manufactured. Are this dull? grin grin grin grin

4 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by PointB: 8:13pm On Nov 28, 2012
Desola:

You are ibo, nothing is expected to make sense to you because you lack the capacity to deduce that which is sensible!

Arrant fo.ol! You exhibited your senselessness when you posited that Lagos state's loan request was a bogus one even when you are not privy to the facts! You are the foo.l spewing bile here, you and you alone!

Lagos State loan request is bogus, obviously that is why it was FG cannot continue to guarantee it. Slice and dice it anyhow you like, those who should know better have refused to endorse it. Tinubu should look for other ways to steal. Stealing via public loan is not longer fashionable says the federal government. finito!

3 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by akintun: 8:16pm On Nov 28, 2012
Borrowing from d bond market is very expensive 4 state gov. It would be better to allow d state gov access d world bank loan.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by GARRIx7(m): 8:17pm On Nov 28, 2012
I think the FG should come out plain and clearly explain Y they're stopping this loan....
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 8:24pm On Nov 28, 2012
PointB:

Let me laugh in abracadabra grin grin grin grin.

Young lady, the population of Lagos State is what the National Population Commission says it is. Not what Fashola's card says, and we all know how the figures are manufactured. Are this dull? grin grin grin grin

Hahaha...you see how you continue to expose yourself as the dullard that you really are?

Fashola would be privy to the number of registered citizen in his state. On that basis, the national population commission, coming out with different figures would show the discrepancy that have been going unchecked for years! If the census figures matches that of Lagos state's then all is fine and dandy but if the Lagos state registers 20million and census shows 16, then clearly, your people would be found guilty of the act which has always been alleged to be perpetrated by them.

You comprehend? No, you can't. It's impossible!
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 8:25pm On Nov 28, 2012
GARRI (x7):
I think the FG should come out plain and clearly explain Y they're stopping this loan....


Do pigs fly?
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by PointB: 8:38pm On Nov 28, 2012
Desola:

Hahaha...you see how you continue to expose yourself as the dullard that you really are?

Fashola would be privy to the number of registered citizen in his state. On that basis, the national population commission, coming out with a different figures would show the discrepancy that have been going unchecked for years! If the census figures matches that of Lagos state's then all is fine and dandy but if the Lagos state registers 20million and census shows 16, then clearly, your people would be found guilty of the act which has always been alleged to be perpetrated by them.

You comprehend? No, you can't. It's impossible!

lol,
You are a real olodo. Fashola will come up with which stup.id figures? Does Fashola work with the NPC? Is he authorised by the law to conduct census? So let say Fashola prints 20 million cards and declares Lagos State 20 million people. What stops Enugu from printing 30 million cards, or P/H from printing 40 million cards, or Kano 50 million cards and presenting same as the total number of population in their states. You are incredibly naive, or plain ignorant. Na wa for you grin grin grin grin

Abeg, look for something within your intellectual grasps, like throwing insults, and shouting oloshi oloribuku at your folks at home. That's your forte babe, stick to it, and quit embarrassing yourself. cheesy cheesy cheesy

11 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 8:46pm On Nov 28, 2012
Going to House of Representative is counter productive. They don't formulate policies for GEJ. What's important is the real reason the guarantee is being denied. If there is a good reason, as in bad performing loans, then it's justified. But if Lagos has been servicing existing loans diligently, then it's bad politics.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 9:06pm On Nov 28, 2012
Desola:

You should also go and look for a map and find your route back to your backward village. If your papa, the federal government cannot give you allowance to sustain you in Lagos, then you and all your forking ibhoe brothers can head back to your godforsaken huts and make your governors provide the infrastructures you cry of.

Awon aleje se eranko lasan ikeji aja!


I didn't expect a dirty haggard harlot with stinking undies to reply me. Beware of me cos i will feed you to the dracular if you push me. I will start with ravaging your old saggy mama before exterminating your entire family. Go and sin no more or else i'd start with your huncles and hanties. We built Lagos long before your smelly granny came to Lagos. Be careful or i also ravage your daughter if you have any. Be warned.

4 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 9:10pm On Nov 28, 2012
PointB:

lol,
You are a real olodo. Fashola will come up with which stup.id number? Does Fashola work with the NPC? Is he authorised by the law to conduct census? So let say Fashola prints 20 million cards and declares Lagos State 20 million people. What stops Enugu from printing 30 million cards, or P/H from printing 40 million cards, or Kano 50 million cards and presenting same as the total number of population in their states. You are incredibly naive, or plain ignorant. Na wa for you grin grin grin grin

Abeg, look for something within your intellectual grasps, like throwing insults, and shouting oloshi oloribuku at your folks at home. That's your forte babe, stick to it, and quit embarrassing yourself. cheesy cheesy cheesy


Oh dearie lawd! I knew you were dense but I have to admit that I did make some allowances. I gave you a bit of yard but you clearly didn't deserve it because you are much lower in estimation.

How did you even think that the Lasg would print out cards and dole it out to people? Have you taken a leave of your cognitive factors or did you not possess any to start with? I think i'll go with the latter.

For any resident to be in possession of a resident card, they would have to provide proof of their addresses, d.o.b etc just as you would do when being issued with a passport or driving licence. I think I also read something along the lines of biometrics being taken which would then make it difficult for anyone to duplicate his identity anywhere else in the country. Well, I can't really blame you for being small minded to think that the LASG would randomly give out cards to all and sundry without knowing if they are actually Lagos residents, I mean, it would be a tall order to require you to do something that is not inherent in you (to think). Having a resident card would be a civil duty imposed on you as a supposed resident. If you do not carry a citizenship card, you would not be able to access facilities dedicated for the citizens, you would not get exemption for certain taxes and you would not be able to identify yourself as a genuine resident if requested to do so by law enforcers. So, if enugu or p/h goes ahead to print out cards willy-nilly and doles it out to any tom, dick and harry, without proper vetting, then it is a futile exercise and an incredible data gathering which would not be tenable in the court of law or any legal organisation.

Asinwin omo ajokutamamumi.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 9:14pm On Nov 28, 2012
Tusky44:


I didn't expect a dirty haggard harlot with stinking undies to reply me. Beware of me cos i will feed you to the dracular if you push me. I will start with ravaging your old saggy mama before exterminating your entire family. Go and sin no more or else i'd start with your huncles and hanties. We built Lagos long before your smelly granny came to Lagos. Be careful or i also ravage your daughter if you have any. Be warned.

Hahaha...ajokutamamumi...but you are your father's son, are you not?

A baboon is not expected to act in a civilised manner, so please do humour me. You? An ibo? feeding me to a dracular? Where do you think you are? Umuahia zoo? I know that NL looks like the zoo, which is your natural habitat but be aware that there are zoo keepers here whose duty it is to make sure you do not misbehave. I keep the zoo and if you go too far, i'll put a nozzle on you. If you're good, i'll throw you a banana but if you go wild, i'll only decapitate you. Be warned!

3 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by danjohn: 9:15pm On Nov 28, 2012
PointB, first of all, Lagos state has used the Nigerian capital markets several times successfully. The issue is that the cost of borrowing in the Nigerian capital markets is very expensive. When Lagos State borrowed from the capital markets in the past, it cost the state between 10% and 13%. My guess is that the reason why Fashola opted for the world bank loan is because the interest rate is more favorable. On a loan facility of this size, an interest rate difference of just 1% will save the state $6 million in annual interest payments. If the world bank loan is going for anything between 5% and 8%, Fashola could be saving the state between $12 and $48 million a year. If you multiply that over the 3 yr life of the loan, that is between $36 and $144 million.

If you multiply $144 million by an exchange rate of 155 naira, Fashola could be saving the state of Lagos 22 billion naira by opting for the world bank loan instead of using the capital markets.

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by ektbear: 9:16pm On Nov 28, 2012
The fg is under no obligation to guarantee the loan.

Lagos may simply have to look for a loan with no fg guarantee and pay higher interest rates as a result.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by ektbear: 9:19pm On Nov 28, 2012
With that said, what reason has the fg given for changing its mind?
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 9:21pm On Nov 28, 2012
Desola:

Hahaha...ajokutamamumi...but you are your father's son, are you not?

A baboon is not expected to act in a civilised manner, so please do humour me. You? An ibo? feeding me to a dracular? Where do you think you are? Umuahia zoo? I know that NL looks like the zoo, which is your natural habitat but be aware that there are zoo keepers here who's duty is to make sure you do not misbehave. I keep the zoo and if you go too far, i'll put a nozzle on you. If you're good, i'll throw you a banana but if you go wild, i'll only decapitate you. Be warned!


Alright then i will start with pissing right on your mama's bosom even though it must be saggy and utterly disgusting. She must scream and shout when i ram her hol* with a red hot rotten and rusty welding rod. I will decapitate your siblings one-by-one and feed them to the dracular. Smelly Yorub* Ofenmanu ashe. Wasting your filthy life isn't even fun enough so maybe i should focus on your kids. Ibadan smelly LovePeddler. Ode Oloshi Oni da fun e. E no go better for your people.

4 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by PointB: 9:23pm On Nov 28, 2012
Desola:

Oh dearie lawd! I knew you were dense but I have to admit that I did make some allowances. I gave you a bit of yard but you clearly didn't deserve it because you are much lower in estimation.

How did you even think that the Lasg would print out cards and dole it out to people? Have you taken a leave of your cognitive factors or did you not possess any to start with? I think i'll go with the latter.

For any resident to be in possession of a resident card, they would have to provide proof of their addresses, d.o.b etc just as you would do when being issued with a passport or driving licence. I think I also read something along the lines of biometrics being taken which would then make it difficult for anyone to duplicate his identity anywhere else in the country. Well, I can't really blame you for being small minded to think that the LASG would randomly give out cards to all and sundry without knowing if they are actually Lagos residents, I mean, it would be a tall order to require you to do something that is not inherent in you (to think). Having a resident card would be a civil duty imposed on you as a supposed resident. If you do not carry a citizenship card, you would not be able to access facilities dedicated for the citizens, you would not get exemption for certain taxes and you would not be able to identify yourself as a genuine resident if requested to do so by law enforcers. So, if enugu or p/h goes ahead to print out cards willy-nilly and doles it out to any tom, dick and harry, without proper vetting, then it is a futile exercise and an incredible data gathering which would not be tenable in the court of law or any legal organisation.

Asinwin omo ajokutamamumi.

My friend sharap. Your ignorance is appalling. Stop disgracing yourself. For the avoidance of doubt, any indirect population census done by any state can be easily replicated. I didn't have to spell it to to you if you weren't dense. In any case, I am done repeating this to you. Lagos State population figure can only be used by Lagos state in Lagos state. It's as simple as that. The rest of your post is the usual balderdash.

6 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by PointB: 9:28pm On Nov 28, 2012
danjohn: PointB, first of all, Lagos state has used the Nigerian capital markets several times successfully. The issue is that the cost of borrowing in the Nigerian capital markets is very expensive. When Lagos State borrowed from the capital markets in the past, it cost the state between 10% and 13%. My guess is that the reason why Fashola opted for the world bank loan is because the interest rate is more favorable. On a loan facility of this size, an interest rate difference of just 1% will save the state $6 million in annual interest payments. If the world bank loan is going for anything between 5% and 8%, Fashola could be saving the state between $12 and $48 million a year. If you multiply that over the 3 yr life of the loan, that is between $36 and $144 million.

If you multiply $144 million by an exchange rate of 155 naira, Fashola could be saving the state of Lagos 22 billion naira by opting for the world bank loan instead of using the capital markets.


Question really is: Is the Lagos State debt justified? Is there no other way funds can be sourced for the projects without borrowing through the FG? What happen to PPP, and Lagos state weighty IGR? Is not an anomaly, that a state with very huge IGR like lagos state is still the most indebted? Shouldn't someone ask question and do something about it? Or you think because Fashola is involved, therefore it must be genuine and no question should be ask? Should FG just rubber stamp it because, Fashola presented it?

2 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 9:29pm On Nov 28, 2012
Is Desola dead already? Biatch wanna try the baddest. We exterminate even on cyber levels cheesy

3 Likes

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by takedat(m): 9:32pm On Nov 28, 2012
Prof Corruption: Going to House of Representative is counter productive. They don't formulate policies for GEJ. What's important is the real reason the guarantee is being denied. If there is a good reason, as in bad performing loans, then it's justified. But if Lagos has been servicing existing loans diligently, then it's bad politics.

I agree with you. Guess the FG needs to explain why its opting out now.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 9:40pm On Nov 28, 2012
For the rest of the decent folks here. Don't worry cos i may eventually take off my nasty comments but just because some stupid ugly house girl is friends with mods doesn't mean we all have to let them run wild without a fight.

On the topic, Fashola should go and preach to banks for loan. If he can convince them, he will get one with a healthy interest rate. Gone are the days you use FG as cover for loan.

1 Like

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 9:40pm On Nov 28, 2012
PointB:

My friend sharap. Your ignorance is appalling. Stop disgracing yourself. For the avoidance of doubt, any indirect population census done by any state can be easily replicated. I didn't have to spell it to to you if you weren't dense. In any case, I am done repeating this to you. Lagos State population figure can only be used by Lagos state in Lagos state. It's as simple as that. The rest of your post is the usual balderdash.

Hahaha...you know what, I know when i'm getting at you and when your back is up against the wall. You are not bright enough to know that the data which would be collected by Lagos is not going to be called census or statistic, rather, it would be tagged 'registration', but you and I (at least I hope you do)know that collecting that data could make an inroad into a lot of other aspects. Lasg would of course claim that it is an exercise required for ensuring that the government provides adequately for its resident by knowing how much resources it requires to do so. Capturing everyone's data biometrically means that you would be required to stay in Lagos to participate in the census. If you do not do so and leave for your state, it wouldn't matter that your state would indeed get unmerited allocation on the basis of a bogus census, but it would ensure that Lagos can argue for adequate revenue allocation on the basis of a veritable record of residents. Whether your state gets allocation on inflated census figures would not matter to Lagos but the FG. However, if Lagos can justify the number of Nigerians in its territory, your state should also be able to justify its census figures and that is where the investigations would (hopefully) begin.

P.S: My post is balderdash because your brain is on vacation.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 9:42pm On Nov 28, 2012
Tusky44: Is Desola dead already? Biatch wanna try the baddest. We exterminate even on cyber levels

cheesy


Put your back into it! Remember: you can't win a war with mere boasts. You should learn from ojukwu. He boasted and got his ass whooped and had to run into exile dressed as a harlot from otokoto brothel. I would only be too willing to assist you in enacting that scene, if you want.

1 Like

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 9:45pm On Nov 28, 2012
Tusky44: For the rest of the decent folks here. Don't worry cos i may eventually take off my nasty comments but just because some stupid ugly house girl is friends with mods doesn't mean we all have to let them run wild without a fight.

On the topic, Fashola should go and preach to banks for loan. If he can convince them, he will get one with a healthy interest rate. Gone are the days you use FG as cover for loan.

Opinions come a dime a dozen. Yours is one of the dozens and it is not required here. Your state would do well with that vacuous advise.

Moraforker!
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 9:45pm On Nov 28, 2012
Desola:


Put your back into it! Remember: you can't win a war with mere boasts. You should learn from ojukwu. He boasted and got his ass whooped and had to run into exile dressed as a harlot from otokoto brothel. I would only be too willing to assist you in enacting that scene, if you want.

Hopeless twerp. You are so weak you can't even fight dirty. You stink a lot so please ooze off and let me interact with sane minds. You are just a mess.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 9:49pm On Nov 28, 2012
Tusky44:

Hopeless twerp. You are so weak you can't even fight dirty. You stink a lot so please ooze off and let me interact with sane minds. You are just a mess.

Sane minds? At least, its a start that you have identified yourself as not being one of them.

Fight dirty? You haven't got an iota of what's coming your way tonight, have you? Just don't say I didn't warn you.

Aa n m'eye bo lapo, o ni se dudu ni, se pupa ni?

1 Like

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by danjohn: 9:49pm On Nov 28, 2012
PointB:


Question really is: Is the Lagos State debt justified? Is there no other way funds can be sourced for the projects without borrowing through the FG? What happen to PPP, and Lagos state weighty IGR? Is not an anomaly, that a state with very huge IGR like lagos state is still the most indebted? Shouldn't someone ask question and do something about it? Or you think because Fashola is involved, therefore it must be genuine and no question should be ask? Should FG just rubber stamp it because, Fashola presented it?

A relatively small portion of Lagos state's budget is funded with deficit spending. Remember the loan is in 3 tranches: $200 million per year. Most of the money Lagos state borrows goes towards funding capital projects to meet the growing population of people who continue to relocate to Lagos from all over the country. If ever the state has financial constraints, it can simple cut back on future capex in order to meet its debt obligations.

Lagos state CAN raise the money in the debt market but it will be expensive. The world bank loan will save the state a lot of money.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 9:50pm On Nov 28, 2012
Fashola knows all too well he has lost it and now desperately needs easy cash to complete the projects he can use to shine on TV. I trust my sister Ngozi and this time she no gree. Tinubu can help Fashola convince the world bank this time. If he can't, they should call Aregbe rascal or even invoke Ogedengbe to help. cool

1 Like

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Nobody: 9:51pm On Nov 28, 2012
Desola:

Sane minds? At least, its a start that you have identified yourself as not being one of them.

Fight dirty? You haven't got an iota of what's coming your way tonight, have you? Just don't say I didn't warn you.

Aa n m'eye bo lapo, o ni se dudu ni, se pupa ni?


I won't befriend you so get lost abeg. Sheybi u nor see husband marry reach now? Goooooooooo................10kobo ashe

1 Like

Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by takedat(m): 10:19pm On Nov 28, 2012
Tusky44: Fashola knows all too well he has lost it and now desperately needs easy cash to complete the projects he can use to shine on TV. I trust my sister Ngozi and this time she no gree. Tinubu can help Fashola convince the world bank this time. If he can't, they should call Aregbe rascal or even invoke Ogedengbe to help. cool
Seems you see this fiasco as an avenue to score cheap political point. If the loan is going to be well utilised with supervision from the FG, we should encourage it. This is no time for petty bickering over party affiliation!
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 10:19pm On Nov 28, 2012
Tusky44:


I won't befriend you so get lost abeg. Sheybi u nor see husband marry reach now? Goooooooooo................10kobo ashe

grin grin grin grin na so e pain you reach?

p.s: It would be easier to befriend a snake than to be befriend an ibo. FACT!
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Desola(f): 10:23pm On Nov 28, 2012
Tusky44: Fashola knows all too well he has lost it and now desperately needs easy cash to complete the projects he can use to shine on TV. I trust my sister Ngozi and this time she no gree. Tinubu can help Fashola convince the world bank this time. If he can't, they should call Aregbe rascal or even invoke Ogedengbe to help. cool

You no do good envious lot. We know your type, ala Ngozi, ala the one that heads the Aviation ministry. You are all hateful goons picked from the fibres of ojuiku and asinkwe, hence why the mantel of presidency would never be mounted by anyone from your backward enclave.
Re: Federal Govt, Stopped World Bank From Given More Loan To Lagos State Govt.. by Maxymilliano(m): 11:03pm On Nov 28, 2012
take dat: Seems you see this fiasco as an avenue to score cheap political point. If the loan is going to be well utilised with supervision from the FG, we should encourage it. This is no time for petty bickering over party affiliation!

Methink there's more to this issue than the usual bickering over party affliation, indiscriminate borrowings among state governments is becoming excessive, and the burgeon external debt stock ain't encouraging either.

I believe BRF was only trying to be modest in his response, he knows where the crux lies. The FG too can't be faulted in this case, there is every need for caution, especially when the State debt profile is being factored into consideration.

But there is always a mid-point, and that's why the government need to come out with concrete debt servicing and repayment plan (both short and long term), so as not to plung the State further into needless debt.

1 Like

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