Fitch Ratings raised its outlook on Nigeria’s Lagos state to positive from stable, citing “improving debt management” and moves toward a balanced budget by 2015.

Increasingly bonds with “fixed repayment schedules, longer maturities and monthly provisions into the debt reserves fund, are replacing the traditional concentration of short-term bank loans” for the state that includes the country’s commercial capital, Fitch said today in an e-mailed statement. “Fitch views this as a sign of the state’s improving debt management.”

Lagos, led by Governor Babatunde Fashola, sold 80 billion naira ($505 million) of debt in November, its third and biggest issue in six years, to fund developments including an urban rail system that needs about $1 billion to complete. The seven-year notes were priced with a 14.5 percent coupon.

With an estimated population of 20 million, Lagos is the top contributor to the economy out of Nigeria’s 36 states and may grow 10 percent this year, according to Fitch. Tax contributions to revenue may reach 80 percent in 2015 from 70 percent due to improved collection.

Austine.E:
....every man on earth has a price tag!Fashola cum Tinubu has giving out brown envelop to the rating body!..just like the $500,000 spent on Kardashia's visit to Lagos.such a wasteful government,this explains how the 8trillion naira that accrued to Lagos state in the last 5yrs was squandered!

seanet01: And you think you are making sense with this gibberish you wrote there?
Unlike Jonathan, Fashola have a budget performance of over 80% on yearly basis unlike the ogogoro man with less than 40%

Austine.E:
....every man on earth has a price tag!Fashola - Tinubu has giving out brown envelop to the rating body!..just like the $500,000 spent on Kardashia's visit to Lagos.such a wasteful government,this explains how the 8trillion naira that accrued to Lagos state in the last 5yrs was squandered!

youngmonie:


Ignorance is a really bad thing

take dat: Waiting for the adulators, who listed Fitch's credit rating of Nigeria, from stable to positive as an achievement of GEJ, to also congratulate Fashola!

eaglechild:
Never knew Lagos was an independent country inside Nigeria.
Your statement clearly shows that Nigeria which Lagos is part of was upgraded to positive frm stable.
Soon this thread will be overrun by eko oni ogbanje! bleaters.

Austine.E:
....every man on earth has a price tag!Fashola - Tinubu has giving out brown envelop to the rating body!..just like the $500,000 spent on Kardashia's visit to Lagos.such a wasteful government,this explains how the 8trillion naira that accrued to Lagos state in the last 5yrs was squandered!

Austine.E:
....every man on earth has a price tag!Fashola - Tinubu has giving out brown envelop to the rating body!..just like the $500,000 spent on Kardashia's visit to Lagos.such a wasteful government,this explains how the 8trillion naira that accrued to Lagos state in the last 5yrs was squandered!

Sincere 9gerian: Good development. Progress made in Lagos is progress made by Nigeria. I commend the governor for taking steps to reduce the debt burden of the state.

The country has seen far more progress in the last 2 to 3yrs compared to the period between 1999 and 2010/2009. States in the north hardly get mentioned in terms of infrastructural and economic development but tremendous progress is taking place in non-Boko Haram infested northern states.

Therefore, our democracy is working and delivering. If we continue this way, in the next 15 to 20yrs, Nigeria would challenge world powers

seanet01: And you think you are making sense with this gibberish you wrote there?
Unlike Jonathan, Fashola have a budget performance of over 80% on yearly basis unlike the ogogoro man with less than 40%

Sincere 9gerian: Good development. Progress made in Lagos is progress made by Nigeria. I commend the governor for taking steps to reduce the debt burden of the state.

The country has seen far more progress in the last 2 to 3yrs compared to the period between 1999 and 2010/2009. States in the north hardly get mentioned in terms of infrastructural and economic development but tremendous progress is taking place in non-Boko Haram infested northern states.

Therefore, our democracy is working and delivering. If we continue this way, in the next 15 to 20yrs, Nigeria would challenge world powers

Austine.E:
....every man on earth has a price tag!Fashola - Tinubu has giving out brown envelop to the rating body!..just like the $500,000 spent on Kardashia's visit to Lagos.such a wasteful government,this explains how the 8trillion naira that accrued to Lagos state in the last 5yrs was squandered!

Goddex: The same Fashola was in Abuja crying to everybody how
Finance Ministry has denied him $600m loan.

The credit for this rating should go to Okonjo Iweala
for prudent management of the country's loan portfolio.

Prof Corruption: Eko o ni baje!

Prof Corruption: Eko o ni baje!