By Olasunkanmi Akoni

Governor Babatunde Fashola of Lagos State, yesterday, justified the decisions of the Lagos State Government to take a bond worth over N160 billion from World Bank, saying strategies had been
put in place to ensure repayment of the loan in due period.

He said the economy of the state had recorded exponential growth over the years and had been consistently rated high by international rating agencies, insisting that criticisms that the state was borrowing too much were unfair.
Fashola said this while responding to questions from newsmen after an inspection tour of the ongoing construction of the light rail terminus at Orile-Iganmu, Lagos.

The governor who said he was satisfiedwith the work done so far on the project, expressed disappointment that the work did not move as smoothly as expected.
He however, expressed optimism that the project would be completed in another 12 months.

Speaking on the rationale behind the debt, Fashola said: “I think it was the debt management office of the Federal Government that published the report that we have a debt of about N160billion. I don’t know the intent of the publication but if it was to inform the public, I think we have always kept the public informed anytime we borrow money. If there are other intentions
behind that, only those who make the publication would know what the intentions are.
“But you see, when people talk about debt of a state like Lagos, they forget that after Nigeria, South Africa, Egypt and one other country, we have the fifth largest economy in Africa. When you are talking of about a billion naira debt to a population of over 21 million people; because if you are measuring the debt, you also have to measure the responsibility. Those are the things
people keep in isolation.”

According to Fashola, the Lagos State government already had put in place strategies for the repayment of the loan, insisting that the Federal Government was in the know of the state’s decision to take the bond and it approved it.
He said “The truth is that what they don’t also say is that no state in Nigeria can borrow money outside, from any multilateral agencies without the approval of the Federal Government. So, what they did not say is that they approved it. No state can raise money by bond the way we have done without the FG’s approval.
“Securities and Exchange Commission is one of Federal Government`s regulatory agencies through which we must pass.If
they say okay, it means there must be something good about the debt.”
`Our rating as a state is the same as that of the Federal Republic of Nigeria, BB Minus-Stable with a positive outlook. We are the only state in Nigeria that has that rating. The first bond that was taken during my first tenure has been paid, the first
tranche. I think the second tranche will be due around 2016 or 2017 and we are already making provisions. The provisions that will be there will be in excess of what is needed,“

Speaking on the ongoing construction, Fashola expressed satisfaction on the job but decried the petty delay that was
encountered as a result of inadequate funding, but expressed hope for the job to be completed in th next 12 months.


www.vanguardngr.com/2014/09/debt-profile-fashola-justifies-n160bn-states-debt/

Why won't he? Ask him to show exactly what he is using such an outrageous amount of money for,you'll see him hedge.
Going on and on as per the so called *special status* as if anyone cares. If the federal government had denied them access to the loan,just as Amaechi did,he will take to newspapers,BBC,CNN and the likes to rave and rant about how GEJ is denying Lagosians basic amenities et al.

Una no fit catch Fashola for corner I swear

Keep riding on jare.

Fashola and the APC lead Tinubu government are full of lies and propaganda. Lets itemize the things he claimed to have do with a loan of 160 billion Naira. Also note that Lagos generate 29 billion Naira monthly apart from 12 billion Naira monthly allocation from the Federal Government

Is Shoprite a Lagos state project ? No

Is Lekki epe a lagos state project ? No and if yes then why are we being asked to pay at them toll gate, is this not double taxation ?

Are those housing estates Lagos state project for the elites or masses ? if for the elites then half of them is owned by Tinubu. If not then why sell a Lagos state "low scheme" flat for 30 million naira ? Does this even make any sense ?

Are those malls shops for the elites or market men and women ? The tejuosho mall and co are rented and sold at high prices. Most of them have already been bought by his commissioner and SA wives.

Is FERMA also Lagos state ? Ikorodu road has always been repaired and maintained by Ferma, not to talk of other road.

Point out what Fashola has done apart from over inflated projects, planting flowers and elites housing estates

Hoping for PDP to take over this Tinubu Empire

Fashiola is a smart Criminal. Lagos state internal generated revenue is the highest in the country today. What & what did he do with 160b. I pity the poor masses who will come out & shout " Fashiola is trying". Try where? APC & its deceit since 500BC

`Our rating as a state is the same as that of the Federal Republic of Nigeria, BB Minus-Stable with a positive outlook. We are the only state in Nigeria that has that rating. The first bond that was taken during my first tenure has been paid, the first
tranche. I think the second tranche will be due around 2016 or 2017 and we are already making provisions. The provisions that will be there will be in excess of what is needed,

The really worry about their own gbese with nothing to show for it...

Our rating as a state is the same as that of the Federal Republic of Nigeria, BB Minus-Stable with a positive outlook. We are the only state in Nigeria that has that rating.

In fact, what's the meaning of the silly noise about the 5th largest economy in Africa and common $1 billion debt?

He failed to state what the debts were used for. I have no objection towards borrowing only if it used to finance revenue generating infrastructure projects or for provision of social services. However, if this is not the case and the debts are used for recurrent or variable expenditure then we have a problem.
With the amount of revenues being generated by the state government, it is expected to see the mega infrastructure projects in the state but this has not been the case. This has given room to fears that the funds are being misappropriated by the state government.

Eko onibaje


OMG, I just can't blv am on d front page when all hope had bn lost. Lost all M♥̸̸̸̸̸̸̸̸̸̸̨̨̨̨̨̨͡ 'Likes' to d storm øƒ hackers. Thanks mod. Grtns to M♥̸̸̸̸̸̸̸̸̸̸̨̨̨̨̨̨͡ wondafull hubby for iniciating me to be a Nairalander,Ŀ♡√Ɛ u sooooo much M♥̸̸̸̸̸̸̸̸̸̸̨̨̨̨̨̨͡ King, Ade ORi mi#kisses to all

Lagos with a population of over 21 million? . According to 2006 census, Lagos population was 9,019,534 million, how could it jump to 21 million under 8 years?
The governor always talk about population as if he takes care of Lagosians daily expenditure, Oga Fash forget story, what did you do with the money, abi u don share am?.
One thing is certain, if another party takes over from APC in Lagos, a massive dirty secrets would be revealed.

There is always a reason shaaa...... There is God oo

Justice or revenge...
I seems to be lost.

i am here.

Every politician is a thief. 9ja politicians can never get a loan to help the people. They loan the money to spend it nicely.

I love Lagos but this debt is too much.

Eko oni baje o

160bn no be 160m o lagos. Na wa o. When u wan pay finish?

End Time Things

Ok Ooo.

LASG sponsoring other apc states since 1999...btw, how did i do it, wonderful! Fp no be moi moi...dedicated to temigracie

Having a joint Account with your spouse, Good or bad idea?
www.nairaland.com/1897334/having-joint-account-spouse-good

573V31D: .

fashola has said dat there is something d leader sees dat others dont see. They have acess to informtn dat others dont hv bt d so called progressives do not think like dis. Let me give him a benefit of doubt. Moreover, I'm not a lagosian whose future is being mortgaged thru incesant and senseless borrowing. I say senseless bc of d IGR of d state.

Insincerenigeria!Hope u dey hear.Mumu.

danaiks: .

why u too de lie like this.. e good for ur eyes?

Insincerenigeria!Hope u dey hear.Mumu. Olodo.

,

Hope these were not tax payers Money. Eko baje ti