Ttalk:

With due respect to progressive NLs like you, who continually adding value, educating and exposing the antics of the self delusionist and chronic antagonists on this forum, many of whom have nothing to say but to critise, APC, Buhari, Bola Tinubu, BRF, Lagos and South West, this forum would have been uninteresting, boring and irritating. Why cant they direct their anger to world bank that after conducting due diligence went ahead to grant Lagos the loan that has transformed Lagos and making them to flock in droves to the same Lagos they detest so much.
If Lagos could not justify the loan, then FG and World bank who approved and granted it respectively has equally erred, but they have forgotten that the same World Bank who writes off the debt of the FG during OBJ would have conducted due diligence and see the ability of Lagos government to pay back before lending their money. While Lagos borrowed to provide speed light rail transportation system, their beloved FG borrowed to repaired an obsolete rail system, which one is a viable project

God. Bless you!

Ttalk:
With due respect to progressive NLs like you, who continually adding value, educating and exposing the antics of the self delusionist and chronic antagonists on this forum, many of whom have nothing to say but to critise, APC, Buhari, Bola Tinubu, BRF, Lagos and South West, this forum would have been uninteresting, boring and irritating. Why cant they direct their anger to world bank that after conducting due diligence went ahead to grant Lagos the loan that has transformed Lagos and making them to flock in droves to the same Lagos they detest so much.
If Lagos could not justify the loan, then FG and World bank who approved and granted it respectively has equally erred, but they have forgotten that the same World Bank who writes off the debt of the FG during OBJ would have conducted due diligence and see the ability of Lagos government to pay back before lending their money. While Lagos borrowed to provide speed light rail transportation system, their beloved FG borrowed to repaired an obsolete rail system, which one is a viable project

The APC celebrated the merger with so much hype and fanfare that some of its members started to feel that the party had already taken over power from the Peoples Democratic Party (PDP) at the federal level. It was an illusion or what psychologists call collective self-delusion which almost beclouded every sense of reality.

---John Ainofenokhai

- See more at: http://www.vanguardngr.com/2014/09/ikimis-revelation/#sthash.GjIfiwa8.dpuf

That is all I have to say

self illusion is very bad

aljharem: 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

Lagos could have worse than this, if ruling by PDP

phemybof:
Lagos could have worse than this, if ruling by PDP

How do you know ?

Lagos was worst during tinubu era

We are not voting for party again and we certainly don't want any connection with Tinubu

PDP for Lagos 2015!

We want a lagos indigene. Ade Dosunmu

No Tinubu

No Fashola

No Ambode

No Jimi Agbaje (Tinubu's boy)

NO NO NO

I'm not justifying corruption, the cost of building is way high especially in a place like Lagos and there is little the state can do about factors only the federal government can control. There's also need for return on investment, it is people like you that jumped on the news of the debt profile of lagos.

As for FERMA on Ikorodu road, you're wicked liar because I ply that route (Yaba to Maryland) and it is LPWC (Lagos Publics Works Corporation) I see there carrying out maintenance and not FERMA.

Lagos is doing well in most areas and they only need to be encouraged to do better.

Check the truth you've been standing by properly and make amends.

Cheers.

aljharem:

I also use to look forward to your post.

How can you justify such corruption ? Do you have any conscience at all ?

Houses can be built for less than 10 million naira, that is you know about construction.

For mess sake, cements for Lagos state estate should be from the manufacturer not APC contraction where a bag of cement is 10,000NGN per bag.


I still saw ferma yesterday on ikorodu road so what are you saying ?

Call me whatever, I will always stand by the truth and not be clouded by ethnic or corrupt Tinubu empire

Ttalk:

With due respect to progressive NLs like you, who continually adding value, educating and exposing the antics of the self delusionist and chronic antagonists on this forum, many of whom have nothing to say but to critise, APC, Buhari, Bola Tinubu, BRF, Lagos and South West, this forum would have been uninteresting, boring and irritating. Why cant they direct their anger to world bank that after conducting due diligence went ahead to grant Lagos the loan that has transformed Lagos and making them to flock in droves to the same Lagos they detest so much.
If Lagos could not justify the loan, then FG and World bank who approved and granted it respectively has equally erred, but they have forgotten that the same World Bank who writes off the debt of the FG during OBJ would have conducted due diligence and see the ability of Lagos government to pay back before lending their money. While Lagos borrowed to provide speed light rail transportation system, their beloved FG borrowed to repaired an obsolete rail system, which one is a viable project

This is the problem with a very shortsighted and unnecessarily antagonistic FG. They derail their own thinking and bad bele moves by pointing the gun at themselves all the time.

The bond ratting for Lagos state and the FG is the same with the same out look and Lagos state's ratting is the best in Nigeria. They and the lenders are very much aware per the state's excellent capability to service lone which they are doing anyway.

The first tranche is paid off and their is more than enough money and capacity to pay the next in 2016. This is nothing but a distraction and diversion from their own huge debt with nothing to show Nigerians.

After $20 billion in power spending and embezzling, Nigerians are still in darkness with grand scale looting corruption and incompetence ravaging the country and institutions, Nigeria is losing territory and sovereignty daily to few hundred rag tag terrorists.

This is the same FG that borrowed $500 million to buy and install obsolete CCTV cameras that didn't identify one single terrorists while they blow up Nigerians in the same Abuja several times over..

Till this very second, no accountability or questions asked, that $500 million is gone and Nigerians still have to pay back that 4500 million loan to China..

The have zero moral or any kind of authority to even open their mouth to start with...

pheesayor: I'm not justifying corruption, the cost of building is way high especially in a place like Lagos and there is little the state can do about factors only the federal government can control. There's also need for return on investment, it is people like you that jumped on the news of the debt profile of lagos.

As for FERMA on Ikorodu road, you're wicked liar because I ply that route (Yaba to Maryland) and it is LPWC (Lagos Publics Works Corporation) I see there carrying out maintenance and not FERMA.

Lagos is doing well in most areas and they only need to be encouraged to do better.

Check the truth you've been standing by properly and make amends.

Cheers.

[color=#006600][/color]

Its high time we stopped celebration of pettiness and tokenism. Yes, we can see some roads been constructed, Buses been procured, some houses been built, but can we conveniently say these are the products of N160 billion debt and almost N20 billion monthly IGR? I can say without contradiction that more than 60% of Lagos state revenue and debt had gone into politicians pockets. The state should be rubbing shoulders with London, Dubai, NY etc in terms of outlook and development if those debts and IGR had been judiciously applied. That's an incontrovertible fact.

bushdoc9919:

I am not surprised too.....most governors do not want FOI.



1.Because a large amount of the health budget is spent on keeping hospital fees low....not on making them really world class. A world class hospital would have a budget up to $800million. And lagos has an IGR of N500million. Lagos is not spending enough money on hospitals....

2.As for high taxes.....it goes on things like your expanding public transport system (which even Abuja does not have.)




You really think education is cheap? Or a good degree can be gotten on just N25000? And the state education budget is less than $10million....meanwhile universities abroad have budgets of $400-800million.

And Fashola's reducing the fees is another reason why that debt will shoot up....because LASU needs a lot more than the money it is getting.

And the fees shot up because the Federal Govt broke its promise to ASUU of N3 trillion over 4 years made in 2009. Now it is 1 trillion over 5 years....at 200billion yearly.....and it is to be split among 70 universities. Is that enough?



I agree....And I also insist that Fashola,or his sucessor....PDP or APC should develop Lagos into an industrial powerhouse SO that the tax income from all those new industries would be enough to raise the budget so that Laogos can stop borrowing money.

The point is....Lagos,and most states do not have enough money because they refuse to work for it. Time we Nigerians went to work for our money. Industries....as seen in South Korea and Japan.....IS THE WAY.

Where do you guys pull these numbers? Building a world class hospital will cost $800million? Will the hospital be the most biggest and most expensive in the world?

Meanwhile universities abroad have budgets of $400 to $800 million? Wonderful. Other than Ivy League schools, that have numerous offsite campuses and extended learning centers, how about you point out one state university, with one location even multiple locations within the state that has the same size budget like you claim.

pheesayor: I'm not justifying corruption, the cost of building is way high especially in a place like Lagos and there is little the state can do about factors only the federal government can control. There's also need for return on investment, it is people like you that jumped on the news of the debt profile of lagos.

As for FERMA on Ikorodu road, you're wicked liar because I ply that route (Yaba to Maryland) and it is LPWC (Lagos Publics Works Corporation) I see there carrying out maintenance and not FERMA.

Lagos is doing well in most areas and they only need to be encouraged to do better.

Check the truth you've been standing by properly and make amends.

Cheers.

Stay off Ikorodu Road, Lagos tells FERMA


By Ekene Okoro, Snr. Reporter, Lagos

[b]Lagos State government on Wednesday warned the Federal Road Maintenance Agency (FERMA) to hands off the Ikorodu Road in its planned rehabilitation of the road claimed to be a ‘Federal Road’.

The state government told the agency to concentrate on the other federal roads begging for attention across the state.

A statement issued by the Ministry of Works and Infrastructure, signed by its Deputy Director, Press and Public Relations, Biola Fagunwa, said the planned rehabilitation can only be construed as an undue interference.

This, it stressed, will amount to a duplication of efforts and a waste of resources, especially as there are other federal roads in a critical state, begging for attention across the state.

The statement urged FERMA to concentrate its rehabilitation programmes on such areas as the Lagos-Abeokuta Expressway, Lagos-Sagamu Road, Apapa-Oshodi Expressway and a host of others.

According to the statement, the state government applied for and had taken over the maintenance and rehabilitation of Ikorodu road, not only to ensure its improvement, but also to upgrade its facilities in the light of the realities of the policies the state government had given priority.[/b]

It further noted that the inauguration of the Bus Rapid Transit (BRT) lite scheme along the corridor from Mile 12 to Jibowu, had seen the state government take on the responsibility of reconstruction and maintenance along the road.

It listed the efforts to include construction of dedicated BRT lanes from Jibowu to Mile 12, rehabilitation of both sides of the service lanes of the same road, and the Gully Grating and replacement of 89 manhole covers.

These were undertaken by Lagos Metropolitan Area Transport Authority (LAMATA).

The statement also referred to the various improvements on the quality of road, such as the construction of pedestrian bridges across the road, to ease pedestrian crossing and lane markings and bus shelters.

“Over the period of the last three years, the state government, through the Lagos State Public Works Corporation (LSPWC), had also undertaken the manhole replacement, using the composite resin fibre (which has no secondary commercial value, thereby making it unattractive to vandals) and extensive rehabilitation of the asphalt surface.

“To date, about 20 manhole covers have been replaced by LSPWC.

“The activities of the LSPWC also extend from Mile 12 to Anthony axis of Ikorodu Road, Ketu service lane Anthony service lane inward Ilupeju, Jibowu Bus Stop both sides of the Road and Independence Tunnel inward Jibowu


http://dailyindependentnig.com/2013/01/stay-off-ikorodu-road-lagos-tells-ferma/

The person you quoted functions under hate and ignorance hence all his clueless, hateful and ignorant ramblings.

They want to argue and criticize, but they still can not keep up with news, realities on the ground and basic current affairs...

God bless

arresa:





The person you quoted functions under hate and ignorance hence all his clueless, hateful and ignorant ramblings.

They want to argue and criticize, but they still can not keep up with news, realities on the ground and basic current affairs...

If you ask me, he did not justify the need for borrowing. Justification comes with numbers, facts and figures which I did not see... Anyway, if Lagos likes the debt, I like it too... Sooner or later, every man for himself.

manny4life: If you ask me, he did not justify the need for borrowing. Justification comes with numbers, facts and figures which I did not see... Anyway, if Lagos likes the debt, I like it too... Sooner or later, every man for himself.

No sir, we do not like debts

These people are the social media team of apc and has no representative on the taught of Lagosians

It will be to the glory of Nigeria if the youths embrace a quest for knowledge and then speak after a sound understanding of what is under discussion. Wading in ignorantly and sentimentally, to make prejudiced or biased conclusions, achieves nothing.

http://www.lagosstate.gov.ng/news2.php?k=3728

LAGOS LIGHT RAIL: FASHOLA SAYS STATE’S HUGE LOAN PROFILE IS USED TO FINANCE CAPITAL INTENSIVE PROJECTS
Posted on: 2014-09-11 00:00:00
…“Lagos has taken her destiny into her own hands”, he says

Lagos State Governor, Mr. Babatunde Fashola, SAN, Wednesday inspected progress of work at the Iganmu Terminus of the Lagos Light Rail Mass Transit project explaining that the loans obtained by the administration is used in financing such capital intensive projects as the Light rail, expansion of the Lagos-Badagry Expressway and Mile 12 – Ikorodu, among others.

Governor Fashola, who fielded questions during a media interaction with State House Correspondents after the inspection, said the projects embarked upon by his administration was aimed at adding value to the life of the average Lagosian adding that it is the only way to finance such projects.

The Governor declared, “So if the people of Lagos want rail, if they want to see a 10 lane highway on Badagry Expressway, if they want the work we are doing in Mile 12 into Ikorodu expansion to continue, if they want to see all of the developmental works that will add value to their lives, that is the only way to finance it”.

He argued that if the State does not borrow, it means it has to wait every month for those who want to pay rent, Land Use Charge, Tenement Rate, Drivers License or a parcel of land and other rents pointing out that no government could accomplish rapid development at that rate.

“If we wait, it is a bit-by-bit income. If you look at all our IGR, it is all secured against these assets. I can’t tell our contractor that wait, let me go and collect money from licensing office to come and give you. This is how it works because a contractor has designed a project which is going to benefit our people, it would cost Billions of Naira to do”, he said

The Governor said the best thing to do was go to a bank, get the money so that the contractor could be paid adding, “As the income comes in through IGR, we will use it to defray the loan and that is why the banks are lending because they see that the funds are coming in and that is how to run a government”.

Reiterating that the money borrowed goes to finance capital intensive projects for the benefit of the people, Governor Fashola told newsmen, “You can see people working on this construction site, you can see supply and you can see labourers. That is how an economy works, people are taking value from government infrastructure initiative, from government borrowing funded by tax payers money so anybody who is worried must either not know his economics or must have a voodoo intention to achieve”.

He expressed pleasure at the progress of work so far at the project adding, however, that the project suffered the delays in terms of the fact that it is a large and complex project. He expressed the hope that work on the project could move faster.

The Governor said much progress has also been made at the Mile 2 end of the project, where work started the last time, to the Iganmu end which is about seven kilometres, adding, “Track has been constructed, the rail has been laid and four stations are now completed”.

He noted that what is currently being done is to cross the water to the final station in Marina “which is another five kilometres of heavy construction work, concrete and iron rods”.

“They have to build 150 piles across before we can get there. This should come to another 12 months to get to Marina because we have suffered delays. They have to pass through existing properties to get permission, Right of Way and compensation issues; but we are making progress”.

Governor Fashola noted that with the contract and the financing in place, the only thing left was how much time to log on to on a day to day basis, adding the State Government has always come to the public when it was raising Bonds and were never conducted under the table.

Speaking further on the recent publication that Lagos owes a huge amount of foreign debt, the Governor noted that his administration had never borrowed secretly adding, “When we were doing the DPO you were there. I have been to the House of Representatives to say that we have a loan application with the World Bank for 600 million Dollars”.

Governor Fashola maintained that Lagos is the only sub -national government in Africa that has benefitted from such a facility adding, “Of all the sub-national governments in the whole of Africa, we are the only beneficiary government. The only other two countries where their sub-nationals have benefitted is in Brazil and in India”.

He explained further, “The thing to understand is that there was a debt of about One Billion Dollars which is roughly around N160 Billion. I could not decipher the intent and purpose of the publication, but if it was to inform the public, the State has always kept the public informed every time she borrowed money and if there were other intentions, only those who make the publications will know what their intentions are”.

The Governor added that when people talk about debt of a State like Lagos they forget that after Nigeria, South Africa and Egypt and one other country in Africa, Lagos is the fifth largest economy in the whole of Africa adding, “When people are talking about one Billion Dollars debt to a population of 21 million people, they should also be measuring the responsibility as the debt is being measured and should not be kept in isolation”.

“Our rating as a State is the same as Federal Republic of Nigeria-BB Minus stable, with a positive outlook and we are the only State in the Federal Republic of Nigeria that has that rating,” he emphasized.

Governor Fashola explained that what those who have been publishing the debt profile do not say is that no state in Nigeria can borrow money from any other multi- national agency outside the country without the Federal Government’s approval.

“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 Federal Government approval. They would not do it. The Security Exchange Commission (SEC)and the Nigeria Stock Exchange (NSE) are all Federal Government regulatory bodies through which we must pass. So if they say okay, it must mean that there must be something good about that debt”, he said.

He noted that the first tranche of the Bond that was taken during first tenure has been paid, adding that the next one would fall due around 2016 or 2017. “We are already making the provisions and the provision which will be there will be in excess of what will be needed to pay it”, he added.

Speaking on what support the State has received from the Federal Government Fashola said there has been no support by way of direct cash support as the projects are being carried on with the State’s strength and with the support of the people of Lagos who pay taxes, adding that Lagos has taken her destiny into her own hands.

“As a Federal Government, we can’t borrow money outside the country without them giving us the approval and that is all and even at that in the last two years, there were a lot of delays and frustration which led to my going to the House of Representatives to get them to pass this and even now may be this week the credit was finally made and so we are going to pay as a State not the Federal Government”, he explained

According to him, “Nobody has done us any favour. The law just says that if any part of the country is going to borrow money, the country must approve but the debt is our own and that is why they are publishing and we acknowledge it as our debt. We have never moved away or denied it”.

“We have always said we took the money and this is part of where the money is going. You can see people constructing, you can see supply and you can see labourers. That is how an economy works, people are taking value from government infrastructure initiative, from government borrowing funded by tax payers money so anybody who is worried must either not know his economics or must have a voodoo intention to achieve”, he reiterated.

The Governor was conducted round by the Managing Director of LAMATA, Dr Dayo Mobereola and General Manager South-West CCECC Nigeria Ltd., Blue Line Lagos Light Rail Mass Transit, Mr. Li Bing, Head of Engineering, Nexant Consulting Ltd. Engnr. John Martins and other senior officials of the CCCEC construction company.
HAKEEM BELLO

manny4life: If you ask me, he did not justify the need for borrowing. Justification comes with numbers, facts and figures which I did not see... Anyway, if Lagos likes the debt, I like it too... Sooner or later, every man for himself.

DMO DG Nwankwo recently said no state in the country at present has debt that is unsustainable and in the case of Lagos, he says evidence abounds as to what it is using the money for.

http://www.thisdaylive.com/articles/lagos-goes-for-more-loan/162727/

That's according to the man in charge of FG's budget office and GEJ appointee..


He said in the case of Lagos, he says evidence abounds as to what it is using the money for

So, what more do you need...?


And if you need more justification and where the money went, look in the thread below...

https://www.nairaland.com/1894158/lagos-state-pride-south-west

all these our leaders shouldn't be voted in the second time as they do absolutely NOTHING when reelected. I've discovered that their noise about continuity is nothing but that of embezzlement ,idleness, stagnancy,inactivity, backwardness nd dilly dally
The most annoying part is that of using our money to provide infrastructures and wanting us to start worshipping nd praising them ,na their PAPA money?

arresa:




That's according to the man in charge of FG's budget office and GEJ appointee..


He said in the case of Lagos, he says evidence abounds as to what it is using the money for

So, what more do you need...?


And if you need more justification and where the money went, look in the thread below...

https://www.nairaland.com/1894158/lagos-state-pride-south-west

We do not even need his position per se. Lagos, for those who have inquisitive and probing minds, is a joy in terms of the information it makes readily available in the public domain. In this regard, Lagos is head and shoulder above other States as per the provision of readily available financial information which can bring even a total layman up to speed very quickly as per the running of the State. This is why the likes of David Cameron use the terms "accountable, visionary and responsible" for Fashola exclusively

Lagos is not at all vague with it's financial figures and data. The website of the State, even as I have not seen that of all States of Nigeria, has to be one of the best in Nigeria with how it virtually gives crucial information about Lagos which allows observers to see exactly what is going on. I suggest some posters should spend some time perusing the page below showing financial information about Lagos. Nairalanders can scroll down to inspect "REVENUE,EXPENDITURE & DEBT PROFILE OF LAGOS STATE" . For the sake of even being more effective in their own personal lives, some Nairalanders really need to begin searching for and working with established facts instead of letting emotions, unobjective hatred and prejudice rule and compromise their reasoning/outlook.

http://www.lagosstate.gov.ng/financialslist.php

arresa:




That's according to the man in charge of FG's budget office and GEJ appointee..


He said in the case of Lagos, he says evidence abounds as to what it is using the money for

So, what more do you need...?


And if you need more justification and where the money went, look in the thread below...

https://www.nairaland.com/1894158/lagos-state-pride-south-west

I am very disappointed that you progressive minds have allowed Haters and PDP sycophants to hijack this thread when he was initially opened but yet its never to late. thanks for all your contributions

Now we are haters and PDP because we are tired of APC

Ayekotoo:
I am very disappointed that you progressive minds have allowed Haters and PDP sycophants to hijack this thread when he was initially opened but yet its never to late. thanks for all your contributions

Fact is, it very obvious that some visible and invisible hands hare pushing these anti Lagos/APC threads and keeping them on the front page for ulterior motives.

A similar thread was started and remained at the top of the front page for several days till I started another thread showing in pictures progress and development in Lagos state.

After starting the Lagos state thread, their thread disappeared, but they quickly yanked off the Lagos thread and buried it in the travel section when in fact the thread has nothing to do with travel. There are similar threads on the front page in the politics section right now with similar content that they refused to touch.

Enugu thread pride of the east thread is still in the politics section unmoved..

We are all Nigerians and we should be happy and tolerating when it comes to our progress and development regardless of our political and tribal leanings.

This is our unifying and patriotic duties, but just it seems the decisive ways environment ravaging the country is manifesting dangerously even here on NL.

Bottom line, letting lies and deception carry the day is not an option, there's got to be room for facts and truth and this is where we come in... Just like I quickly dispelled the ignorance and lies spewed about FERMA and Ikorodu road by the ignorant and hateful poster spewing rubbish all over the place..

Lagos begins expansion of Ketu- Ikorodu road at N29 billion.


http://thecitizenng.com/other-news/lagos-begins-expansion-of-ketu-ikorodu-road-at-n29-billion/

^^^^^ That's for the ignorant poster about FERMA and Ikorodu road...

Fashola has explained this over and over again, but the ignorant ones will refuse to see reasons for the loan.

" Simple, there are few things to understand. There are upper limits of debt profiles by global standards, in relation to a certain percentage of the GDP. We are not near that threshold anywhere.
Secondly, what types of debt profile is it, is it for recurrent expenditure or capital? It is for capital.
If in less than two years to go, I went to the stock market to raise N85billion and it was fully subscribed and you know bankers do not want to lose money; they know what is coming from that and they keyed in; with these projects people earn income and because they earn income, they pay taxes. We are simply moving the money round.
In 1999, when my predecessor took over, we were working with N14 billion IGR and we are now having a budget of almost half a trillion naira and how do you want us to finance that? Is it the money under the pillow? You can’t build a city like that. We want rail and all that, you don’t do it waiting for people to bring kobo kobo.
For instance, the track Europeans built are still there. It is a 100-year asset. You have to finance it by debt and it will pay off.
During Tinubu’s time, when he drew N15 billion out of N25 billion bond, they said he had mortgaged Lagos.
I paid that debt in my first year in the office. The first bond that we took is maturing this year.
It is a N50 billion bond. We have N90 billion in trustees account to pay off N50billion.
If we keep waiting until the money gathers together, you can’t begin to tell me that there is no road to your house. Where am I supposed to build them? The road that Asiwaju built with N15 billion, I can’t touch again with the same amount of money. The dollar was trading at less than one to a naira, but it is almost doubled.
When I assumed office, the dollar was at $1 to N112 and we were borrowing at 10 per cent. Now you are lucky to get at 17 per cent.
Dollar is now $1 to over N170. Those are the realities and we must salute our economic team for the investment they have been able to achieve.
If not for that, would you have LASU-Iba Road, that rail, or make Ikorodu Road motorable today; Badagry expressway and others? The money we are spending on Ikorodu Road is a loan. It’s a long-term loan. Take the money now and pay back later as long as the people continue to pay their taxes and financial capacity continues. "


http://www.vanguardngr.com/2014/02/fashola-jonathan-will-hand-whether-like/

Dangote is the richest black man in the world with a networth of 25 billion dollars. whenever he wants to expand his conglomerate he takes loans. despite his huge profit after tax, he took a loan to finance Obajana and ibeshe. Only myopic people finance capital projects from earnings.

arresa:




That's according to the man in charge of FG's budget office and GEJ appointee..


He said in the case of Lagos, he says evidence abounds as to what it is using the money for

So, what more do you need...?


And if you need more justification and where the money went, look in the thread below...

https://www.nairaland.com/1894158/lagos-state-pride-south-west

Haha, you're so quick to quote the FG's budget office, but when Madam NOI froze it, Lagos was the first to petition NASS and the president. Please let's leave the politics behind borrowing. Even when it's bad, we must find words to justify it. Mere words aren't factual and we don't need grossly inflated figures.

Besides, I never said I wanted more... If I did, I would have asked, nevertheless, thank you for the link. Again, whether he justifies it or not is not relevant to me; I posted because I was anticipating factual numbers and not mere words; his comments doesn't justify the title of topic. Like I said, if Lagosians like it, I LOVE IT. Sooner or someday, it will be every man for himself.

manny4life:

Haha, you're so quick to quote the FG's budget office, but when Madam NOI froze it, Lagos was the first to petition NASS and the president. Please let's leave the politics behind borrowing. Even when it's bad, we must find words to justify it. Mere words aren't factual and we don't need grossly inflated figures.

Besides, I never said I wanted more... If I did, I would have asked, nevertheless, thank you for the link. Again, whether he justifies it or not is not relevant to me; I posted because I was anticipating factual numbers and not mere words; his comments doesn't justify the title of topic. Like I said, if Lagosians like it, I LOVE IT. Sooner or someday, it will be every man for himself.

1. Best thing to do was to quote the man in charge of debt activities in Nigeria and the folks that knowingly and constitutionally singed off on the loans saying they can see the results on the ground in Lagos. And I also gave you a link with detailed pictorial renderings of progress and development in Lagos state.

2. The fact that the state is not in any kind of default and in fact not only paid of the first tranche, but also have more than enough money and capacity to pay off the coming second tranche is solid facts, not mare words. On the other hand, your assertions are mare words

3. Facts is you and the FG showing us facts that Lagos state have defaulted, have missed payments or in no shape or form to service the loans. That's where you need to start from if you really are concerned.

4. Lagos state's debts, numbers and debt proceedings is not a secrete, it's there on their website and in a state government website link this thread too. NL is not a state government repository of facts and figures..

I never said I wanted more... If I did, I would have asked

I was anticipating factual numbers and not mere words

5. How do you reconcile both red and blue quotes of yours?

In one breath you are saying you didn't ask for anything while in another breath saying you are anticipating factual numbers and not words..

You can not keep up with your own comments or what?

6. The end products of borrowing is what's done with the borrowed funds and according to the FG and the link I posted for you to see, we have positive facts regarding what the state is doing with the money...

The burden is now on you to prove otherwise which I'm 100000000% sure you can not do and won't even do...

manny4life:

Where do you guys pull these numbers? Building a world class hospital will cost $800million? Will the hospital be the most biggest and most expensive in the world?

It may even cost more than that....because we have to import most of the equipment to keep the hospital running.

Problem with Nigerians is that we are content with the mediocre. We don't want world class because we do not want to pay for world class. Simples.

Meanwhile universities abroad have budgets of $400 to $800 million? Wonderful. Other than Ivy League schools, that have numerous offsite campuses and extended learning centers, how about you point out one state university, with one location even multiple locations within the state that has the same size budget like you claim.

That's the problem (I say this in a nice way) that I have with you Nigerians.

You guys are content. Too content.

Look, our universities are in a mess. We cannot do vital research into Ebola because we do not have the facilties and the trainig to do that research. We cannot do essential research into producing chemicals, and so on from a cob of maize because we do not have the labs to do it. We even do not have the good libraries and research centers because we do not have the facilites for the stuff.

I guess you Nigerians do not want world class. You want the same old messed up universities and hospitals because it is easier for you to pretend that they are in a mess because some big corrupt czar is looting the money(which is true....I do not and never deny the existence of corruption in this country)....than face the fact, the inconvienent fact....that corruption aside., the oil money which you and the Hausas fight over is not enough for everyone....even for the Niger Delta. That is why I yell well well....if you want free education....you either diversify your economy so that you have the tax funds for subsidies galore....or you make the tough choices and make sure Nigerians pay for some of these services.

But you Nigerians pretend you are rich. You also make the mistake of thinking that techincal education is for slaves and jokers. Because of that we do not have enough technicians....and as a result we do not have the guys we need to fix our power supply, run our industries, staff our heavy industry and so on. We instead have a surfeit of office workers,and would be office workers fighting for oil money from sun up to sun down....and making some of the most bigoted comments about each other's tribe that make me....as a student of history (ok,an amateur student of history) very uncomfortable.

Yes, you Nigerians do not want to work. You all want to go to uni and get an office job....and pose in your house. You won't invent things, you wont fix things. Well, countries that have free education alsohave heavy tax revenues from their domestic industries....because they have enough guys who fix things and invent things....and get their hands dirty. We, we are a country of fat and satisfied office workers.....who think that hard work is beneath us and who want to share money. That is why we never have enough money for world class....we are so busy sharing the money instead of using it to make more money via innovation. Yes...we have raw materials. What are we using the raw materials for,other than selling them and sharing the money?

I am angry and tired of Nigerians. They will never learn. If they want to see an end to debt and the beginning of world class....they better work for it. We are not a rich nation. We are a nation of parasites that pick over everything and when we don't get what we want....we fight such sick wars that hundreds needlessly die....all because we think our share of the kudi is not enough.

Rant over. Best we stop being complacent. We can get that $800m hospital....or even that $800million university (which is the budget of Norway's second largest public university) if we work for it...and stop sharing money.

aljharem: 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

I would have taken you serious like your 76 ilks that liked your post but for your unforgiving blunder, even my three years old niece wont make such a error; it's unpardonable.

Your rant about FERMA maintaining Ikorodu Road speaks volume of how shallow minded you are. It shows that you really don't have a grip on on-goings.

mbhs139:
I would have taken you serious like your 76 ilks that liked your post but for your unforgiving blunder, even my three years old niece wont make such a error; it's unpardonable.
Your rant about FERMA maintaining Ikorodu Road speaks volume of how shallow minded you are. It shows that you really don't have a grip on on-goings.

Ok prove otherwise then !

Who has been maintaining Ikorodu road

pheesayor: God bless

Thank you. Even the same joker is still asking the same dumb question. Some people are just eternally warped and ignorant...