The Board of Executive Directors of the World Bank has approved $200m (about N39.4bn) credit to Lagos State to support a range of reforms relating to fiscal sustainability, budget planning, budget execution and the investment climate in the state.

A statement issued by the bank on Wednesday said the facility would help sustain the state’s recent economic growth and poverty reduction, while helping it to continue to deliver social services to the expanding population.

The credit from the International Development Association segment of the World Bank Group supports the Third Lagos State Development Policy Operation and is the last of a series of two development policy operations, which aim to improve public finances and the investment climate in a fiscally sustainable manner.

In the past decade, Lagos State achieved significant economic growth, improved its infrastructure and services, significantly reduced crime, and brought millions of people out of poverty, the bank said.

The World Bank Task Team Leader for the project, Jariya Hoffman, said with enhanced budget transparency and efficiency, adequate funding could be shifted to programmes to benefit the state’s booming population, especially the poorest families.

“The operation’s focus on furthering improvements in the transparency of the budget system, effectiveness of public expenditures, and the business climate will help sustain the pace of economic growth and thus the state’s positive momentum towards income equality and the delivery of public services,” he said.

The World Bank Country Director for Nigeria, Marie-Francoise Marie-Nelly, said, “This operation is designed to assist Lagos State in its quest to continue its recent success in spite of the challenges brought on by rapid economic and population growth.

“As an urban agglomeration that has reduced income inequality during double digit economic growth, Lagos is an example of inclusive growth in Nigeria. If the Lagos experience is sustained, there is strong potential for this type of inclusive growth to spread to other parts of Nigeria.”

According to the bank, the operation will enhance the state government’s fiscal sustainability by anchoring the budget on a framework that accounts for key fiscal risks and improves revenue collection. Support for adopting a new approach to budget planning and preparation will ensure adequate allocation of budgetary resources to social services such as education and health.

source: www.punchng.com/news/world-bank-approves-n39-4bn-loan-for-lagos/

Yesterday it was for wike, today it's for ambode, tommorow might be my turn.


But wait

support a range of
reforms relating to fiscal sustainability, budget
planning, budget execution and the investment
climate in the state.



Not even for capital projects

Captial Project? INTROVERT don't you know Ambode will share the money with so many people so how the money go fit do Capital Project. Nigerian Politicians deceiving themselves since 13BC.

Just in case....who go pay back.? What do I no

Yea

2moro dere they wil say na wike borrow pass. nothin 2 say bt eko nibaje ooooo

They have not paid what fashola borrowed. Now his younger brother has started borrowing. In all this, their father pockets the internally generated revenue while his sons borrow externally


Click like below

Let the change begin

Why Ambode?

Such a huge sum of money for him to embezzle!

gbese re ooooooooooooooo

u v been given today remember to pay bk someday

Tinubu can borrow u dat money all u need is sign Lagos state as collateral.But if he is broke then Lagos is on a long thing bcs both of u will squander dat loan.i rest my case.

Can they atleast borrow to empower the powerless Youths? because if dis doesn't translate to the betterment of the youth, na still waste oo.

So ambode met an empty treasury but fear no let am talk...

cc Lalasticlala ishilove

For wat!!!
So LASG sef dey owe debt


my.notjustok.com/track/22684/

"To collect dey sweet but to pay nah another thing" - AregbeRascal 2015

Hmm.... If you see Tinubu's hand in this, just like i do, please click like!!

Tinubu chop on.....TMM....too much money!!!!

The Loan is for which of Tinubu's Firm pls..

.

He should ve borrowed from EL Rufai. #JustSayinng

....let the borrowing continue..

That means Lagos state in indebted to the tune of over 480 billion naira.


Wow. That's over 2 billion dollars, locally and internationally.





ThefakeStan

IzonOwei:
....let the borrowing continue..

Hehehe.... Tinubu is acting through his boy Ambode!!

APC!

In as much as i dont like states borrowing but i think it might be for the good , and i hate Nigerian media, news like this hardly becomes a big deal in western countries, but our media just write things that will draw peoples attention to buy their papers

1. Lagos is the highest revenue generating State in Nigeria, which means they are not using the money they borrow to pay salaries, they are using money to built investments and assets.
- I might be wrong, lagos state has one of the biggest states farms in Nigeria, Lagos States has farms scattered all over the South east state like Ogun, Osun , Ondo and even Lagos these are the kind of money they use to build these facilities.
- Lagos has one of the biggest Government owned estates in Nigeria where do you think they got most of those money
- Lagos govt is building world class infrastructures that will drive investors into Nigeria

So if the Government borrows money for development it can be justifiable compared t when they borrow to pay salaries or to run the govt.
But all the same, they should be careful and avoid wastage,

And i think In the next 5 to 10 years the money that a States Like Lagos will be generating it will almost be life half of what Nigeria as a country is generating. Plus i think lagos has the capacity to pay back those loan if those money are not wasted

Who is guaranteeing these loans?

[size=15pt]AMBO O!
AMBO TI DE ![/size]

THI(EVE)NUFU needs the money to fight SARAKI after wasting BILLIONS on PMB'S ELECTION.

eko O o ni baje based on borrowing tins.

naija govt too like borrow.


haba borrowing since Independence day

More debts

jaybee3:
Who is guaranteeing these loans?

Niger Delta oil and the hope of oil production cos any other sources of revenue (igr) are channelled to Tinubu