Lagos State is now recorded as the state with the most Local and Foreign Debts of All states in Nigeria. Having a lion's share of the total national debt.
Lagos alone accounted for a debt figure of $1.380 Billion of a total national debt figure of $11.406 Billion.
Pics and info attached.
Culled from Premium Times by Oladeinde Olawoyin.

it is funny how Nigerians talk about debt as if it is a calamity. every developed country is indebted deeply. the only problem with debt is
1. when foreigners hold most of the debt.
2. when the money borrowed is not used for capital projects that will create future revenues for the government.
3. when government use the borrowed money to pay subsides. this one is the worse .

dff

BLINGZ88:
it is funny how Nigerians talk about debt as if it is a calamity. every developed country is indebted deeply. the only problem with debt is
1. when foreigners hold most of the debt.
2. when the money borrowed is not used for capital projects that will create future revenues for the government.
3. when government use the borrowed money to pay subsides. this one is the worse .

Debt indeed can be a calamity when it isn't used properly. To paraphrase you "every developed country is indebted". The part you forgot to add was that the citizens of those countries enjoy the dividends from which the debt was invested. I ask you fellow citizen can you boast of not having used your generator for electricity in the last month?
Debt utility is a paradox in Nigeria we make and owe vast sums of dollars but there isn't any evidence of this reflected on the lives of the common man on the street.

Krucifax:


Debt indeed can be a calamity when it isn't used properly. To paraphrase you "every developed country is indebted". The part you forgot to add was that the citizens of those countries enjoy the dividends from which the debt was invested. I ask you fellow citizen can you boast of not having used your generator for electricity in the last month?
Debt utility is a paradox in Nigeria we make and owe vast sums of dollars but there isn't any evidence of this reflected on the lives of the common man on the street.

I agree with most thing you said, that's what I said about investing in capital projects. about power, nigeria doesn't have enough water ways to construct more hydro power stations so I believe we should go nuclear(many will disagree with me). borrow around 8bn dollars (I can't even believe I typed that amount) and build one, increase electricity bill to #40 or #45 per kilowatt and we can pay for it in 10 to 15years or so. that would add about 2000 megaWatts to the power grid and can supply up to 50million people with electricity. we can have the problem of power behind us, but I don't think any Nigerian president will agree, they hate risks.

Why should Lagos be owing What is it doing to better the lives of citizens?? or is it the pavements that has started cracking on the highways dey spent much on??
Did Lagos govt build new schools??
Did Lagos govt increase minimum wage??
Has Lagos govt renovated its infrastructure??

Why should Lagos be owing much debts?? upon all the taxes collected....

USA, the richest country in the world happens to be most indebted country as well and that doesn't stop the country from moving forward. Owing debt is not bad when the liquidity to pay in the stipulated period is available (Simple Interest ratio) which lagos possess.