[size=14pt]Lagos to run on deficit budgeting till 2013[/size]
On May 5, 2011 · · In News

By Olasunkanmi Akoni & monsur Olowoopejo

Lagos State Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, has said that the state will continue to run a deficit budget till year 2013.

He, however, added that after the estimated year, there might be an improvement in its budgets.

The Commissioner, who gave the indication, yesterday, while presenting his ministry’s achievements to journalists at Ikeja, said that the state might be high in debt for a while.

He, however, stressed that the state has no need to borrow at the moment but only to finance capital project.

He cautioned against giving wrong impression about volume of the state’s debt, but the capacity to accommodate such a profile.

“America is about the most indebted nation in the world, but the size of its economy is such that can be compare to very few countries. Borrowing in itself is not wrong, it is what you do with the borrowed-money that mattered,” Akabueze said.

Noting that Nigeria, as one of the N-11 (Next 11 after the OECD) countries, owes just about $9 billion out of the over $11 trillion debt profile of the N-11, as against that of South Korea’s $314 billion, “but the reality is that the Korea’s economy is bigger.”

He assured on the state’s capacity, through its budgetary provisions, to sustain the servicing of its debt profile.

“Lagos State is the only state in Nigeria that the World Bank granted budget support facility because of its transparency in its public finance,” he said.

Akabuexe also disclosed that the project contract sums submitted by ministries, departments and agencies (MDAs) running to 1,455 for 2010 was scaled down to N286.5 billion from N343 Billion.

http://www.vanguardngr.com/2011/05/lagos-to-run-on-deficit-budgeting-till-2013/

Fashola is doing very well, he is an excellent governor, but the fear is that Tinubu's take of 2billion a month will surely bankrupt the state. After Fashola leaves, what next for his successor?

Beaf:

Fashola is doing very well, he is an excellent governor, but the fear is that Tinubu's take of 2billion a month will surely bankrupt the state. After Fashola leaves, what next for his successor?

Forget Tinubu for now. Tinubu has no power over Fashola or the West because there is LP in Ondo. Right now, people simply voted for ACN based on performance. Tinubu has NO power although you have to acknowledge his political brilliance against OBJ (the former PRESIDENT ).
As for the next successor, I just hope another technocrat probably Ben or any other technocrat that can continue the existing projects.

jason123:

Forget Tinubu for now. Tinubu has no power over Fashola or the West because there is LP in Ondo. Right now, people simply voted for ACN based on performance. Tinubu has NO power although you have to acknowledge his political brilliance against OBJ (the former PRESIDENT ).
As for the next successor, I just hope another technocrat probably Ben or any other technocrat that can continue the existing projects.

Ben who?

Jason,

I wish a Ben on your state. Iru nonsense jatijati wo ni bobo yi spew yen na? How very dare you?

You stated this like a fact - but all I have seen about this are rumours.

Do you have any facts that Tinubu collects N2bilion of Lagos funds?

I am genuinely interested in this question as well as this one: Is Lagos actually paying N2 billion monthly for revenue collection?

Any information will be helpful.

Beaf:

Fashola is doing very well, he is an excellent governor, but the fear is that Tinubu's take of 2billion a month will surely bankrupt the state. After Fashola leaves, what next for his successor?

Ben to suceed Tinubu

Ben ko Benbela and Lulu ni

Per the debt we like am so

Go Fashola Go Tinubu Go A C N

Beaf:

[size=14pt]Lagos to run on deficit budgeting till 2013[/size]
On May 5, 2011 · · In News

By Olasunkanmi Akoni & monsur Olowoopejo

Lagos State Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, has said that the state will continue to run a deficit budget till year 2013.

He, however, added that after the estimated year, there might be an improvement in its budgets.

The Commissioner, who gave the indication, yesterday, while presenting his ministry’s achievements to journalists at Ikeja, said that the state might be high in debt for a while.

He, however, stressed that the state has no need to borrow at the moment but only to finance capital project.

He cautioned against giving wrong impression about volume of the state’s debt, but the capacity to accommodate such a profile.

“America is about the most indebted nation in the world, but the size of its economy is such that can be compare to very few countries. Borrowing in itself is not wrong, it is what you do with the borrowed-money that mattered,” Akabueze said.

Noting that Nigeria, as one of the N-11 (Next 11 after the OECD) countries, owes just about $9 billion out of the over $11 trillion debt profile of the N-11, as against that of South Korea’s $314 billion, “but the reality is that the Korea’s economy is bigger.”

He assured on the state’s capacity, through its budgetary provisions, to sustain the servicing of its debt profile.

“Lagos State is the only state in Nigeria that the World Bank granted budget support facility because of its transparency in its public finance,” he said.

Akabuexe also disclosed that the project contract sums submitted by ministries, departments and agencies (MDAs) running to 1,455 for 2010 was scaled down to N286.5 billion from N343 Billion.

http://www.vanguardngr.com/2011/05/lagos-to-run-on-deficit-budgeting-till-2013/

Transparency at work.
Kudos to LAG Goverment
Kudos to Fashola
Kudos to ACN
Kudos to Tinubu

LOL.even with all the multiple tax, they are still running deficit, i just hope the pepper sellers of osun,ekiti,ogun,oyo will be able to pay such tax o. GOODLUCK 2 the rascals sha!

I[b] have a feeling Ben or the AG for lagos state, Sasore might suceed Fashola if Fashola was given the choice 100%. But with Tinubu ruling the roost any bagger can succed Fashola, I just hope it is not one useless bagger.[/b]

Beaf:

Fashola is doing very well, he is an excellent governor[b], but the fear is that Tinubu's take of 2billion a month will surely bankrup[/b]t the state. After Fashola leaves, what next for his successor?

Idiotic response from a PDP agbero - Where is your proof that 2billion is collected on monthly basis - Even BRF denied such claims

i would rather you stick to delta politics where another mumu called Udadaghan is forever running on deficit with no substantial

evidence on ground. Many worthy successor are ground to start wherever BRF finishes - Mr Muiz Banire is waiting in the

shadows

unlike the likes of Akala,Segun Oni, or OGD (PDP Best) which you gladly celebrate

@kuroji: so u dont know? Lagos IGR is about N14 billion/month, the tax consultants which is 'alpha beta' is owned by tinubu and it collects 25% of the revenue generated, which is about 3.5 billion. The real reason tinubu & oshiomhole are really not sweet with each other is becos oshiomhole refused to let him milk edo pple dry!

gokuu:

@kuroji: so u dont know? Lagos IGR is about N14 billion/month, the tax consultants which is 'alpha beta' is owned by tinubu and it collects 25% of the revenue generated, which is about 3.5 billion. The real reason tinubu & oshiomhole are really not sweet with each other is becos oshiomhole refused to let him milk edo pple dry!

lol

funniest comment its sooo stuupid i had to laugh!

One of the most dumb guy when it comes to comprehension is beaf. The guy get nil IQ. From what the ediot posted Lagos state is the only state the world bank granted budget support facility because of it's TRANSPARENCY in Public finance. I wonder if the world bank will do this if Tinubu is actually collecting what the ediots claims. Of 36 states in this country only Lagos meet their criteria . Where is beaf state? Ibori slaves

sbeezy8:

lol

funniest comment its sooo stuupid i had to laugh!

imbeciles like u will always laugh, just dont laugh ur life away o!

Monkey dey work baboon dey chop - Standard Naija scenario: Lagosians yet unborn are being indentured just so those gorillas in Alausa can service their crack & igbo habits.

No be small thing. na real monkey dey work, baboon dey chop. www.yahoo-mail.com.ng/budgeting-prime-vehicle-implementing-strategy