You are recommending states and countries buy debt, and spread it to the future as the basis for development?

Haven't Nigeria's experience demonstrated the futility of this approach? Don't you see that America and the rest of the world are paying today for over-using this approach to economic growth by getting themselves indebted to China. The same China that is buying up Angola? - it is a disaster waiting to happen.

Yes, you need debt financing but as long as you don't "own" the capital you can spread it into the future all you want, you MUST not buy more debt than your capacity to pay in the future. And you can't judge whether a country is really developing by the edifices being put up.

PapaBrowne:
Lagos is a capital of Nigeria and more money accrues to Lagos than to any other part of Nigeria. Lagos has more than enough potential but Fashola did not do anything to unlock that potential. Go to Nairobi and see what is happening there. Even Addis Ababa is experiencing some good development in comparison to Lagos.
The truth of the matter is that Fashola doesn't understand financial engineering. If he did, he would find more innovative ways to access capital than the meagre income that comes from taxation. Taxation is for social services. If you want real development, use your potential of both today and tommorow to buy debt and spread it into the future. Utilize that debt to create critical mass, your society blossoms, you get credibility plus increased credit ratings , acquire more debt, pay the old one and execute more projects, you society blossoms futher and on and on and on. Thats the secret and its working accross the capitalist world. Just be wiser enough to know the boiling point when to stop acquiring debt.