₦airaland Forum

[quote author=Immune#1]Today I watched a documentary on the construction of the hong-kong international airport which was built on a man-made island created by sand-filling the space between two natural mountains.When you see stuffs like these you literally weep for this country!I haven't been to China or most foreign nations but am sure Fashola and the rest of them have;its very funny and equally appalling that they will do miniature projects and be fanning themselves.With the clear knowledge of what's happening outhere you should just work,find better ways to work and most importantly keep quiet![/quote]I am sure you have not seen EKO Atlantic project With the way Lagos State is going, if another government like that of Fashola takes root in Lagos for another 15years, those human wonders you are witnessing in China will be evident in Lagos!

mikeansy: who says "economic rating" is synonmous to "credit rating"?

Credit rating is a subset of economic rating, but economic rating involves other things like your GDP and size of your economy etc

No Sir! You cannot do a Credit Rating without an Economic rating, but the difference is the component of government's ability to meet it obligations in terms of debt, funding of budgetary needs is a measure of the former, while the latter measures the output of the State Economic activities.

Afam4eva: For the sake of this argument, let's assume that my assertion was wrong. I'm not the head of politics of this section. My job is just to moderate comments and not the ignorance of those comments.

Afam, there is no need to defend the indefensible! That was a big let down and a Hoolala of a show There is nothing like assertion. The FACT is out there for anyone who cares to find it! RATINGS are never a measure of the size of an economy rather a "PROSPECT" of Her future.

occam: Think man. Does this tell you Lagos is rated above the U.K.?

U.K. was downgraded from top notch AAA to AA,

UK downgraded from AAA to AA WITH STABLE OUTLOOK and fitch warns it would downgrade it to NEGATIVE OUTLOOK if the budget does not address the deficit as expected. Lagos State revised 'AA' with POSITIVE OUTLOOK. So do you know understand which is 'RATED' higher

Afam4eva: I didn't take any exam to become a mod and i never realized that knowing what a credit rating means is a criteria for becoming a mod on Nairaland. SMH.

You should realize that those who set themselves above others are expected to do excellently. A MOD that comments so ignorantly is the least of a MOD this forum needs.

occam: This is exactly what we mean. He didn't understand the statement he made. Sadly, there aren't critical minded journalist present to seek further clarification. So this bogus statement will be accepted as fact by people and young 'uns

You are the dumb individual who does not understand what RATINGS mean! First go educate yourself rightly....

Afam4eva: Lagos economy is bigger than those of England, Scotland, Waled and N Ireland combined? Wetin we no go hear for this country. if these politicians must lie they should not be over-ambitious liars. I doubt is Lagos economy is even bigger than that of Glasgow or even Belfast.

Seriously, an individual who cannot comprehend what an Economy RATING really means is a MOD

mikeansy: So you guys are talking about Credit rating then? which affects Lagos State's ability to borrow money from Internation agencies!

That surely is different from Fashola's claim that the economy of Lagos is rated above UK and Ghana.

In fact at the heat of the debate about America's debt ceiling the failure of Republicans and Democrats to reach a deal. America's credit rating was revised and Germany had better outlook than US. Is that enough to make the claim that Germany's economy is rated above the US?

I can understand the quest to try to understand what Fashola is trying to say or should have said. But the fact is that the Governor mispoke!!!!!!!!!!!!!

When someone says an economy is 'RATED' simply the person is talking about ability to borrow and repay, budget and finance the budget without much worries. If you read the post I replied you, you will notice that all the factors Fitch considered before rating lagos state as positive, in the context of the current UK economic crisis, no sane human will rate the UK economy positive or even stable.

mikeansy: The mark of being an educated man is in the face of debates or arguments you provide superior evidence or facts to justify your position.

Fashola said the "Economy of Lagos is now rated above Ghana and United Kingdom"

Can those defending Fashola in clear terms provide the metrics of this rating and also provide superior facts supporting how under any criteria recognised internationally Lagos State Economy is now rated above the United Kingdom.

Please while you are at it remember that eventhough Lagos may at this time have higher economic growth rate than London or UK . . .that is still not enough to claim that the economy of Lagos is rated better UK.

No abuses, just facts and evidence will do!!!!!!!!!!!!!!

Lagos State Gets ‘AA (nga)’ Ratings from Fitch

Fitch Ratings, renowned global rating agency, has revised the Outlook on Lagos states’ ‘National Long-term rating’ to Positive from Stable, and subsequently affirmed it at 'AA(nga)'.

The agency has simultaneously affirmed the Long-term foreign and local currency ratings at 'BB-' with Stable Outlooks, Short-term foreign currency rating at 'B' and the Long-term ratings of the N50billion and N57.5billion bonds, maturing in 2014 and 2017 at 'BB-' and 'AA(nga)'.

The agency issued a statement yesterday with several key indicators affirming the robust Lagos state management – (full text of statement).

Key Rating Drivers
The Outlook revision reflects the state's increasing sophistication in management reflected by improving transparency and debt management amid moves towards a balanced budget by 2015 from a peak deficit of 25% of revenues in 2012 according to preliminary figures, and a stable debt cover ratio by the current balance around three years.

A growing proportion of bond issues, with fixed repayment schedules, longer maturities and monthly provisions intothe debt reserves fund, are replacing the traditional concentration of short-term bank loans. Fitch views this as a sign of the state's improving debt management.

Together with budgets and quarterly performance reports, Fitch notes continual improvements in transparency and governance.

Fuelled by public and private investments, as well as an estimated population of about 20 million according to state officials, Lagos's diverse economy is the leading contributor to Nigerian GDP. Fitch expects the 10% growth in the local economy and the state's plans to widen the tax base and improve collection methods to boost local tax

receipts towardsN330billion by 2015, up from N200billion in 2012, edging towards 80% of annual revenues from 70% of income in the late 2000s.

Maintenance costs for infrastructure built and provision of social services such as health and education could add pressure to Lagos's budget.

However, Fitch expects the state's commitment to streamlining costs coupled with the maintenance of a steady employee headcount to contain their growth to about 10% per annum over 2013-2015. Rising energy prices meant costs grew by about 25% in 2012, and Fitch expects Lagos's operating expenses to rise to about N230bn by 2015 from N185billion in 2012.

Fitch expects capital spending to remain high at about N250 illion per year over the medium term, as the state continues to invest in transport, water, health, education and social protection.

Despite interest expenses rising towards NGN40bn by 2015, the state's self-financing ratio of investments will remain strong with the current balance funding about 75% of capital expenditure from an average 65% in 2010/12.

The state's debt will likely stabilise around NGN350bn by 2015, net of repayment provisions, with bonds representing about 50% of total debt from about 30% in 2009.

As Lagos stands out for its low dependence on federal allocation and high tax generation, the state was allowed to incur debt accounting for about 100% of revenues rather than the 50% limit stated by Nigerian borrowing guidelines for subnationals.

The debt service coverage ratio could likely remain at around 2.5x the operating balance offering additional comfort of debt service sustainability.
[size=18pt]Enjoy[/size]

occam: Fashola argued that the yardstick for measuring good governance could only be done by those who know, adding that the economy of Lagos is now rated ahead of Ghana and the United Kingdom.

Nothing is settled. I believe Fashola is doing a great job but when he made this statement it left me scratching my head

How can he compare Lagos state to 2 countries (U.K. & Ghana)? Apples to apples is you compare Nigeria vs. UK. or Ghana

Which rating agency put out this number? Is this short or long term rating? Lagos (Nigeria) grew faster than the U.K in last 3 yrs. We know that! What Fashola said is disingenuous and confusing. Was this deliberately put out there or he simply did not understand the statement he made?

No need for hyperbolas just stick to the facts; verifiable facts. That's all.

All credit agencies rate the U.K. way above Nigeria (and Lagos too) That's a fact you can verify Unless otherweise, Fashola just put out a bulshyte stats to look good

Who let this one out again

[size=28pt]The law

Fifa law 12, fouls and misconduct, states: "A player is guilty of serious foul play if he uses excessive force or brutality against an opponent when challenging for the ball when it is in play." It clarifies: "Excessive force means that the player has far exceeded the necessary use of force and is in danger of injuring his opponent."[/size]

so can all of you now shut up and get ready for the fine coming from UEFA

me1234: Can you see what i see, hmmmmmm i see Tinubu going to jail before 2015 election. government magic don start. I dey laugh

GEJ will be history before tinubu even goes near any jail. A government that shields criminals and has an AGF who is a known criminal is equally CRIMINAL

Billyonaire: So is it best to conclude that this Fashola, this great SAN and performing governor of Lagos is a fat liar ?

Another silly who does not understand what a RATING means

[size=28pt]The response of several posters on this thread shows Nigeria have a very big challenge on her hands! Too many dumb people who cannot comprehend and distinguish between 'A RATING' and 'A GDP ESTIMATE'. Are these the people who will turn Nigeria into a global tech giant . [/size]

[size=18pt]Alex Ferguson should be fined and banned for two games by UEFA for His antics and chants against the referee. [/size]

dopeJemi: those of u dat r saying dat was a deserved red card should SHUT DAH PHUCK UP.. Even d fourth officiaL was shelL shocked wiv d decision made by d referee.. Ders 1 thing I know 4 sure, 11 vs 11, madrid can't beat united and we just proved it here 2nite, we were d better team and we didn't deserve 2 Lose.. Mou knows it, RonaLdo knows it and d worLd knows it buh wah do u expect, when plattini aLready said his dream ucL finaL is 'Barca vs Madrid' and aLso d worLd first eLeven contains pLayers 4rm spain... One More thing... PLATTINI z a Bastard and I bLame him

And if u wanna quote, u better support Me and if u don't wanna support Me don't insuLt Me because u go regret ​A♏.. I don yarn my own

..Abeg park well.... Howard Webb is not popular in Europe

Nani had His boot high.. was He on hi substance All Manu fans should ask themselves the question... high boot with studs showing at near shoulder high is that not a red card

codeworks: [size=18pt]am sure President will address the nation tommorrow regarding this match. is unfair[/size]

[size=28pt]He needs to set up committee to look into the refereeing of this match [/size]

YoungGame: Chelsea scored 2 goals against Barca with 10 men; why didn't United do the same? #No howard webb....lol .... like i said before, I WILL ALWAYS BE REAL-MADRID FAN UNTILL MIKEL OBI SCORES HAT-TRICK AGAINST BARCELONA

OBI score [size=18pt]hi-trick[/size]

[size=28pt]VAN PERSIE hasn't scored in 5 Games running.... #justsaying[/size]

See Fergie acting like a 3years old whose toy has been taken away from Him

Richvkunt: Congrats to Real Madrid for going through.
As for this Turkish referee,his decisions tonight were absolutely shocking,even Jose Mourinho was shocked at the red card issued to Nani.
I thought Africa had dreadful refs but this guy was so bad he puts all African refs in a positive light.
Tough luck,hope Madrid go on to win the tournament.

What was shocking about the decisions of the referee? Was the boot high? Was the studs showing or not ?[size=18pt] it was a straight red [/size]

ManU legend and former captain Roy K says it was a straight red

COOLDUN: Turkish terrorist match fixing referee has done his best by reducing Man U to 10 men to give Real Madrid the victory. Congratulation Real Madrid. RIH, Rest In Hell the useless referee from the Terrorist breeding nation/religion.

Hypocrite! It was a straight red.. boot high up, chest level... are you playing karate on pitch

Hmmm.. the chosen one says the best team lost that guy is a genius...

peckhamboi: Five Apartments at One Hyde Park

Some people will definitely roast in the hottest part in hell. One Hyde Park is the most extreme display of opulence I have ever seen.

The day I entered One Hyde Park, I felt I was in heaven.

Shey you live in peckii? Why won't you see One Hyde Park as heaven

See those that have not even crossed MMIA talking about a song being popular in UK and entire Europe Even the thugs in AJ are claiming the Oliver twist is a hit in the UK Abeg make I go find my chew stick.. thank God summer don dey stroll dey come....

mikeansy: I am pretty sure Buhari is not addressing British Parliament tomorrow because that will certainly be a very funny joke. He might address a group of people that will include some members of British parliament tomorrow but definitely not the British Parliament as we know it.

Just on what basis will a man who ousted a democratically elected government be given the honour to address the mother of all parliaments? a coupist and dictator who was intolerant of the free press and applied laws in retrospect!!!!!

I think some of you still do not know you left from your right. Do you think MPs here are as stupid as some of you think? MPs here can invite anybody they so wish to hear their voice on any matter, but in this instance, Buhari is only being reported to be attending a lecture in the House of Parliament organized by Ben tv. MPs whos committees deal on matters bothering on Africa, Nigeria in particular 'may' take this opportunity to interact with him and also raise some concerns. No doubt, unlike the stupidity some of you exhibit, the MPs know those to be counted in Nigeria and I would not be surprised if one of their committees have already planned a lunch session with Buhari.

If you do not know, Britain puts her interest first before any other and if they now see it fit that Buhari will protect their interest when it comes to Nigeria, they would engage him appropriately. And that is Britain for you! Asada of syria was once the darling of Britain but what is happening to him today?

taharqa: Later some persons would be saying that power supply have not improved in Nigeria in the last 2 years. This is a Big time Manufacturer saying this, something the LCCI also said this year. The effect of the President raising power generation form about 2000-2400MWs to 4300-4500MWs in 2 years; and like Innoson also said here, one hopes that when the Privatization and more power projects gets completed this year, even more remarkable changes would have been made

http://dailyindependentnig.com/2012/09/lcci-commends-35-increase-in-power-supply-wants-sustenance-of-gas-supply/

http://www.vanguardngr.com/2012/12/power-supply-predictions-comes-true/

A plant like Innoson running on electricity generated by national grid will die soonest! Again this is where we need a visionary leader who can see the need to get Innoson cheap gas to power local energy generation hub.

It is also worth pointing out that it is not just increase in power, but stability. In other countries that take power seriously, their industrial zones are the least to be affected by power instability. Shouldn't the FG be doing more to ensure Innoson gets stable cheap energy to produce vehicles cheaply for Nigerians?

As for your comments about people claiming power supply not improving, no doubt that a man who used to get 16hrs of constant power supply and barely get 10hrs even if your generate 10,000MW will see it as a failure of the government to improve the situation.

I mentioned in another thread the other week to you that more effort needs to go into the distribution end. A man who local transformer is broken and is not fixed for 8 weeks will in no way think anything right is being done in the power sector. Hence my call for a thorough and comprehensive Power Sector overhaul the covers both the generation and distribution.

Abagworo: With Amaechi in APC, the South-south will have 2 APC governors.

The danger would be is Amaechi is used to play the card for 2015. Not saying is going to happen, but politics is a dangerous game, who knows, whats in the offering for Amaechi if He leaves for the opposition. Surely, GEJ will be dead come 2015 if Amaechi is in opposition.

ochukoccna: Grim reality rubbed in today
Arsenal now behind Tottenham in the pecking order
Silent Stan,take the Arab £1.5 billion and get THE PHUCK OUT OF NORTH LONDON

is it not madness that the board would even be siding Stan? I believe there is more they are hiding in that club. WENGER is not telling the truth, same as the board... for me, I will not spend my money going to emirates until I see a team what the value of my ticket..

aieromon: ToT 2-1 AsnL

New kings of London.

Continue to dream on... SPURS can never be the KING of LONDON.... get that into your head...