OduaVanguard:
What did FG spend all their debt money on? ? Election bribery? Or the power reform that has left us in perpetual darkness? At least we can see evidence of Lagos state progress.

That missing $20billion GEJ and his cronies stole is alone to slash the $60billion external debt by close to half. Be sincere with yourselves pls.

Sunnybobo3:
Fashola is handing over the worst debt in the history of Lagos state to Ambode.

Freelancer00:
Yes he's going to inherit debts but when u can see the amount of works done with the debt, what canbu say? Unlike the fedora guy and his cronies, the put straw in our reserves and sucked it dry

abitex577:
It is despeakable that, the Federal government is borrowing money to pay salaries. That goes to tell everyone that the economy has been run aground. It is so shameful of GEJ and Ngozi, with all the rebaselined indices they are showing to the world that, they have made so much progress.....alas in their pockets!

OduaVanguard:
What did FG spend all their debt money on? ? Election bribery? Or the power reform that has left us in perpetual darkness? At least we can see evidence of Lagos state progress.

That missing $20billion GEJ and his cronies stole is alone to slash the $60billion external debt by close to half. Be sincere with yourselves pls. Nigerians are not fools, and it's coz of these sort of excesses that he was booted out.

noblezone:

Missing $20B is an allegation. do not take the politicians word for it.
I passed through the Benin-Ore road, I saw the stamp of SURE-P. I even have pics and video.
Jonathan worked.

denko:
Unless u don't use our roads anymore and don't know their status bfor.

Sunnybobo3:
Fashola is handing over the worst debt in the history of Lagos state to Ambode.

Sunnybobo3:
Fashola is handing over the worst debt in the history of Lagos state to Ambode.

realjoker:
what is the lenght of benin-ore road

denko:
Nigerian should be be ready to demand from them whatever they have promised. NO ROOM FOR FAILURE JONATHAN WAS BAD (According to APC) THAT IS WHY YOU WHERE VOTED FOR.

Governor Babatunde Raji Fashola of Lagos state,western Nigeria, said the central government in Abuja is owing the state N51billion, being costs of repairs carried out on federal roads. He said the debt has been certified.

Fashola made the disclosure today at a briefing to mark his 2,700 days in office. The governor since 2007 May, when he came into office, has made it a ritual every 100 days to render an account of his stewardship.

OduaVanguard:
What did FG spend all their debt money on? ? Election bribery? Or the power reform that has left us in perpetual darkness? At least we can see evidence of Lagos state progress.

That missing $20billion GEJ and his cronies stole is alone to slash the $60billion external debt by close to half. Be sincere with yourselves pls. Nigerians are not fools, and it's coz of these sort of excesses that he was booted out.

denko:
Nigerian should be be ready to demand from them whatever they have promised. NO ROOM FOR FAILURE JONATHAN WAS BAD (According to APC) THAT IS WHY YOU WHERE VOTED FOR.

angelsing:
This is Fashola's response to the issue of Lagos state debt as written in the punch this morning:

It has been said that you are leaving behind
about N418bn debt and one wonders what is
responsible for the huge debt profile despite
the huge revenue generated by the Lagos
State Government.
I have answered this question many times and it
seems people just dwell on debt but in the
context of debt, let us look at the assets too. I
am leaving behind hundreds of kilometres of
roads, bridges, schools, hospitals, courtrooms,
social services, skill centres, streetlights and
traffic lights. I am leaving behind also people
who now have jobs, who did not have jobs seven
years ago. I am leaving behind a stronger
security force; a stronger LASTMA, a stronger
KAI. That is where the money went. I am leaving
behind a rail system. I am leaving behind so
many assets for the continuity of life. I am also
leaving behind a bigger workforce – a better
equipped workforce. I think we should talk less
about debt and more about development.
Lagos State Government still has to continue to
raise more money and this takes me to the
Internally Generated Revenue that you are
talking about. The IGR – standing on its own – is
averagely N20 billion. Let us do the math. Some
months it is more than that, some months it
drops. The monthly allocation from the
Federation Account is averagely N10 billion;
sometimes it goes up to N11 billion, sometimes
it drops to N9 billion. Let us use an average of
N10 billion, even though in the last few months it
dropped to six and half (N6.5 billion). If we have
averagely N30 billion, do the math, divide it by
21 million people. You will get one thousand four
hundred and something naira per person in
Lagos. It is easy then to say let us collect the IGR
you think is big but you are seeing the IGR alone
and not seeing the responsibilities.
Our population has also grown by forced
migration in terms of the Internally Displaced
Persons across Nigeria. I just sent a team to
somewhere in Apapa where there are people
displaced from the North-East of Nigeria in
camps. We have to go and intervene; we cannot
leave them there without help. The sanitary
condition there is horrendous. If we want a
government that only deals with what is
available, then every month is the government
going to tell everybody, ‘go and take your
N1,400; go and build your roads, go and build
your schools, go and build your hospitals,
manage your security?’ But we have to be
futuristic, we have to think ahead. The IGR that
you also talked about does not come as N20
billion to us. It comes when somebody pays N1
million for land today, somebody pays for his
vehicle registration tomorrow, and somebody
pays his ground (land) rent. It is because we are
accountable that we always announce at the end
of the month, ‘this is what we got.’ If we wait for
30 days for the money to accrue, it means we
won’t do any work.
People should understand that we won’t do any
work because the money has not accrued. What
do we do? We borrow against it. The banks
which we collect it from know that we will pay
because the money (IGR) comes through them.
So, we take a loan. But we don’t borrow to pay
salaries; we don’t borrow for recurrent
expenditure, we borrow for capital investments.
I cannot go and tell the person who is waiting to
take his child to the hospital and there is no
hospital space; that they should ‘wait, I am
waiting to collect money.’ If I give you the
contract to build a hospital, I cannot tell you
‘take one naira today, I am waiting for two naira
tomorrow.’ It is not a way to plan construction.
You must gather your building materials and you
must move men to the site. We borrow from the
banks. When the monies come, the banks
deduct them.
The borrowing you are even talking about,
measure it against the assets. We took N275bn
bond over eight years. The first thing we had to
do was to repay the old bond of N15 billion
because the Lagos State Government drew N15
billion out of the N25 billion bond. We had to
repay that so that we could take the full benefit
of what we were planning to do, which was
going to be issued in series. And we did all these
in public. What did we use these monies to
finance? We used them to finance infrastructure.
As the monthly IGR is coming, we are returning
15 per cent of the IGR into a consolidated debt
service account. We can’t touch it. Take out 15
per cent of N20bn. We have over a N100 billion
in that account to pay the debts. Those who are
saying we owe, the system for paying bond is
secured. We just paid the second bond, which
was the first that I took. We paid it last year. The
next bond will be due in 2017 and it is about N60
billion or N70 billion but we have N100 billion in
the account. In any event, we have over-secured
our liabilities as far as the bonds are concerned.
As far as the local short-term loans from banks
are concerned, we were able to pay.

realjoker:
what is the lenght of benin-ore road

angelsing:
This is Fashola's response to the issue of Lagos state debt as written in the punch this morning:

It has been said that you are leaving behind
about N418bn debt and one wonders what is
responsible for the huge debt profile despite
the huge revenue generated by the Lagos
State Government.
I have answered this question many times and it
seems people just dwell on debt but in the
context of debt, let us look at the assets too. I
am leaving behind hundreds of kilometres of
roads, bridges, schools, hospitals, courtrooms,
social services, skill centres, streetlights and
traffic lights. I am leaving behind also people
who now have jobs, who did not have jobs seven
years ago. I am leaving behind a stronger
security force; a stronger LASTMA, a stronger
KAI. That is where the money went. I am leaving
behind a rail system. I am leaving behind so
many assets for the continuity of life. I am also
leaving behind a bigger workforce – a better
equipped workforce. I think we should talk less
about debt and more about development.
Lagos State Government still has to continue to
raise more money and this takes me to the
Internally Generated Revenue that you are
talking about. The IGR – standing on its own – is
averagely N20 billion. Let us do the math. Some
months it is more than that, some months it
drops. The monthly allocation from the
Federation Account is averagely N10 billion;
sometimes it goes up to N11 billion, sometimes
it drops to N9 billion. Let us use an average of
N10 billion, even though in the last few months it
dropped to six and half (N6.5 billion). If we have
averagely N30 billion, do the math, divide it by
21 million people. You will get one thousand four
hundred and something naira per person in
Lagos. It is easy then to say let us collect the IGR
you think is big but you are seeing the IGR alone
and not seeing the responsibilities.
Our population has also grown by forced
migration in terms of the Internally Displaced
Persons across Nigeria. I just sent a team to
somewhere in Apapa where there are people
displaced from the North-East of Nigeria in
camps. We have to go and intervene; we cannot
leave them there without help. The sanitary
condition there is horrendous. If we want a
government that only deals with what is
available, then every month is the government
going to tell everybody, ‘go and take your
N1,400; go and build your roads, go and build
your schools, go and build your hospitals,
manage your security?’ But we have to be
futuristic, we have to think ahead. The IGR that
you also talked about does not come as N20
billion to us. It comes when somebody pays N1
million for land today, somebody pays for his
vehicle registration tomorrow, and somebody
pays his ground (land) rent. It is because we are
accountable that we always announce at the end
of the month, ‘this is what we got.’ If we wait for
30 days for the money to accrue, it means we
won’t do any work.
People should understand that we won’t do any
work because the money has not accrued. What
do we do? We borrow against it. The banks
which we collect it from know that we will pay
because the money (IGR) comes through them.
So, we take a loan. But we don’t borrow to pay
salaries; we don’t borrow for recurrent
expenditure, we borrow for capital investments.
I cannot go and tell the person who is waiting to
take his child to the hospital and there is no
hospital space; that they should ‘wait, I am
waiting to collect money.’ If I give you the
contract to build a hospital, I cannot tell you
‘take one naira today, I am waiting for two naira
tomorrow.’ It is not a way to plan construction.
You must gather your building materials and you
must move men to the site. We borrow from the
banks. When the monies come, the banks
deduct them.
The borrowing you are even talking about,
measure it against the assets. We took N275bn
bond over eight years. The first thing we had to
do was to repay the old bond of N15 billion
because the Lagos State Government drew N15
billion out of the N25 billion bond. We had to
repay that so that we could take the full benefit
of what we were planning to do, which was
going to be issued in series. And we did all these
in public. What did we use these monies to
finance? We used them to finance infrastructure.
As the monthly IGR is coming, we are returning
15 per cent of the IGR into a consolidated debt
service account. We can’t touch it. Take out 15
per cent of N20bn. We have over a N100 billion
in that account to pay the debts. Those who are
saying we owe, the system for paying bond is
secured. We just paid the second bond, which
was the first that I took. We paid it last year. The
next bond will be due in 2017 and it is about N60
billion or N70 billion but we have N100 billion in
the account. In any event, we have over-secured
our liabilities as far as the bonds are concerned.
As far as the local short-term loans from banks
are concerned, we were able to pay.

noblezone:


Missing $20B is an allegation.
do not take the politicians word for it.

I passed through the Benin-Ore road, I saw the stamp of SURE-P.
I even have pics and video.

Jonathan worked.

OduaVanguard:
What did FG spend all their debt money on? ? Election bribery? Or the power reform that has left us in perpetual darkness? At least we can see evidence of Lagos state progress.

That missing $20billion GEJ and his cronies stole is alone to slash the $60billion external debt by close to half. Be sincere with yourselves pls. Nigerians are not fools, and it's coz of these sort of excesses that he was booted out.

ElFenomeno1:


Jonathan worked... Can you tell us more about what he did?

ba7man:
The question should be:

(1) How much debt does Lagos have compared to the FG??

(2) What did Lagos do with the monies borrowed compared to the FG??


$60 Billion.................can you compare that to Lagos state's debt??

And we all know Lagos State is currently a rare Nigerian economic success due to its borrowing and has structures on ground to finance its debt.


Can we say the same about the FG's debt??