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Thursday, January 7, 2016

We Inherited N432b Debt From Fashola, Says Lagos Govt

The Lagos State Government said it inherited a debt of N430 billion from the administration of Babatunde Raji Fashola.

The debt legacy was revealed yesterday as the state announced plans to float a new bond of N43 billion in the Capital Market this year as part of move to finance its budget deficit.

Commissioner for Finance, Mustapha Akinkunmi however said the debt was not a big burden for the state as the government has set money aside to liquidate a fraction of it.


This year, the government is paying about N78 billion to the creditors.

He said the debt profile of the state is sustainable according to international rating, adding that adequate plans have been put in place to pay back the state’s debt which is a long term debt.

The state government is borrowing N119.7 billion to finance its budget deficit for this year. Out of the N662.588 billion budget for this year, the total revenue is put at N542.873 billion while the balance of N119.715 billion to be funded through borrowing.


Akinkunmi, who spoke in Ikeja, Lagos, Southwest Nigeria while answering questions on how government would finance the deficit said very soon, the N43 billion bond would be floated to raise money to fund the deficit.

25 comments:

  1. seen...Deal with it

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  2. @least we can see what fasola did with money

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    Replies
    1. So its enough reason to incure such a huge debt?..so everything fashola did was not paid for...There can never be Saint among these PLOOTICIANs

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  3. almost every past governors in nigeria leaves debt for the incumbet gov

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  4. What has ambode done for Lagos state? We are still enjoying the good works of Fashola. No good government can succeed without borrowing. Abeg park well and work. If na Jimi Agbaje we vote for sef, we for don dey see difference

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    Replies
    1. Stop crying

      Good for you

      Just like very soon u all will regret ever voting for @Buhari

      Unam ikot



      @Galore

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    2. We shall not regret. Never! He's way better than your looting Jona & his forty thieves.

      Delete
  5. MR EDDY said this heat wan kill person

    I just sincerely hope they meet up with the deficit budget
    ^
    ^
    ^™THAT EDO BOY.COM~

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  6. So? Which government does not owe? Who knows how much debt you will leave behind

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  7. Ambode Tinubu's boy

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  8. this is not news please, for development to happen, govt needs to spend and when they don't have they borrow to develop!The USA as a country has the highest debt in the world. keep it moving please

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  9. Na wa oo

    This is too much


    @Galore

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  10. Ambode face your work of governance

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  11. Ambode face your work of governance

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  12. IMAGINE THE BLOODY TWAT!!!!!



    WWHY NOT GET ON WITH YOUR WORK???!!!




    WHICH COUNTRY DOESNT HAVE DEBT?????




    AT LEAST WE CAN SEE WHERE THE MONEY WENT!!!





    WHY NOT FOCUS ON ADDING SOME BLOODY VALUE???!!!


    jezzzz......





    amazing

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  13. Governments do borrow....... There's no country in the world that's debt free but it's the ability to sustain such that matters.... as long as the economy can withstand such then no qualms

    ReplyDelete