Politics

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.

ADVERT How I Increased My small manhood Size & Stopped Premature Ejaculation That Scattered My Relationship for 2 yearsClick HERE For Details.
A Community For Couples Trying To Conceive - Click Here To Join
READ  What Metuh Told Me When I Visited Him – PDP New Media Boss
Click to comment

Leave a Reply

Your email address will not be published.

Most Popular

To Top