Former minister of aviation Femi Fani-Kayode blasted the Lagos state governor for borrowing from World Bank and accumulating so much debt, that will take 'Generations of Lagosians yet unborn' to pay.
The former who recently left the All Progressives Congress (APC) because he did not like the way the party was being handle, shared this on his Facebook page
'Lagos State is 1 trillion naira in debt. That is 25 per cent of the debt of all the states in the Federation put together. Generations of Lagosians yet unborn will be struggling to pay off that debt. Clap for Tunde Fashola.'However the Lagos State Govenor, Governor Babatunde Fashola of Lagos State justified the decisions of the Lagos State Government to take a bond from World Bank, saying strategies had been put in place to ensure repayment of the loan in due period.
He said the economy of the state had recorded exponential growth over the years and had been consistently rated high by international rating agencies, insisting that criticisms that the state was borrowing too much were unfair.
Speaking on the rationale behind the debt, Fashola said:
“I think it was the debt management office of the Federal Government that published the report that we have a debt of about N160billion. I don’t know the intent of the publication but if it was to inform the public, I think we have always kept the public informed anytime we borrow money. If there are other intentions behind that, only those who make the publication would know what the intentions are.
“But you see, when people talk about debt of a state like Lagos, they forget that after Nigeria, South Africa, Egypt and one other country, we have the fifth largest economy in Africa. When you are talking of about a billion naira debt to a population of over 21 million people; because if you are measuring the debt, you also have to measure the responsibility. Those are the things people keep in isolation.”
According to Fashola, the Lagos State government already had put in place strategies for the repayment of the loan, insisting that the Federal Government was in the know of the state’s decision to take the bond and it approved it.
He said “The truth is that what they don’t also say is that no state in Nigeria can borrow money outside, from any multilateral agencies without the approval of the Federal Government. So, what they did not say is that they approved it. No state can raise money by bond the way we have done without the FG’s approval.
“Securities and Exchange Commission is one of Federal Government`s regulatory agencies through which we must pass.If they say okay, it means there must be something good about the debt.”
`Our rating as a state is the same as that of the Federal Republic of Nigeria, BB Minus-Stable with a positive outlook. We are the only state in Nigeria that has that rating.
The first bond that was taken during my first tenure has been paid, the first tranche. I think the second tranche will be due around 2016 or 2017 and we are already making provisions. The provisions that will be there will be in excess of what is needed,“
only lagos state.den nigeria as a country is owing how much
ReplyDeleteFemi Fani Kayode! Why did you choose to expose your level of ignorance? Yet, you are a former minister of Aviation; don't tell me you don't know that the Federal Government must sign or approves the Bond of such magnitude before any state can be given such loans? Pls stop talking for just talking sake.
ReplyDeleteBrother Fani, you are a mad man, a propagandist, an enemy of progress, you are a hate, an insincere fellow and an alarmist. You did not show the accume of knowledge I thought you are. I am disappointed you are a lot partisan and it just does not speak well of you. Anyway, I wish you luck with Goodluck.
ReplyDeleteFFK, you stole money while you were a serving minister under Baba and nothing to show about our aviation industry.
ReplyDeleteYou went to beg Gej not to be probe by efcc. May be you think we are fools, please time is past.
You are a political juggernaut.
You don't seems to know your left from right.
Very soon I say very soon you will also insult OBJ that brought you to lime light.
Trust the west were you come from, they will soon shame you, foolish man.
You started from saying you had sex with Ojukwu's wife and that the Ibo's are fools. Now is the turn of your kindred.
Very soon you will insult 0oni of Ife.
Everybody knows that you inherited this character from your late father.
You fear not tomorrow.
Posterity will judge you.
Femi Fani Kayode is a sinking man who will clamp on anything to keep afloat including a dumb report is this without first confirming the modalities of the debt with his bosses in government who are in-the-know regarding the debt.
ReplyDeleteFFK should concentrate of his corruption case with EFCC and stop this daily show of ignorance on the faces on newspapers.
You a stupid man, we still haven't forgotten what you did at the aviation and your charges at the efcc.
ReplyDeleteYou are a stupid man, we still haven't forgotten what you did at the aviation and your charges at the efcc.
ReplyDeleteFFK, may l asked you where do you expect Fashola to get money for all the development strive. FFK fool for ever.
ReplyDeleteIt is rather unfortunate that FFK is a highly educated illiterate. He knows nothing about finances. Can we all see what Lagos State Government used the money for? Did they share it among themselves? Why is it that Lagos State is being flooded daily with Nigerians and non-Nigerians? Peter Obi left loads of cash in the treasury after his term, what is the sense in that if all his people will keep on flooding Lagos for one thing or the other? I am surprised that the prostitute FFK will show his ignorance by writing this nonsense. Lagosians are not complaining, we are proud of the developmental projects here. Cough the stolen money from the Aviation Ministry and bury your head in shame.
ReplyDeleteAll of you insulting ffk are jobless and very naive. That FG approved of it is no justification for a state that controls 70% of Nigeria's economy. Approving such a request is like approving any other financial function. As a staff of a company in Lagos I pay heavily for tax. It is those who pay this tax that will understand the pains. For the past eight years I have never paid below N7,000 out of N80,000 that I earn per month. How many people are loosing this sort of money every month. Fashola there is life outside state house
ReplyDeleteAnonymous 10: 22. You are just a frustrated man venting steam for no reason. You work in Lagos and probably reside in Lagos as well and you expect not to pay your tax? What you haven't contested is the fact that according to you, the 70% control of the economy by Lagos is by proper economic and financial management, The US is about the largest debtor nation in the world same is the UK and other developed economies but their economies are also among the best because of prudent management of their debt and resources. It is obvious by your comment that you are neither knowledgeable in financial nor economic matter and only concerned about paying little or if possible no tax at all. Well Mr, there is no free meals anywhere in the world where the standard of living is high and amenities are provided for the citizenry. You may offer to relocate your place of job and residence to Yobe or Zamfara if you want a menial standard of living and almost no tax payment.
DeleteFFK is trying so hard to be relevant and God will never bless this cheap hustle. What has Federal government showed for all the borrowed funds? The yearly security votes, who spends it? NNPC is a den of robbers, yet its shrouded in secrecy. Femi is mentally challenged. Wayray alaso. Broke ass niggar.
ReplyDeleteThat anonymous guy, you earn N80000 and pay say N8000 which is not possible, go abroad if you are tired of paying tax in Lagos. Muntula, that's ur nickname.
ReplyDeleteAnonymous 9:46am you are jobless I guess. Face the truth and enquire as to the reason why Fashola borrowed more than all the states joined together. Lekki/Ajah road and other roads around that zone were built and is beign paid for by the toll fares from the toll gates. Majority of workers in Lagos are the ones paying the state govt through tax. All the tank farms and private firms go and ask how much they pay the state govt.... How wise is it to pay Tinubu and co with money that will be used in protecting and building for your future? And you are here been dogmatic and unreasonable.
ReplyDeleteThat lagos is indebted is no secret. what is not being told is the capacity of lagos to pay back the debt. The organisations that lagos is indebted to are not stupid. They would not give them a loan that they have no capacity to pay back. I fault Femi fani-kayode on this politically motivated remark.
ReplyDeleteAnonymous 2:52pm any state can borrow any amount because they statutorily credit worthy. But the future generation should not live paying debths.
ReplyDeleteAnonymous 11:04 this so called Lekki/Ajah road that u insist ppl ar paying tolls for, do u try to find out where the revenue to execute the construction of the route came from? Is it not from this so called loan?
ReplyDeleteFFK,when a man talks too much,he ends up diluting his masculinity. Why not allow those pple who assume you are educated believe you really are,instead of always minimizing yourself this way. Nobody will run away from this country because of you. You're certainly making things worse for yourself. All your places of refuge you're spoiling. Where will you hide when this sledge hammer I'm seeing comes for you. A word is enough enough for the. You're not even fit to be a moral judge so be quiet!
ReplyDeleteAnonymous 10.22, if u claim to pay tax of 7000 on a salary scale of 80000 is much. But d fault is nt that of Lagos state govt but ur company. U are not supposed to pay dat much cos Pension has to be taken into consideration before arriving at ur monthly PAYE. So, discuss wt ur superiors on d rate by which you are being calculated.
ReplyDeleteHonestly, Lagos has d legibility to borrow any amount and also has d capacity of paying back. But it means eating tomorrows food today and being hungry tomorrow. The annoying aspect of these moneys borrowed is that they're not used for projects rather they're shared and used to sponsor party activities will private partnership which is indirect loans executee the projects that you see. Lagos prudently can survive without abuja and without borrowing outside bcos of existing federal infrstructures resident in Lagos. Lagos will borrow another once a new governor takes over bcos projects of today are old projects tomorrow bcos d world is changing but the living conditions of d poor in Lagos should be looked into
ReplyDeleteThanks Allah, we have more intelligent men and women in Nigeria than this man of questionable characters coming out to criticize others.
ReplyDeleteHe believes Nigerians have forgotten his case with EFCC. Shameless man of the century. Go and hide your in darkness.
FFK's ignorance should be pardoned. He just exposed his intellectual incapability. Does it have to take Lagosians so long a time too to wait for development?
ReplyDelete