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Fashola Defends Lagos State’s N160bn Debt

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Lagos State Governor Babatunde Fashola, yesterday, explained the rationale behind the decision of the state to take a bond worth over N160 billion from the World Bank.

According to the governor, the economy of the state had recorded exponential growth over the years and had been consistently rated high by international rating agencies. Criticisms that the state was borrowing too much are therefore unfair, he said, adding however, that strategies had been put in place to ensure repayment of the loan in due period.

“I think it was the debt management office of the Federal Government that published the report that we have a debt of about N160 billion. 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.”

“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,” Fashola said.

The comments were made by the governor while responding to questions from newsmen after an inspection tour of the ongoing construction of the light rail terminus at Orile-Iganmu, Lagos.

He expressed satisfaction over the level of work done so far on the project, but aired his disappointment that the work did not move as smoothly as expected.

He however, expressed optimism that the project would be completed in another 12 months.

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Femi Otedola Reacts To Lekki Tollgate Shooting

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Femi Otedola Finally Reacts To Lekki Tollgate Shooting
Femi Otedola

Femi Otedola

Nigerian businessman, Femi Otedola has finally reacted to the shooting that took place at Lekki Tollgate, Lagos on Tuesday.

Information Nigeria recalls men dressed in military wears opened fire on unarmed #EndSARS protesters, who convened at the area.

Otedola took to his Instagram page on Sunday to commiserate with the families of those who lost their lives in the unfortunate incident.

Sharing a photo of the Nigerian flag, he wrote;

“The horrors that have been unfolding in our country have left me filled with sadness. I deeply commiserate with those who have lost their loved ones and as a father, I share the sentiment of my three daughters who protested in Lagos and London. As a young boy of 16, I participated in the ‘Ali Must Go Protest’ of 1978, so I understand the determination of our youths who rightly want our country to be better. We must all do our part to make Nigeria great! I will continue to do my own quota in providing for those who are most in need of support in our country in these tough times .…F.Ote💲”

Read Also: Femi Otedola Spotted Dancing With His Children (Video)

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Otedola’s post

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“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” – Brother Claims

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“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” - Brother Claims
Oke

Oke

Information Nigeria recalls a graphics designer identified as Oke, was killed hours after tweeting “Nigeria will not kill me” on Wednesday.

It was reported that the young man had passed away after he was hit by a stray bullet.

The deceased’s younger brother, Daniel has come out to clear the air regarding the circumstances leading to his death.

Daniel revealed his brother was stabbed on the neck by thugs who infiltrated and ransacked their home.

In his words;

Good day, My name is Obi-Enadhuze Daniel younger brother of the now deceased Okechukwu Obi-Enadhuze @O_Okee . I, my brother and mother lived at makinde police barracks, mafoluku, Oshodi, Lagos State.

Today at about 11 o’clock in the morning the police station at makinde was attacked by thugs who wanted to destroy the station, I my mom and brother were holed up in our house.

 The attack went on for hours before the thugs eventually breached the police and proceeded to set the station on fire, after accomplishing this they set their sights to the barracks and began the assault, they proceeded to destroy every car in the barracks, my mom’s 2 cars where destroyed and set on fire and then they infiltrated our house by breaking the door they then proceeded to ransack the house and carted away with everything we own. 

 my brother on trying to get them to take everything but spare us was pushed to my mom’s room and stabbed on the neck, the attacker then proceeded to attack me but missed my neck but got my chin instead, after this my mom and I carried my brothers body to the entrance of the station soliciting for help from the thugs still ravaging the barracks, we were finally able to put him in a wheelbarrow and took him to a hospital where he was rejected because “he was already dead” unfazed we moved him to another hospital where he met the same treatment this was where he bled his last drops of blood and died, his body has now been moved to a morgue

we have lost every single thing we own, as our house was completely ransacked and set on fire the only thing left is my brothers phone and at about 8 o’clock this evening the barracks was still on fire but Okechukwu has paid with the ultimate price

I and my mother are homeless with nothing now but we’re safe for now, we thank everyone that has been able to reach out to us, and were able to share consoling words with us in these trying times, God bless you

While we were holed up in the house the three of us said these words together and we say it again ” THREE OF US ARE HERE, THREE OF US ARE TOGETHER, THREE OF US ARE SAFE”

Let it be known that my brother @O_Okee  was NOT killed by a police bullet but died a hero protecting my mother and I.

If you see this please retweet, let the world know how Okechukwu died. He was NOT killed by a police bullet but thugs in his home!”

Read Also: RIP Oke: Barely 3hours After Tweeting “Nigeria Will Not End Me” #EndSARS Protester Dies From Gunshot

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Youths Burn Down Sanwo-Olu’s Mother’s House In Lagos (VIDEO)

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Youths Burn Down Gov Sanwo-Olu’s Mother’s House In Lagos (VIDEO)

Youths Burn Down Gov Sanwo-Olu’s Mother’s House In Lagos (VIDEO)Lagos youths have set the family house of Governor Babajide Sanwo-Olu on fire.

This was after the Governor said that no nobody was killed during the shooting by soldiers at Lekki Toll Gate on Tuesday night.

Sanwo-Olu had debunked claims that the soldiers opened fire and killed some peaceful protesters.

Recall that men of the Nigerian Army reportedly opened fire on protesters following the declaration of 24 hours curfew by the Lagos State Governor, Babajide Sanwolu.

Bullets fired by security operatives hit some persons and at least two persons have been confirmed killed by the police and many injured

Voices in viral footage blamed the shootings on soldiers.

However, the angry youth attacked several important places such as Nigeria Port Authority, TVC News, and the family house of the Governor where his mother resides.

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