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| Ms. Marie-Francoise Marie-Nelly |
The World Bank group has approved $200m credit to Lagos State to support a range of reforms in regards to fiscal sustainability, budget planning, budget execution and the investment climate in the state.
A statement issued by World bank on Wednesday said the facility would help sustain the state’s recent economic growth and poverty reduction, while delivering social services to the expanding population.
The funds from the International Development Association segment of the World Bank Group supports the Third Lagos State Development Policy Operation and is the last of a series of two development policy operations, which aim to improve public finances and investments in a fiscally sustainable manner.
The bank said that Lagos State has achieved significant economic growth, improved its infrastructure and services, significantly reduced crime, and brought millions of people out of poverty within the last 10 years.
The World Bank Task Team Leader for the project, Jariya Hoffman, said:
“The operation’s focus on furthering improvements in the transparency of the budget system, effectiveness of public expenditures, and the business climate will help sustain the pace of economic growth and thus the state’s positive momentum towards income equality and the delivery of public services,” he said.
The World Bank Country Director for Nigeria, Marie-Francoise Marie-Nelly, said,
“This operation is designed to assist Lagos State in its quest to continue its recent success in spite of the challenges brought on by rapid economic and population growth.
“As an urban agglomeration that has reduced income inequality during double digit economic growth, Lagos is an example of inclusive growth in Nigeria. If the Lagos experience is sustained, there is strong potential for this type of inclusive growth to spread to other parts of Nigeria.”
According to the bank, the operation will improve the state government’s fiscal sustainability by anchoring the budget on a framework that accounts for key fiscal risks and improves revenue collection. Support for adopting a new approach to budget planning and preparation will ensure adequate allocation of budgetary resources to social services such as education and health.
Punch
48 comments:
more and more loans...
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Borrowing money despite d huge debt Lagos incurred during Fashola tenure is a bad idea
Ubanagum
Nice move
You people should continue borrowing o. Lol. Bankruptcy soon
Okay
Good one
Borrow borrow. Gbese. I hope we can pay back. With all the money Lagos State generates do we need a loan? Oh I forgot- Jagaban and AlphaBeta are chopping. And we talk of "anti corruption" and "change"? Shame!
Good one, eko Oni baje o
Ambode don hammer... dee
Good for em
This life is very funny...
Abia state needs only $2m to develop d state...
And Lagos is getting $200m to add to their numerous developments...
Its well,even in d WELL...
Ambode working already!!! Im impressed!!
ok seen hope it goes well
$200m Loan? Plz what the total intrst on that money per Month??
I don't Beliv in Bank Loan .
*DEW*
...and the debt profile keeps increasing
The borrowing has started.
Setting standards.
Loan again? well...
OKORO UPGRADED**
Money chopping will be full blown for the new intake of politicians
Money chopping will be full blown for the new intake of politicians
Just one month and Ambode has started borrow borrow
Looking at all this big big grammer, the loan seems like a good idea, but has Nigeria as a whole paid off its debts? This is another step towards trouble o. Linda take note!
States are now borrowing from the World Bank. In a country rich in petroleum, mineral and agricultural resources, that's a big shame. They should tell us what they what in exchange, oyibo do not give loan/aid just like that.
Choi
Gbese re o
ANOTHER WAY TO LOOT.
ANOTHER WAY TO LOOT.
Here we go again!!!As Fashola Boro reach,Ambo sef don de folo him footstep
Why is Lagos state borrowing money from the world bank instead of going through the federal government? Or have I missed something???
Issokay o! I hope Nigerians won't be forced to pay through their nose later. Linda take note!
Issokay o! I hope Nigerians won't be forced to pay through their nose later. Linda take note!
Gov. Ambode and his cohorts will loot all the money.
Linda cogitate
Hmmmmm
At what cost ooo at what cost.
I don't trust these neo-imperialists.
Go Lagos!!!
Please let's make sure the money is properly spent
Huh......200 million dollars....kinda much oo
This one is going straight to Tinubu's Pocket
Oya!! Owambe has set
So why were APC making noise about Wike's loans that are not even up to half of that?
200!!!!! And they were shouting that Wike borrowed 30??? Choi. The are already $400m in debt and now they are $600m well done! Keep chasing FFK for $2m oloshis
Please Ambode should tell us precisely what they want to use the loan for. It is not just about the amount approved but how judiciously it will be applied. Imagine the traffic, potholes,flooding,robbery etc.Lagosians are really suffering.
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Lagos and the new loan wahala
As at the last count, Lagos state owes approximately $1,169,712,848.65 and by approving this new loan, it will jump to $1,369,712,848.65! The pain in this is that, the loans will increase Nigeria’s debt profile, yet no one will raise an eyebrow. Yes, it could be sustained given Lagos’ current IGR, but what happens when we have an economic crunch as we are doing now?
Secondly, what happened to the implementation of the Lagos blue line rail system which by the way was funded with loans too. Has it been commissioned and working? Remember, the initial date of delivery of the project was 2013 and later 2014 and now we are in 2015, yet no one has said anything about the date for the use of the blue line. I quite agree that the ADB & World Bank may have done their due diligence, but it still does not excuse the gaps in the delivery of the project and subsequent request for more loans. We can also infer that after the GEJ administration granted Lagos State the right of way for the construction of the Railway RED line, another $2.4 billion will be required as a loan to meet this important project!
No be una vote dem in?
Lagos and the new loan wahala
As at the last count, Lagos state owes approximately $1,169,712,848.65 and by approving this new loan, it will jump to $1,369,712,848.65! The pain in this is that, the loans will increase Nigeria’s debt profile, yet no one will raise an eyebrow. Yes, it could be sustained given Lagos’ current IGR, but what happens when we have an economic crunch as we are doing now?
Secondly, what happened to the implementation of the Lagos blue line rail system which by the way was funded with loans too. Has it been commissioned and working? Remember, the initial date of delivery of the project was 2013 and later 2014 and now we are in 2015, yet no one has said anything about the date for the use of the blue line. I quite agree that the ADB & World Bank may have done their due diligence, but it still does not excuse the gaps in the delivery of the project and subsequent request for more loans. We can also infer that after the GEJ administration granted Lagos State the right of way for the construction of the Railway RED line, another $2.4 billion will be required as a loan to meet this important project!
Lol. Naaaaaaaaija!!! Anyways. I voted my conscience and I have no regrets even though they did not let him get there. Nigeria has a long way to go. I can now see clearly that the leaders are not even the problem. It's the citizens who deep down in them knows what is right and won't do it. Shame! Change is here ya'll. Better start eating.
I though IDA fund were earmarked for the World's poorest countries? This is not a smart and financially intelligent move.
Do we need loan in lagos again after, 25yrs loan servicing already? pls use our IGR to do this and cut cost of running governance..
They should manage what they have in the purse inside of loan
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