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N160BN LAGOS STATE LOAN CONVERTED, PDP INSISTS

The Lagos Chapter of the Peoples Democratic Party has accused the Lagos  government of diverting the 160 billion naira loan meant to improve the living conditions  of Lagos  residents and demanded  that the Governor’s Office explain the details of the loan.

The Lagos State Chapter of the PDP has accused the Fashola led government in Lagos State of diverting the 160 billion naira loan meant to improve the lives of lagosians in the areas of affordable housing, ‎transportation, education and other welfare services.
The party posited that the attempted defense hurriedly conjured by Governor Fashola to rationalize the whereabouts of the said loan is weak, unsatisfactory and diversionary.
It would be recalled that the Debt Management Office (DMO) recently stated that the Lagos State Government was exclusively owing 1 billion naira out of the total 3 billion naira owed by all 36 states and the FCT.
Governor Fashola had in a reaction during his inspection of the Lightrail project questioned the DMO’s motive behind the revelation, whilst also claiming to have spent the money on infrastructure such as the ongoing lightrail project.

“We are again vindicated by the DMO revelation on the amount Lagos State is indebted to under governor Fashola. We had said it many times that Governor Fashola has plunged the State into irreparable economic damage going by his monumental and unprecedented debt profile.
“This present revelation of 160 Billion Naira debt is apart the other Local & Foreign loans, Bonds etc running into over 1thrillion Naira.
“This is baffling, especially considering the fact that the State is not enjoying commensurate development as it lacks in adequate and affordable services and infrastructure.
“It is indeed an afterthought for the Governor to claim to have spent the loan on infrastructure. The Major infrastructure is the lightrail project and which was erstwhile presented as Public-Private Investment. What is therefore the amount contributed by the Private investor who is eventually taking the concessionaire?
“This is another government stealing by proxy. No doubt the protracted Project has been used as conduit to steal Lagos funds.

It is our demand that the Governor’s Office must explain the details of this needless loan, whilst the EFCC probes the veracity”.

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