Sanwo-Olu Grew Lagos Debt From N542b To N797b Without Any Development

 Sanwo-Olu Grew Lagos Debt From N542b To N797b Without Any Development

Governorship candidate of the Peoples Democratic Party (PDP) in Lagos State, Olajide Adediran popularly known as Jandor on Thursday said there is no justification for the N350 billion Lagos State governor, Babajide Sanwo-Olu wants to borrow.

The governor who presented a budget of N1.69 trillion to the State House of Assembly for approval for the 2023 fiscal year had revealed that the state will borrow N350 billion to fund the 2023 budget.




The governor disclosed that the budget is deficit and is to be financed by borrowing, which is pegged at N350 billion.

Currently, Lagos’ domestic debt as at June 2022, according to the Debt Management Office (DMO) stands at N797,305,312,602.53, while the foreign debt stands at 1.27 billion US Dollars (N555.828bn).

READ ALSO  MTN To Takeover ₦202 Billion Enugu-Onitsha Road Construction

Speaking with Newsmen, Jandor said Sanwo-Olu is yet to account for the N255 billion he borrowed without nothing to show for it.

“Has he ( Sanwo-Olu) accounted for the N255 billion borrowed by his administration with nothing to show for it? He grew our local debt from N542 billion in 2019 to N797 billion today with no single development to show for it” he said.

Shares
images 9 2

Recommended For You

About the Author: Akelicious

Leave a Reply