‘Much ado about Lagos debts’

When it is finally commissioned, power will be supplied to LASUTH, Ikeja High Court, Ikeja Magistrate Court, the Lagos Police Command, Ikeja Water Works and the generators powering Agege Motor Road street lights through to Oshodi will be decommissioned.

Recently, specifically on Thursday 16th October 2014, our economic empowerment programme was manifest in the Agricultural sector.

At the Johnson Agiri Agricultural Complex, 3,149 farmers who we had trained in their various farming occupation from poultry and egg production to fish farming, pig farming, vegetable production, cassava production, rice production and coconut production, received various inputs, equipment, seedlings, start off supplies to enable them become self-employed.

These people can now get up every morning with pride and dignity and say, I am going to work.

This is the Spirit of Lagos – Dignity and Hard work.

200 farmers also got their title deeds which means that their land holdings are now registered and can make them eligible for business loans because they now have collateral.

As I said at the event, we measure our economy by the opportunities we create for these small businesses and the contributions they make to the economy.

We do not measure our economy by the number of billionaires and private planes.

We know they are there, but the only way their businesses will be safe, is if small businesses also develop.

As we wind down to the end of the year and prepare for the next election in the New Year, many things will happen.

Some people who have not done any hard work all year will be looking to reap where they did not sow, by seeking to make quick money through illegal means.

My advice to them is that they will find Lagos a very difficult and painful place to operate.

Our security systems are constantly being reviewed and upgraded to prevent and to stop crime.

The end of the year also brings on the onset of dry weather and the risk of fire.

While I urge you all to be security and safety conscious, I am pleased to inform you that the 32 fire engines we ordered to combat fire, have now arrived and our capacity to protect your property and lives will be enhanced.

It is perhaps instructive to at this time remind you about the rumpus that was raised when we ordered these fire engines. We were accused of borrowing money.

Recently also, our political adversaries have issued statements that we have borrowed N160 Billion. What they have not told you is what we are doing with the money.

In the last 100 days, we have commenced work on providing street lighting on the Muritala Mohammed Way in Yaba. This is 10 Kilometres of Public lighting which will be completed by the end of this month.

On Eko Bridge, Carter Bridge, Ikorodu Road, Lekki-Epe Expressway and every street and highway where there is street lighting in Lagos, it is the Lagos State Government who supplied the poles, the bulbs, the diesel and the maintenance.

The only major highway we are not managing for street lights is the 3rd Mainland Bridge.

Fire engines, to secure lives, Rail Transport from Okokomaiko to Marina, with four stations of 8km completed, and work heading to Marina, with piles appearing near the Eko Bridge every day are the places your Government is spending money.

The expansion of the Lagos Badagry Expressway to a 10-lane highway is another place where your Government is spending money.

What the voodoo economists will not tell you is that N51 Billion of certified works, done on Federal Government Roads by the Lagos State Government, is owed to our Government by the Federal Government and is not yet paid.

If we had N51 Billion, what we would borrow will be reduced by that amount.

If they take up projects, like rehabilitating the expansion joints on the bridges built in Lagos when she was the Federal capital, our burden will reduce.

If they provide electricity to schools and hospitals, the cost of Government will reduce.

Whatever the case, let me assure you that your state can repay every debt that she has contracted; in order to provide services for you.

This year our 2009 bond for N50 Billion fell due for repayment. We paid without any problem.

After payment there is still a balance of N82.3 Billion in the Consolidated Debt Service account, which will continue to grow because of the monthly savings we make into it, in readiness to pay our three outstanding bonds of N57.5 Billion, N80Billion and N87.5Bn which are maturing in 2017, 2019 and 2020 respectively.

Ladies and Gentlemen, your state is safe, its finances are secure.  It has a Fitch International credit rating of BB-, stable with a positive outlook, which is the same as that of the Federal Republic.