‘Much ado about Lagos debts’

Just last month, Fitch upgraded the state’s National Long-Term rating from AA to AA+ with a stable outlook which is an indicator of the financial resilience of Lagos.

What further assurance of stability can you ask for?

This is the only state in Nigeria with that rating. This is possible because an APC Government runs this state.

This is the 5th largest economy in Africa, please remember that when you go out to vote. It is not a place to experiment with beginners.

So when next the voodoo economists come to you about debt, remind them that they said the same to you in 2003 when Lagos issued the first state bond of N25 Billion and drew N15 Billion to build roads and schools that are still there.

Tell them that Lagos has paid that debt.

When next they tell you about debt, tell them that private companies, who have no responsibility for security, for water supply, for public health, for road construction and many other public services are borrowing in excess of what Lagos has borrowed.

When next they come to tell you about debt, remind them that they approved the borrowing.

And if they ask you about debt still, ask them to account for over N2 Trillion spent on fuel importation without appropriation, and to explain what happened to $20 Billion.

If these huge amounts were made available to the Federation account for the states, and local Governments, clearly things might be different.

Distinguished Ladies and Gentlemen, this is a summary of what we have done with your time and your resources in the last 100 days.

Thank you for coming and for listening.

*Fashola, governor of Lagos state, made this speech on occasion of his 2700 days in office on Sunday, October 19, 2014