Okonjo-Iweala blocks banks from funding states – Fashola

Minister of Power, Works and Housing, Babatunde Fashola. Photo credit: Sun Newspaper

The Peoples’ Democratic Party-led federal government’s “uncoordinated and inconsistent” management of fiscal and monetary policy levels has exacerbated the nation’s economic problems, Babatunde Fashola, the Lagos State governor, has said.

While appearing before the state’s lawmakers Tuesday to push for an amendment to the 2015 Appropriation Law on Tuesday, Mr. Fashola said that his administration’s rigorous thinking had protected Lagosians from the PDP’s “amateurish” management of the national economy.

“Today the Honourable Minister for Finance, if any honour still attaches to her actions, has stopped Nigerian banks from funding state governments because of elections, as if the needs of the people for roads, healthcare, drugs, education and security has stopped,” Mr. Fashola said.

“She has insisted that in spite of individual appraisals of each bank by their credit committees, all state request for funding by banks must be approved by her Ministry.

“To the best of my knowledge, she has not granted any of the requests submitted to her for approval in her new coordinating role as the retail banker for the Nigerian economy.”

The Lagos State House of Assembly passed the 2015 budget six weeks after it was presented by Mr. Fashola.

The N489.69 billion budget was passed as it was proposed by the governor.

On Tuesday, Mr. Fashola told the law makers that the fall in global oil prices which had led to a significant reduction in revenues accruing to the Federation Account, had led to a decreased allocation from the federal government.

According to the governor, Lagos State’s share from the Federation Account had fallen from a monthly average of N11.05 billion in 2014 to the present N10.34 billion.

In February, the state recorded a 14 per cent decline in federal allocation compared to the previous month.

Mr. Fashola also told the lawmakers that the state’s internally generated revenue fluctuates from month to month.

“In 2014, Gross Revenue (IGR and FAAC) performance was 86 per cent (2013 – 91 per cent). In actual fact, our Revenue performance over the past years has never achieved 100%,” said the governor.

“However, the method of disbursement of funds to certain MDAs as First Line Overhead Cost as contemplated in Section 4 of the Lagos State 2015 Appropriation Law is based on 100% revenue performance. This assumed revenue performance has never been achieved in reality.

“In the light of the foregoing, I consider it expedient to advert the attention of the Honourable Speaker and the Distinguished Members of the House to this salient issue and to request a slight amendment to the 2015 Appropriation Law as it affects funds disbursements to the six (6) MDAs specifically listed to receive 100 per cent of their respective budgeted overhead costs on 12 equal monthly instalments to a more appropriate Consolidated Revenue Fund (CRF) performance-based methodology, that is tied to actual revenue performance.

“This modification shall also be applicable to other MDAs as relevant including the Lagos State Internal Revenue Service (LIRS), irrespective of the level of revenue generated.”

Mr. Fashola noted that the State Executive Council at its sitting on March 2nd, unanimously passed a resolution approving the adoption of the Revenue-Based Disbursement methodology in respect of Overhead Cost disbursements, pursuant to an amendment of the 2015 Appropriation Law by the House of Assembly.

He further urged the lawmakers to note the declining revenue performance at national level, in particular the extant macro-economic condition of the nation, its impact on the revenue accretion to the three tiers of Government and the realities of the State’s Revenue performance.

“I therefore crave the indulgence of this Honourable House to consider the proposed amendment(s) to the 2015 Appropriation Law and pass them into law,” he said.


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  • Frank Bassey

    . You are not being honest, Sir. You had at various times given the impression that Lagos does not rely on the Federation Account allocation to survive. What has the dwindling oil price and drop in federal government revenue got to do with Lagos State Budget then? Did you tell your lawmakers how much you and Alpha Beta loot from the state treasury as has been made public recently in the documentary, “Unveiling the Real Tinubu”?

    • Kay Soyemi (Esq.)

      This is not about “surviving”, Mr. Bassey.

      Please re-read again, if you did the first time, and comprehend.

      • taiwo

        the number one Tinubu e rat is here,welcome boy been expecting you

        • Kay Soyemi (Esq.)

          Does that make you the #2 PDPig?

          You are not welcome here, swine!

          • judey

            Did you read @charles_owolabi:disqus’s comment? You’ll cry for Tibubu and his present APC gang!

          • taiwo

            what else do one expect from an omo ale?

          • Kay Soyemi (Esq.)

            Well, I can tell you!

            An “omo ale” would simply give birth to another one like you.

            Guess ‘it’ already did – YOU!

          • Shaibu Ocheme

            Although I disagreed with your views sometimes, I noted your civility and assumed that it was a sign of cerebral mind. However, of late, as elections dates draw nearer, it appears you are getting unduly worked up with a noticeable tendency to be rude and crude to others with opposing points of view. What’s the reason for this Mr Kay? I equally noticed that your tendency for rude responses to comments from others is usually more acute when the opposing views are aimed at Bola Ahmed Tinubu. However, in one previous exchange between us you said you are not a “fan of BAT” to use your own words. So how come you apparently become so jumpy whenever anything negative is written about BAT, regardless of the veracity or otherwise of the contents of the comments about BAT? Is there more to it than meets the eye? ?

          • Kay Soyemi (Esq.)

            Shaibu, thanks for asking, but be in no doubt as to what I think of BAT.

            I am not a fan of his, albeit, I respect his political sagacity. I am an APC man to the core, but it does not mean I can’t, or won’t criticise the party or other stalwarts if they get things wrong.

            As to being rude to other people on this forum, I make absolutely no apologies, particularly when they have been to my person. Civility begets civility and self respect is also a two-way traffic. If I write a comment that is, perchance, un-towards against someone who has not been rude to my person, I do proffer my apologies to same once my attention is drawn to such comments.

            This does not mean that I will gladly suffer fo*ls or trolls. Politics is not my professional calling. Therefore, I am not compelled to be civil to trolls, as I am obliged to, in my profession as a cleaner.

            Listen bruv, you have disagreed with me and pointed out what you think are flaws in my person, yet I have not been “rude or crude” towards you. Do you know why? It is because you haven’t done either to me.

            I simply refuse to become a statistic of cyber-bullying as I won’t be in real life either. So, to trolls, I state “bring it on”, but for others who can comport themselves with dignity whilst disagreeing with others, I say “RESPECTS”.

            Lastly, please let me disabuse your mind on the wrong notion that I appear more desperate as the elections draw nearer. Nothing can be further from the truth because there is nothing personal at stake for me here. In truth, I will be in far away Malta on the Election Day as I am treating my other half for her fiftieth.

            I trust this clarifies any dubious doubts you may have about my person.

            Regards

            K

        • Charles Owolabi

          Taiwo there is absolutely no need for insults.
          we must all try to conform to the common norms of civility in our postings.
          We must not descend to the gutter like Governor Fashola who has decided to insult the Honorable Minister for Finance for doing her job as the head of our economic management team
          Part of the reason Madam is paying closer attention to the borrowing done by states is because state borrowing has reached dangerous levels something she has been blamed for by the opposition and the capacity of these states to meet their obligations is also in doubt.
          A good example of such a problem is the 58 Kilometer Lekki express way where the Federal Government underwrote the project a condition that was required by the consortium of Local and international banks that funded the project.
          Despite the no completion of the project and the questionable concession buy back done by Lagos State, the state government has failed to meet its payment obligations to the lending institutions. Lagos State has asked the lenders to reschedule the entire facility under terms that the lenders find totally unacceptable. Lagos State has further requested that the lenders grant an extension of the facility from An initial 5 year tenor to 30 years. This is in complete violation of all the covenants reached .
          This problem has not gone unnoticed by the Honorable Minister of Finance who has been confronted by the international banks on this matter. The international lenders are demanding that the Federal Goverment make good it’s pledge/ guarantee to the consortium and pay off the borrowing done for the project.
          The minister has been disturbed by the lack of transparency on the part of Lagos State in the collection of toll . She can not understand why The huge amounts collected daily is simply not remitted to the lenders. The entire issue has become a total embarrassment for the Federal Government.
          The action taken by the minister in my openion is appropriate.
          She must however ensure that before any other borrowing is done by a state , a few parameters must be meet which should include a test of the absorptive capacity of that state and
          clear repayment sources Must be identified- in other words the securitization done through the FAC account system can no longer serve as an adequate mitigating measure for any state borrowing.
          Governor Fashola should have been truthful in his address to the house.
          He has clearly been economical with the truth.
          I expect the Honorable Minister to hit back hard.
          She takes no prisoners when you open up a fight of this nature – you can ask Soludo who has seen his reputation totally destroyed internationally for dealing out lies about the Nigerian Economy.
          Fashola may have started a fight that might destroy what is left of his battered reputation.

          • Osogagba

            Well said. Very well said, bro.

          • taiwo

            These guys planted by the APC spokesperson to hurl abuses and deceive people in this forum must be told some home truths once in a while and that atimes is by talking to them in the language they understand

  • B.Messi

    They are leaving tomorrow and they are borrowing left-Right-and Centre! Are they trying to mortgage our future??
    At this rate, these ‘Puppies of Bourdillon’ will soon blame this poor hardworking woman for their weak erections.
    Haba!

    • Wähala

      Hmmm Baba Messi…
      Odeku o for dis your comment, I gbadun am. The able Finance Minister blocked all thieves from borrowing in election era to fund their thugs or like you said, bolt with our treasury. Who said she’s not a very smart woman? Odeku, biko!

  • Fairgame

    Fashola the boy of criminal Tinubu the Father criminal has finally become Fashola the son. A criminal in his own right. So in the twilight of your administration you want to go a borrowing? By the way why do you want to borrow sef? Why don’t you borrow from your father Thiefnubu who owns Lagos?! Fashola is now a shameless tout. Change is coming to Lagos. There is no vacancy in Aso Rock.

    • taiwo

      they have put ekiti state in perpetual red and are striving to do the same in lagos and osun before they will be swept out by the people

  • taiwo

    Go and repay the ones you borrowed before now,you and Aregbesola especially.The ones that Fayemi borrowed is still causing problems for the people of ekiti till date.Ask your oga the national leader of your party to refund some of the monies you donated to his bottomless pit reservoir

    • Dr. Kay

      Lol, he’s 1000000000000000000% better than PDPs best so keep on sulking APC will show you Dumbos how it’s done

      • taiwo

        yeah by handing over lagos resources to Tinubu abi?,go to Akwa ibom and see what is happening there while lagos with all our resources now has two cities,one for the mega rich like Tinubu and his friends the other for the poor masses,show me one project that Fashola has done in mushin or even in festac

  • Wähala

    Aunty Ngozi blocked corrupt politicians from borrowing from the banks until after the elections. The reason is clear to discerning minds. It’s so the criminal-minded politicians who fail in their various bids in the elections do not default on loans. But in broader sense of it, those who win do not go into service to steal public funds to repay monies borrowed to finance their campaigns. A win-win permutation by the erudite Finance Minister. I’m surprised Gov. Fashola could not read her mind on this. Well, that’s the difference between Unilag ati Harvard University. 3rd. World vs Civilization…

    • Osogagba

      You are too generous. Fashola didn’t even go to Unilag. If only he had been there, who knows, he might have gotten better training.

  • Okey

    Fashola, you have already yoked unborn Lagosians to N600 Billion future-destroying (domestic and international) debt, simply because Madam Ngozi did not do then what she is doing now – thorough, patriotic check. We know there is absolutely no reason to put the future generation under that weighty, crushing debt other than absence of good husbandry on your part. Please, preach your sermons to the marines, Ngozi must do what you have reported her here as doing, so as to forestall the practical vandalization of a State in Nigeria such as callously carried in Ekiti State out by Kayode Fameyi who is now junketing the world, giving sermons on “leadership, morality and ethics.”

    • TRUTH MASTER

      Irresponsible statement from a biased mind! In what other states have you seen a governor who is more effective than Fashola? The estimated 20 million residents of Lagos have been sleeping with their eyes closed since Fashola assumed office, thanks to his government’s unprecedented security strategy. The robbery at Lekki last week, in which three policemen were killed, might not have happened if Jonathan had not appropriated the police personnel and equipment because of his campaign visit to Lagos. Yet, you – perhaps from a state where the Governor has been as ineffective as they come – can come here and yarn balderdash. Nonsense.

  • absam777

    Ngozi is simply playing politics. She’s probably the worst economy manager that Nigeria has ever had. She is alll theory + Politics.Sorry Fashola, the country is broke all the money stolen and wasted. That is the secret they are trying to hide.

  • Freethinker

    A most crass fellow: Raji Fashola

    Alhaji Bola Ahmed Tinubu dragged out Alhaji Raji Fashola from a closet in his ante-room,
    and dressed him up in borrowed robes as ACN governorship candidate in the year 2007.
    Incurious and wholly daft Yoruba Christians were then given brooms to wave behind the
    charlatan – Raji Fashola – and pronounce him the best governor the world has never seen.

    Without asking questions, and without enquiring how Raji Fashola was gifted S.A.N for
    working as an administrative officer in the office of Alhaji Bola Tinubu, the daft Yoruba
    Christians did as bid, without knowing anything about Raji Fashola to warrant the job –
    not even a single essay in public forum to show his thought-process, if any, on anything
    The result today is the utter mis-governance of Lagos state into rot and messiness:

    • I go die O!

      Alhaji Raji Fashola:

      EKO O NI BAJE JU BAYI LO O. AMIN O.

      OLE JIJA APC YI TI POJU NINU IJOBA EKO;

      HA, O POJU. OLORUN OBA NI KI O GBA WA O.

      …………….And now, Lagosians perish for lack of knowledge

      APC, CHANGE!!! APC, PROGRESS!!, APC, DEMOCRACY FOREVER!!!

      • We can call this one BRTP, i.e: Bus Riding The People.
      Hahahaha! I never go; Lagosians, i beg, i still dey come!

    • Goddy

      Excuse me, see the confessed figures and ask if Raji Fashola has scammed Lagosians,
      or if Lagosians ever got value for money. Lagos state receives 11 billion Naira every
      month from federal allocation, according to Raji Fashola, but that looks like false figure
      because the Finance Ministry says Lagos state actually gets the equivalent of one billion

      dollars a year as federal allocation.

      But let’s take Raji Fashola’s false figures for what it is worth and factor in that Lagos gets

      over twice of federal allocation as internally generated revenue = over ₦33 billion per month.

      Lagos now budgets and therefore expects to have no less than N489.69 billion this year as in

      every year, including sundry income from taxes, fines, charges, and levies.

      Yet, after sixteen (16) consecutive years of ACN/APC government, Lagos state has NO functioning

      school or city transport system. Lagos schools instead record 80% FAILURE rate in WASC since 1999.

      And now, on top of that rot, Lagos state today owes $3.7 billion in debt – an amount equal to the
      next five years of Lagos state’s income from federal allocation, Fashola at 11 billion Naira per month.

  • judey

    Charles Owolabi wrote: We must not descend to the gutter like Governor Fashola who has decided to insult the Honorable Minister for Finance for doing her job as the head of our economic management team
    Part of the reason Madam is paying closer attention to the borrowing done by states is because state borrowing has reached dangerous levels something she has been blamed for by the opposition and the capacity of these states to meet their obligations is also in doubt.
    A good example of such a problem is the 58 Kilometer Lekki express way where the Federal Government underwrote the project a condition that was required by the consortium of Local and international banks that funded the project.
    Despite the no completion of the project and the questionable concession buy back done by Lagos State, the state government has failed to meet its payment obligations to the lending institutions. Lagos State has asked the lenders to reschedule the entire facility under terms that the lenders find totally unacceptable. Lagos State has further requested that the lenders grant an extension of the facility from An initial 5 year tenor to 30 years. This is in complete violation of all the covenants reached .
    This problem has not gone unnoticed by the Honorable Minister of Finance who has been confronted by the international banks on this matter. The international lenders are demanding that the Federal Goverment make good it’s pledge/ guarantee to the consortium and pay off the borrowing done for the project.
    The minister has been disturbed by the lack of transparency on the part of Lagos State in the collection of toll . She can not understand why The huge amounts collected daily is simply not remitted to the lenders. The entire issue has become a total embarrassment for the Federal Government.
    The action taken by the minister in my openion is appropriate.
    She must however ensure that before any other borrowing is done by a state , a few parameters must be meet which should include a test of the absorptive capacity of that state and
    clear repayment sources Must be identified- in other words the securitization done through the FAC account system can no longer serve as an adequate mitigating measure for any state borrowing.
    Governor Fashola should have been truthful in his address to the house.
    He has clearly been economical with the truth.
    I expect the Honorable Minister to hit back hard.
    She takes no prisoners when you open up a fight of this nature – you can ask Soludo who has seen his reputation totally destroyed internationally for dealing out lies about the Nigerian Economy.
    Fashola may have started a fight that might destroy what is left of his battered reputation.

  • share Idea

    Fashola how many loans have you approved for local governments in Lagos to borrow from banks or does it mean they do not have areas that needs developing. This is how the minster was shouting then that monies should be left in excess crude account for rainy day and you people (Governors) called her unprintable names only to now turn and blame her for not saving enough when the nation was realising more from sale of crude oil.

  • judey

    Can anyone notice a trend from Fashola’s comments in recent time? If a BRT breaks down on the high, it is PDP. If robbers strike in lagos, it is Jonathan. If he has a bad day with his wife, it is caused by Patience Jonathan. When he refused to support Tinubu’s stooge in the primary election, it was caused by Obanikoro and Agbaje. I dey laugh oo

  • Blessing

    How can Fashola an insensitive Governor whose knowledge of governance and economics is suspect accuse the minister of colluding with the banks to defraud states? Of what interest is the minister of finance if the states are not funded?

  • Blessing

    I am completely at sea as to how some politicians think. It amazes me that people play politics with everything in this country. It is understandable that Fashola an opposition party governor will open his mouth and loudly cry like a baby in need of breast feed.

  • judey

    I’ve regarded Gov. Fashola as an honorable fellow. One who understand leadership and governance, but his utterances in this electioneering season is calling for serious concern. He has turned governance into a political circus.

  • BADE

    It is time people begin to ask critical questions about the states. How many states in Nigeria are economically viable? If you remove federal allocation today how many states will survive? It is understandable if Governor Fashola comes out to run his mouth like a tap.

  • adaramola

    Alhaji Raji Fashola:

    EKO O NI BAJE JU BAYI LO O. AMIN O.

    OLE JIJA APC YI TI POJU NINU IJOBA EKO;

    HA, O POJU. OLORUN OBA NI KI O GBA WA O.

    • Encore

      Excuse me, see the confessed figures and ask if Raji Fashola has scammed Lagosians,
      or if Lagosians ever got value for money. Lagos state receives 11 billion Naira every
      month from federal allocation, according to Raji Fashola, but that looks like false figure
      because the Finance Ministry says Lagos state actually gets the equivalent of one billion
      dollars a year as federal allocation.

      But let’s take Raji Fashola’s false figures for what it is worth and factor in that Lagos gets
      over twice of federal allocation as internally generated revenue = over ₦33 billion per month.
      Lagos now budgets and therefore expects to have no less than N489.69 billion this year as in
      every year, including sundry income from taxes, fines, charges, and levies.

      Yet, after sixteen (16) consecutive years of ACN/APC government, Lagos state has NO functioning
      school or city transport system. Lagos schools instead record 80% FAILURE rate in WASC since 1999.
      And now, on top of that rot, Lagos state today owes $3.7 billion in debt – an amount equal to the
      next five years of Lagos state’s income from federal allocation, Fashola at 11 billion Naira per month.

      • Alfredo

        ……MAKE UNA SEE EDUCATION FOR LAGOS STATE IN THE YEAR 2015

        • Alfredo

          ……MAKE UNA COME SEE TRANSPORTATION FOR LAGOS STATE IN THE YEAR 2015,
          THIS ONE PASS ME 0! THIS ONE NA BUS RIDING THE PEOPLE – BRTP

      • Words on Marble

        “Without asking questions, and without enquiring how Raji Fashola was gifted S.A.N for
        working as an administrative officer in the office of Alhaji Bola Tinubu, the daft Yoruba
        Christians did as bid, without knowing anything about Raji Fashola to warrant the job –
        not even a single essay in public forum to show his thought-process, if any, on anything
        The result today is the utter mis-governance of Lagos state into rot and messiness”

        • Gbolly

          The Yoruba Muslims in coalition with Hausa/Fulani uslims – comprising the APC party,
          have just one devious objective: i.e; to create confusion and mayhem in the lead up to
          the 2015 election in the evil hope that the mayhem they shall have created themselves
          would project an image of serious instability to foreign countries to enable APC apparatchiks
          get a hearing on the formation of appointed persons as an INTERIM GOVERNMENT.

          President Jonathan must NEVER allow this APC evil ploy to work, having had hints of it already
          via several shibboleths; such as “dog-and-baboon will soak in blood” & “parallel government”.
          APC can NOT win a free and fair election in ANY of the 17 states in southern Nigeria because
          the 300 years’ documented history of Southern Nigeria forbids APC’s type of Islamism.

        • Words on Marble

          A most crass fellow: Raji Fashola

          Alhaji Bola Ahmed Tinubu dragged out Alhaji Raji Fashola from a closet in his ante-room,
          and dressed him up in borrowed robes as ACN governorship candidate in the year 2007.
          Incurious and wholly daft Yoruba Christians were then given brooms to wave behind the
          charlatan – Raji Fashola – and pronounce him the best governor the world has never seen.

          Without asking questions, and without enquiring how Raji Fashola was gifted S.A.N for
          working as an administrative officer in the office of Alhaji Bola Tinubu, the daft Yoruba
          Christians did as bid, without knowing anything about Raji Fashola to warrant the job –
          not even a single essay in public forum to show his thought-process, if any, on anything
          The result today is the utter mis-governance of Lagos state into rot and messiness:

          • No Comment

            “Nigeria is no longer a country. It is not a country where people
            can live to survive. Nigeria is a place ruled by criminals and thieves,
            as well as by those who believe in plundering and looting.”

            ……Mbazulike Amaechi

            (Nigeria’s First Minister of Aviation)

            September 14th, 2014

  • Lorddaniels

    Ifashola so people’s wellfair depends on bank loans and not realistic government revenue? How about renegotiating with your Lord and saviour Bola Tinubu the N3b being paid monthly to alphabeta and also cut down on over inflated cost of road construction (case in point) the fake suspended Lekki bridge which cost you fraudulently inflated by a whooping N27?

    • Osogagba

      Don’t mind Fashola. In this late hour, he is now manifesting his true colours as an original Oshodi area boy. Despite all the debts he’s incurred in the name of LASG through the several bogus bonds he issued, he still wants to bury the state deeper into more debts through the banks before he finally joins his master and lord BAT. He wants Nigerians to believe the childish notion that the Minister of Finance rather than the CBN governor is now the one who regulates banking in Nigeria. Fashola should at least get his propaganda right before spreading it. Not every Nigerian is a dunderhead.

  • Maryam

    i don’t know between Fashola and first lady who rants more lol……….meanwhile, Good day people, are you looking for a genuine investment opportunity that will upgrade your financial status? Invest And Enlarge (WEALTHZONE) is the right company, a company located in Kano where you invest and get a monthly interest according to the amount you invest and also get a referral bonus interest the more people you refer which is my aim of this advert,I live here in Abuja, I read about them sometime last year on facebook and i contacted them via email and that was how i became an investor with them, I just got my 4th interest payment so I am convinced of their activities, if you are interested you TEXT your EMAIL address to their customer care line 08021341784 and they will get back to you with details. please do not forget to tell them Mrs Maryam Abubakar referred you, remain blessed.

  • chucks

    Fashola used to be a well mannered man,he is just sick just like his God-Father,,NOI is a respected woman she will not succumb to your false allegation and bullying ways

  • chinedu

    Fashola the joker,is this man still a SAN,he has degenerated to the level of a tout

    • Repeater Station

      …..MAKE UNA SEE EDUCATION FOR LAGOS STATE IN THE YEAR 2015

  • SHADE

    it is exactly this type of hateful statement that alienated fashola from the populance,so please keep posting this type of statement showing your idiocy,bear in mind that you still need NOI support,clueless man

  • Ayoola

    Very irresponsible statement from a SAN i sense,jealosy and hatred for NOI

  • IDRIS

    Looting of lagos state treasury by fashola and his political god-father is not enough,greedy for more like oliver twist,attacking NOI will not benefit you,shameless people,

  • IDRIS

    shameless character,Fashola is no better than an area boy,Tinubu taught him well,why bring shame to yourself with this false accusation about NOI

  • abubakar

    fashola thinks like a common tout,shallow minded,he wants to steal more money before he leaves,well done because your plan will not work,mr shameless SAN

    • SBA

      Give me a break. Are you better off today than you were 6 years ago. Under her watch we have witnessed so many scams and corruption. Is she not an accomplice. Under her watch billions of unaccounted Nigerian money was paid as fuel subsidy. Please stop picking on Fashola. Don’t worry you will soon realize it when Jonathan returns (though God forbid) and they unleash austerity measures on you by increasing VAT, tariffs, removing subsidy etc. Is she not aware that her employer is sharing millions of dollars all over the place to return to Aso Rock? So what is honorable about her.

      • Scrutiny

        You might be too sentimental to appreciate basic economics. Public finance is a critical aspect of macro-economics management, and this is the remit of a Finance Minister. It relates directly to inflation and employment. It is especially important to regulate this area in challenging circumstances and during political transitions. The tendency by many subnational political authorities is to recklessly seek loans, many of which are obtained for political motives, when they can be more creative about financing or even be more ingenious in terms prioritising projects. What the Federal Government has done is to probably withhold guarantee. There is reason to regulate borrowing external and local

  • abubakar

    My take is that Fashola is speaking under the influence of alcohol by saying this arrant nonsense.

  • NINA

    He thinks he is above the law because he is a SAN,Fashola does not have regards for NOI,using derogatory words because she refused to succumb,MR SAN are you that desperate????

    • SBA

      Is she really honorable? Is she not supervising the biggest corruption laden government in Nigeria. Under her watch money has gone missing, external reserves depleted, government debt profile rising, excess crude oil account massively depleted, inflation growing, dollar now exchanging for over N210, kept granting wavers and abusing it as well. Please give me a break.

      • basil edoma

        Take the break and shut your trap… when you have your facts correctly you can come back and have your say….

  • basil edoma

    The fact that he is pained by this move shows he has evil intentions. His plans for looting has been blocked by this intelligent lady. Oh why are apc stalwarts showing their total disregard to the rulings of officials in this country. It’s not acceptable… But i don’t blame them sha. their plans have been uncovered.

  • Adele Uhuru

    The Federal Government on Tuesday inaugurated the first ever Nigerian Business Development Services Network for effective and productive performance of Micro, Small and Medium Enterprises in the country.The $200m (N39.6bn) project involves a network of private sector business development service providers that will work with the MSMEs across the country to mentor them, provide support services and link them up with financial institutions.

    This is real news that will uplift our country not these none issues- gullible rants that these corrupt politicians espouse daily

  • Bambam

    This nuisance called Fashola must think all Lagosians are fools..what have you done with all the loans and bonds incurred on the state?..How do you intend to pay them back with dwindling oil revenue to the FG and fluctuating IGR?..Now you blaming Ngozi stopping you from loading the state with more debts..you must be insane..In God and Agbaje we trust..JK is OK!!

  • evi

    According to the governor, Lagos State’s share from the Federation Account had fallen from a monthly average of N11.05 billion in 2014 to the present N10.34 billion.

    Fashola, you received 10.34 billion from FG, add that to IGR, which you said you achieved 86%, what did you do with all these billions that you are still looking for loans from banks?

  • ConScience

    Name calling does not equate to fact checks. Has anyone fact checked and disproved the Governor’s statements against the Coordinating Minister’s change of policies? I weep for this country and unfortunately it is not the leaders that have failed but mere trolls like most of you online. I wish you will one day open your minds to independent thinking. Fact Check before you start throwing stones at the Governor of Lagos State.

  • tsunami1earthquake

    Mr. Fashola, I’m amazed at your use of language; even when it is uncalled for and without provocation. Hardly do you make a statement without using foul language against your opponent. Mr. Fashola, to whom much is given, much is expected. Even if your colleagues in politics business should use such languages you must not. Persons of the noble profession to which you belong should be an example to others not in that profession. At the end of the day, your first constituency is that profession which you practised even before ever thinking of being in politics.

    • dareolu1

      sorry, Nigerians don’t respect noble English…you can ask Mama Peace, Fani Kayode, Ruben Abati, Olisa Metuh, Doyin Okupe how they became popular, it is not by speaking noble English my friend…

  • SAM .A

    Does Ngozi Iweala want to pretend that his Boss station in Marina House Lagos,distributing $ is not part of the budget she is supervising ?The depreciation of Naira ($1:00 to225N is part of her achievement .
    Ngozi can pretend all she wants, all these reckless spending of our money will come to open in 2months. At that time she shouldn’t cry.

    • Charles Owolabi

      Sam you should have collected part of the dollars for yourself. Since there was so much flying around. LOL
      it is also clear to me that you have very little knowledge about economic theory. Since you place the blame of the depreciation of the Naira on NOI.
      For your information and not to sound simplistic. The management of any economy involves 2 critical policy thrusts – Fiscal and monetery
      the federal reserve / central bank Of any country is directly responsible for monetery policy which includes exchange rate management , foreign reserve management, liquidity management within the domestic economy etc.
      The other aspect – Fiscal policy deals with issues related to taxation. This policy thrust is any economy is directly managed by the department of Treasury of the country. In the Nigerian case the equivalent would be the Federal Ministry of Finance.
      It is therefore wrong to blame the Minister for the depreciation . You should ask the CBN to give you an explanation for the current problem.
      However I suspect that you may argue that her role as Coordinator of the economy means that she is directly responsible for each and every government department or agency. Though I do not hold such a view because I know that the role of a coordinator is quite different from that of a supervisor , I suspect the Honorable Minister would argue as she has done in the past that the current position of the Naira has come about as a result of a duplication of our reserves.
      The duplication took place largely under Yaradua and not under her watch. It is on record that Obasanjo left about 42 billion dollars in reserves before Yaradua took over . However by the time GEJ assumed the position of acting president the reserves had gone down to 21 billion dollars.
      Yaradua and his then minister of Finance – Mansur Muktar had depleted the reserves to that 21 billion dollar level not NOI
      Yaradua also increased civil servants salaries by 58 percent . The result is that government borrowing increased from 200 billion to 1.3 trillion Naira
      The direct result is that recurrent expenditure ballooned to 74.8 percent of the budget
      Please see the medium expenditure frame work- source FMF.
      Sam these are facts.
      further it is absolutely preposterous to claim that the Chief advocate for saving for the rainny day is now the one responsible for the fall Naira.
      Did you not see the fight NOI put up to set up the Sovereign Wealth Fund for Nigeria and the resistance that she got from some governors- Amechi to be specific.
      Talk is cheap.
      Where were you when she was fighting Governor Amachi and Fashola on the need to save?
      Are you not awear that the state governments refused to save and insisted that the money in the excess crude account must be shared among the 3 tiers of government.
      In fact the state governors even took the case up to the supreme court claiming that it was unconstitutional for the federal Government to save for the states.
      As a result the federal government against the advice of NOI shared a good part of the money in the excess crude account to the states- rivers got at least 5 billion dollars.
      Have you bothered to ask the state governors what they did with their own portion of the money?
      Take Rivers for example that has spent over 2.4 billion dollars on an non existent mono rail project, do you see any evidence of any such project in the state?
      People should ask questions and not chase shadows.
      Sam you can not eat your cake and have it too.
      That is what people like Governor Fashola are trying to do . Be clever by half.
      There exists a link between savings in reserves and the strength of the Naira.
      It is only when our political managers understand this link that we would begin to make meaningful progress in managing our economy.
      NOI in her role as the honorable minister for finance can only advice our politicians on what she feels is best for the country.
      she has no powers to compel them to take her advice
      Sam I hope you understand

    • Charles Owolabi

      Sorry Sam in my previous write up I mistakenly wrote duplication rather than depletion.
      Please note the correction
      Thanks and remain blessed.

  • Spoken word

    This PDP government have no clue on how to manage the economy.all they care about is chopping our money.

    • Shaanu Akowe

      What do you know, young man. if you really know those who have been chopping the money, you will ask Okonjo-Iweala to completely seal off funds for Lagos State given the height of corruption that go on between government and their patronizers.

      • Spoken word

        Na your father be young man.i fit born you two times.abeg go back and continue sucking on your mother’s breasts.