Outgoing Governor of Lagos State, Akinwunmi Ambode has stated that the current foreign debt owed by the State Government was inherited from previous administrations before his tenure began in 2015.
According to the governor, during his four year tenure, his administration never took foreign credit facility to run state activities.
Statistics from the Debt Management Office (DMO) revealed that Lagos State’s total external debt stock as at 31 December, 2018 stood at $1.43 billion.
However, the Governor in an interview made it clear that despite the numerous infrastructure the State Government had planned for the development of the State, the state’s internally Generated Revenue (IGR) did not seek foreign option for financial support
For more on News, follow us on Instagram @OnoBello | Twitter: OnoBello | Facebook: OnoBello Magazine
Leave your views in comments box below