Ambode orders review of N418b debt burden

LAGOS State Governor, Akinwunmi Ambode, has ordered the review of N418 billion that his government inherited from the last administration.

Ambode, at the maiden Town Hall meeting in Ipaja, Lagos, yesterday, said that the review was necessary to free more funds for the state to improve on infrastructural development in Lagos.

Addressing a packed audience at the Abesan mini-stadium ground, Abesan, Ipaja, Ambode said that his administration had a plan to run a lean government with quality service, even as at least N3 billion is now saved monthly from his restructuring of Ministries, Departments and Agencies (MDAs) in the state.

He said that he had commenced series of reforms in the last three months, with far-reaching impacts to be felt in the state.

“We are presently reviewing our loans with our bankers with a view to restructuring them in order to free up funds for further infrastructural development,” he said.

It would be recalled that the Babatunde Fashola-led administration bequeathed to Ambode a debt profile of N418 billion, payable over the next five years.

Breakdown of the debt profile show that commercial bank loans to the state stood at N69.7 billion; Bonds, N141 billion; external loans of N144.8 billion and Development Policy Operations of N62.7 billion, totaling N418.2 billion.

Ambode explained that he had set out to implement long-term plans and programmes to put Lagos in the path to becoming a true city-state.