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Tinubu and Fashola owe $1.43bn foreign debt not me – Governor Ambode

The Governor of Lagos State, @AkinwunmiAmbode has explained that the current foreign debt owed by the State Government (@followlasg) was inherited from previous administrations before his tenure which began in 2015.

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Tinubu and Fashola owe $1.43bn foreign debt not me - Governor Ambode

The outgoing Lagos State Governor, Akinwunmi Ambode, has explained that the current foreign debt owed by the State Government was inherited from previous administrations before his tenure which began in 2015.

This is a clear attempt by Governor Ambode to distance himself and his administration from the $1.43 billion foreign debt which the Lagos State Government currently owes. According to him, during his four-year tenure, his administration never took foreign credit facility to run State activities.

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The Governor, who made the disclosure during an interview, said 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.

Before Governor Ambode’s administration, the State was governed by Bola Tinubu (the National Leader of the All Progressive Congress party) from 1999 to 2007, while Babatunde Fashola (the current Federal Minister of Power, Works and Housing) governed from 2007 to 2015. All the Governors belong to the same political party, the All Progressive Congress.

Statistics from the Debt Management Office (DMO) shows Lagos State’s total external debt stock as at 31 December, 2018 stood at $1.43 billion. The external debt comprised of $1.28 billion from multilateral sources and $143.83 million as bilateral, sourced mainly from the African Development Bank.

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How Governor Ambode managed without foreign capital: Governor Ambode in his reaction to the State’s foreign debt said he was able to manage Lagos State’s finances due to his financial background and his experience as accountant-general for the State’s civil service before he emerged Governor.

Rather than piling up the debt, Governor Ambode said he was financing the debt during his tenure which will end in May 2019. He will be handing over to Governor-Elect Babajide Sanwo-Olu (APC), who won the State election in March, 2019.

“Talking about Lagos State having the highest amount in terms of foreign loans, truth is that I have it on record that in my four years, I never took any foreign loan. So, whatever it is that they are saying about having $1.43 billion is an accumulation of loans that have been taken by successive governments.

“Remember also, these facilities that we call loans were taken at an exchange rate that was lower than N150. But again, this government that has not taken any of these facilities, would pay back and has been paying back in the last four years on the new exchange rate which is like N360 because government is a continuum.

“That has immense pressure on the internally generated revenue. And when you have this pressure on the IGR that you are using to service these facilities without complaining, it means that you have been financially prudent to be able to use the remaining resources to do what you have outside there in terms of infrastructure development.”-Ambode.

Meanwhile, the state’s total domestic debt stock was N530.24 billion this period in 2018.

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Patricia

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: f[email protected]

5 Comments

5 Comments

  1. Gbenga Adebayo

    April 16, 2019 at 6:03 pm

    In time like this many Nigerian like to hear bad news instead of way out but God knows exactly what is going on. may the Lord bless Nigeria

  2. Adeleye

    April 16, 2019 at 7:31 pm

    Governor Ambode this is the attestation to what Asiwaju told you last two year when you commissioned Abule egba fly-over;he said you had made him proud for this giant stride in infrastructure across the state despite the huge debt you met on ground. He aslo said, how you manage to achieve this feat still remain surprise to him.I strongly believe history will be kind to you after leaving office.And you are going higher to the next level.My adorable governor

  3. Doughlas

    April 16, 2019 at 10:57 pm

    Your excellency Sir! You need not to border urself over any allegations! All eyes have seen ur giant stride since ur assumption in d office.
    History is there to prove ur hard work and prudence all d way despite many temptations from d so-called god-fatherism and party men you still stood ur ground commanding exploits, and trail-blazing.
    You still remained my best Governor.

  4. Akin

    April 16, 2019 at 11:58 pm

    Love you ambode

  5. Solomon

    April 18, 2019 at 2:27 am

    Your Excellency sir you’re still my best Governor no matter the atrocity thank you Sir.

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Energy

NNPC quells fears over leaking Lagos pipeline

The Corporation says it was on the last stage of completing repairs which includes hydro testing.

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NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

The Nigerian National Petroleum Corporation (NNPC) urged Nigerians to ignore reports of a possible fire outbreak from a vandalized pipeline at Aboru Canal in Alimosho Local Government Area of Lagos state. 

“There is no such hazard as the line in question has since been shut down for repairs and presently contains only water,” NNPC said. 

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NNPC said that the Atlas Cove-Mosimi stretch of the system 2B pipeline was shut down on June 25, 2020, to enable the comprehensive maintenance of some segment of the pipeline. 

The Corporation says it was on the last stage of completing repairs which includes hydro testing (a process of pumping water through the entire pipeline to leak detection and for integrity tests). 

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Revealing that they stopped pumping water 9:27 am Thursday morning to enable necessary repairs after patrol team made a report about leakage at a point in the Aboru Canal. 

NNPC urges residents of the community to remain calm “as there is no possibility of a fire erupting from the leakage point”. 

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Real Estate and Construction

FIRS introduces stamp duty on house rent and C of O transactions

FIRS explained that the new policy was necessary so as to give the instruments the legal backing required.

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FIRS introduces stamp duty on house rent and C of O transactions

The Federal Inland Revenue Service (FIRS), as part of measures to reduce disputes in real estate related transactions and generate more revenue, has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty.

This was disclosed in a press statement by the FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, in Abuja, on Thursday July 2, 2020, as reported by the News Agency of Nigeria (NAN).

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READ MORE: Devaluation: Experts highlight trends clouding economy’s growth in 2020 

He explained that the new policy was necessary so as to give the instruments the legal backing required, and make them legally binding on all parties involved in such transactions.

Consequently, Ahmad asked Nigerians to ensure that documents that relate to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.

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While quoting the Executive Chairman of FIRS, Ahmed said, “The following are the chargeable transactions in the Fixed Duty Instruments category, Power of Attorney (PoA), Certificate of Occupancy (C of O), Proxy form; Appointment of Receiver, Memorandum of Understanding (MoU), Joint Venture Agreements (JVA), Guarantor’s form, and Ordinary Agreements Receipts.

READ MORE: FIRS tightens noose on deduction of stamp duty, CIT, others 

“While ad-Valorem Instruments chargeable under the Stamp Duties Act are Deed of Assignment, Sales Agreement, Legal Mortgage or Debentures, Tenancy or Lease Agreement, Insurance Policies, Contract Agreements, Vending Agreement, Promissory Notes, Charter-Party and Contract Notes.

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“Stamp duty is basically charged in two forms, either ad valorem where duty payable is a percentage of the consideration on an instrument or a fixed sum irrespective of the consideration on dutiable instrument or document.’’

It can be recalled that a few days ago, an Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties was inauguated; the new FIRS Adhesive Stamp Duty was introduced then. The committee consists of representatives from the FIRS, the CBN, the Federal Ministry of Justice and the Federal Ministry of Finance, Budget and National Planning.

The committee is tasked primarily with enforcing those sections of the Stamp Duties Act that empower the Federal Government to recover stamp duties, as well as the accompanying fines and penalties for up to 5 years.

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The back-years recovery is targeted mostly at financial institutions like deposit money banks, Nigerian Interbank Settlement System (NIBSS), Central Securities Clearing System (CSCS), Corporate Affairs Commission (CAC) and so on, in respect of stamp duties already collected but not yet remitted.

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Coronavirus

COVID-19 Update in Nigeria

On the 2nd of July 2020, 626 new confirmed cases and 13 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 27,110.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria touched a new milestone as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 27,110 confirmed cases.

On the 2nd of July 2020, 626 new confirmed cases and 13 deaths were recorded in Nigeria, having carried out a total daily test of 3,063 samples across the country.

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To date, 27110 cases have been confirmed, 10801 cases have been discharged and 616 deaths have been recorded in 35 states and the Federal Capital Territory. A total of 141,525 tests have been carried out as of July 2nd, 2020 compared to 138,462 tests a day earlier.

COVID-19 Case Updates- 2nd July 2020

  • Total Number of Cases – 27,110
  • Total Number Discharged – 10,801
  • Total Deaths – 616
  • Total Tests Carried out – 141,525

According to the NCDC, the 626 new cases were reported from 20 states- Lagos (193), FCT (85), Oyo (41), Edo (38), Kwara (34), Abia (31), Ogun (29), Ondo (28), Rivers (26), Osun (21), Akwa Ibom (18), Delta (18), Enugu (15), Kaduna (13), Plateau (11), Borno (8), Bauchi (7), Adamawa (5), Gombe (4), Sokoto (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 10,823, followed by Abuja (2,020), Oyo (1,432), Kano (1,257), Edo (1,203), Delta (1,149) Rivers (1,114), Ogun (898),  Kaduna (818), Katsina (578), Bauchi (512), Gombe (511), Borno (501), Ebonyi (438), Plateau (393), Ondo (353), Imo (352), Abia (351), Enugu (342), Jigawa (318).

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Kwara state has recorded 269 cases, Bayelsa (234), Nasarawa (213), Sokoto (152), Osun (148), Niger (116), Akwa Ibom (104), Adamawa (89), Kebbi (81), Zamfara (76), Anambra (73), Benue (65), Yobe (61), Ekiti (43), Taraba (19), while Kogi state has recorded 4 cases.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
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