Lagos political parties commend FG for blocking Fashola’s N600m loan

The Lagos League of Political Parties has commended the Federal Government for blocking the attempt by Governor Babatunde Raji Fashola to obtain a N600 million loan from the World Bank.
The LLPP, in a statement by its Chairman, Chief Udoka Udeogaranya, said the loan was ill-advised and a huge embarrassment to the country that in recent past received a debt pardon.
The LLPP chairman said: “There is no viable or cogent reason to support continuos demand of world bank loans or any other foreign or local loans by Lagos State Government that accumulates astronomical monthly revenue, in spite of having some infrastructural projects as investor oriented and user charged.
The ethics of good governance implies a government ability to plan, budget and implement monies accrued to the State and not on extravagant loans that may not be granted by the capital market.
“To therefore borrow and tie subsequent governments, whether emanating from the same party or from the opposition parties into redundancy but servicing accumulated debts over the years, must be resisted by all concerned quarters, particularly the Federal Government.
“Without mincing words, we firmly stand with the Federal Government in the stoppage of the world bank loan facility to Lagos State, as Lagos State can fare very well and deepen development with an honest declaration and utilizations of the federal allocation and the internally generated revenue (IGR).
“This imaginary thoughtful opinion that Lagos State Government caters for about 20 million Nigerians domiciled in Lagos State is unfounded, as Lagos State residents pays virtually for every services rendered to them and on the social aspect, not even opposition political parties in the State receives a dime, any form of incentives or official facilitation from Lagos State Government.
“It is a degradation and shameful for a State with an astronomical revenue to sharply descend as the most indebted State at the same time. Therefore, LLPP complements the Minister for Finance and the Ministry for living up to expectations with high standard regulation in safe guiding Nigeria sub governments from unwarranted loans.”