Lagos domestic debt rose to N807.21bn in Q4 2022, Says Gbadebo Rhodes - Breaking News in Nigeria today 247 | TheWatchNGR

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Saturday, May 27, 2023

Lagos domestic debt rose to N807.21bn in Q4 2022, Says Gbadebo Rhodes

Lagos domestic debt rose to N807.21bn in Q4 2022, Says Gbadebo Rhodes




Eric Patrick


The Labour Party (LP) governorship candidate at the March 2023, governorship election in Lagos, Gbadebo Rhodes-Vivour has revealed that from December 2015 to December 2022, Lagos state's domestic debt rose by 269%.

Gbadebo Rhodes made this known when he shared a post on his Twitter handle @GRVlagos.

According to Gbadebo, at the end of Q4 2022, the Lagos state government had accumulated a total debt of Eight hundred seven billion, twenty-one million naira (NGN807.21bn).

"The highest domestic debt for a subnational entity in Nigeria", he said.

Although no state generates as much IGR as Lagos, he added.

He also noted that sixteen states have comparatively more public revenue left to implement the capital expenditure components of their budgets after fulfilling repayment obligations to lenders and their government's operating expenses.

Gbadebo has told his supporters which majority of them are Nigerian youths to remain calm as he is following due process to reclaim his mandate.

Lagos domestic debt rose to N807.21bn in Q4 2022, Says Gbadebo Rhodes



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