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We have not taken any foreign loans in my 4-year tenure- Ambode

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Outgoing Lagos State governor, Akinwunmi Ambode, says his four-year administration took no foreign loans despite the pressure on the state’s Internally Generated Revenue (IGR) due to massive infrastructure projects the administration set out to accomplish to cater to the growing needs of the estimated over 21 million residents of the state.

According to Ambode, although the foreign component of the state’s debts hovers around $1.43 billion, his administration never added to it but was committed to servicing what it inherited from the previous administrations, which has been compounded by unstable exchange rates.

The governor spoke in an exclusive interview with BusinessDay, saying his background as a financial expert and years of experience at the top level of the state’s civil service as an accountant-general came handy in managing the resources of Nigeria’s biggest state economy to achieve outstanding results.

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

In addition, the state’s total domestic debt stock was N530.24 billion as at the same period of 2018.

“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,” Ambode told BusinessDay.

“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,” said Ambode.

He further explained that beyond being financially prudent, his administration has given value for money by undertaking major projects that are further improving the economy of Lagos in particular and Nigeria in general, pointing to the construction of road networks, Oshodi Transport Interchange (OTI), Lagos airport road, resuscitation of Ayinke House (maternity hospital), Ikeja, jubilee bridges, laybys, redesigning of Ojodu Berger on Lagos-Ibadan Expressway, the light-up Lagos project, among others, as legacies his successor, Babajide Sanwo-Olu, will build upon.

“That is the way to explain what has been happening and the value that comes with the infrastructure that we are giving. It is like double the price of what we are putting inside when you match the issues about loans and resources. Remember also that the country was going into recession when we came in,” Ambode explained.

Speaking on his drive in governance, Ambode said aside from passion to improve the lot of the people, his administration leveraged on the Lagos Development Plan 2012-2023 and took specific steps to improve the IGR to enable it deliver on the development plan.

“One of the strategic instruments in that development plan is to create a financial model for Lagos State. It is not enough for us to say we are having strategic pillars of development without knowing how to fund it and so in the development plan, a growth plan for revenue generation had actually been embedded in it,” Ambode said.

“Fortunately for Lagos, you have statistics that favour revenue growth. Lagos is the commercial capital of Nigeria; the business community in terms of population or location is here and this is like 70 percent of what is happening in Nigeria; we have the market and again Lagos is the most sophisticated. Those indicators were just enough for anybody to carry on from where the previous administration stopped and then be able to continue.

“Remember also when we came in, the revenue that was generated on a monthly basis was about N12 billion and then it moved to almost like N20 billion. Today, we are having an average of N30 billion to N35 billion a month but it is not as if the expansion is based on increase in rates or taxes. What has been done is just improvement in collection machinery and then expanding the tax net and the ability to put people together and run an efficient civil service system that was able to tap into those things; and then more importantly, investing in technology to be able to carry out some of these collections.

“Yes, revenue has improved tremendously but obviously it is based on focus, and it is based on the ability to match those needs in terms of development and economic growth with how to fund it. Lagos is also favoured by the fact that because of the dynamics that we have, we are likely to be more attractive to the capital market and also more attractive to commercial banks and the ability to pay back would always give you more resources to be able to get funding for most of these projects that we have done,” the governor said.

Written by Businessday Newspaper Senior Analyst: Joshua Bassey on 15th April, 2019.

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Lagos APC in Turmoil as Chairmanship Aspirants Reject ‘Imposition Plot’ Ahead of Council Polls

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Lagos APC in Turmoil as Chairmanship Aspirants Reject ‘Imposition Plot’ Ahead of Council Polls

Lagos APC in Turmoil as Chairmanship Aspirants Reject ‘Imposition Plot’ Ahead of Council Polls

LAGOS — With barely two months to the July 12 local government elections in Lagos State, crisis is rocking the state chapter of the All Progressives Congress (APC) amid growing outrage over alleged attempts by party powerbrokers to impose chairmanship candidates across several councils.

What began as routine preparations for the party’s primary elections has exploded into factional disputes, protests, and petitions—threatening to fracture the APC’s long-standing grip on Lagos politics.

Aspirants and stakeholders across multiple Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) have accused influential party figures of hijacking the screening and selection process under the guise of “consensus,” which many claim is being used as a smokescreen for imposition.

In Ojokoro LCDA, tension escalated after a group known as the Ojokoro Apex Council declared Mobolaji Sanusi as the consensus candidate in a letter endorsed by former House of Reps members, Ipoola Omisore and Adisa Owolabi. However, controversy erupted when a rival group presented Rosiji Yemisi as their preferred aspirant, sparking accusations of “importing a candidate backed by Speaker Mudashiru Obasa.”

“You can’t force a stranger with no political roots here on us,” said a local party member who requested anonymity. “This is not democracy; it’s dictatorship in disguise.”

Similar unrest flared up in Yaba LCDA, where a coalition of landlords, electorates, and political stakeholders cried foul over an alleged attempt to replace top-ranked aspirant William Babatunde—who scored 85% in the screening exercise—with Babatunde Ojo, who reportedly came 11th.

In a passionate petition addressed to First Lady Oluremi Tinubu, the group warned that repeating the politics of imposition could destabilize the APC’s base and impede development.

“We urge President Tinubu and Her Excellency to intervene and halt this travesty,” said Amoo Ismail, the coalition leader. “We must protect the democratic voice of our communities.”

The discontent isn’t isolated. In Agboyi-Ketu LCDA, Opeyemi Ahmed, media aide to outgoing chairman Dele Osinowo, slammed party leaders in a now-deleted Facebook post. He warned that ignoring internal democracy could backfire in 2027.

“If a few are writing names at the top and using fake strategy to call for consensus at the bottom, then Tinubu should be ready to lose Lagos come 2027,” Ahmed cautioned.

Veteran APC chieftain Fouad Oki added weight to the warnings in a scathing open letter titled “Lagos APC’s Crisis of Democracy”. Oki described the brewing conflict as a “crisis of confidence” and warned of an electoral backlash that could reverberate beyond local elections.

“Unity forged under injustice is brittle. Lasting strength requires inclusivity,” Oki wrote. “Let this be a rallying cry: abandon the politics of imposition or risk losing Lagos to our own internal discord.”

Reacting to the mounting accusations, APC Lagos Publicity Secretary Seye Oladejo denied any wrongdoing, insisting that the primary process had not been concluded. He defended the use of consensus as a valid and constitutionally backed method that had helped reduce post-primary tensions in the past.

“Where consensus fails, delegates will vote. Nobody is being sidelined,” Oladejo stated.

Despite assurances from the party’s leadership, the storm within the Lagos APC appears far from over. With primaries slated for today, the credibility of the process—and the party’s unity—hangs in the balance.

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PDP in Crisis: The Political Exodus That May End Africa’s Largest Party

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PDP in Crisis: The Political Exodus That May End Africa’s Largest Party

By George Omagbemi Sylvester

Never did we imagine that the People’s Democratic Party (PDP), once hailed as Africa’s largest political coalition, would witness such dramatic erosion from within. But in today’s Nigeria, where political loyalty is as volatile as the economy, the PDP is now hanging by a thread. What was once a formidable machinery that ruled Nigeria for 16 unbroken years has become a political shadow, limping from one internal crisis to another, gasping under the weight of ambition, betrayal and irrelevance.

This is no longer mere speculation. This is a full-blown political exodus.

The warning signs have long been in the air, but the silence of the party’s leadership only emboldened the defections. More PDP governors, senators and influential political actors are preparing to “throw in the dirty towel” to use a common Nigerian parlance and “get a change of toiletries” from a more promising political vehicle. The All Progressives Congress (APC), despite its governance failures, has remained the dominant force. Meanwhile, Labour Party (LP) and its ideological frontmen have seized the imagination of Nigeria’s politically conscious youth. Where is the PDP in all this? Nowhere near the pulse of the nation.

The Collapse of a Giant

Once upon a time, PDP stood like a colossus, commanding national attention and holding sway across all six geopolitical zones. In 2007, it controlled 28 out of 36 state governorships. By 2015, that number had dropped to 21. Today in 2025, the PDP controls just 9 states, an embarrassing decline that reveals the party’s waning appeal and fractured internal unity. Analysts have blamed this on the party’s failure to manage its primaries democratically, an outdated power-sharing formula and the overbearing influence of godfathers.

“Power is not something you hold forever. You must constantly renew your legitimacy through the people,” said late President Umaru Musa Yar’Adua, a former PDP leader known for his integrity. The party has clearly forgotten this principle.

The Atiku Albatross

The PDP’s 2023 presidential campaign was marred by one fatal error: the insistence of fielding Atiku Abubakar, a serial contestant whose political capital has been dwindling with each election cycle. The PDP’s inability to learn from its past mistakes and reinvent itself through younger, credible candidates shows how deeply the party has lost touch with contemporary realities.

Even within the party, Atiku is increasingly seen not as a unifier but a divider. His constant grip on the presidential ticket has frustrated younger aspirants and caused internal blockades that push members away.

“One man cannot hold a whole party to ransom,” said former Senate President Bukola Saraki in a private meeting leaked last year. That message reflects what many insiders are saying in hushed tones.

The Shockwaves of 2027

As the 2027 election cycle begins to take shape, permutations are in full gear. And while Atiku may be warming up for a record-breaking sixth attempt at the presidency, his influence is anything but stable. The PDP is already seeing rebellion from within, particularly from southern blocs who believe it is time the North stopped dominating the party’s presidential ambition.

Key political actors are already exploring alternative alliances. Rumours abound of secret talks between PDP governors and Tinubu’s men. Some are also aligning quietly with Peter Obi’s Labour Party, hoping to hedge their bets.

A recent poll by SBM Intelligence showed that 61% of PDP voters in the South-East and South-South are “open to switching allegiance” if the party fails to restructure before 2026. That’s a political red flag.

Why Governors Are Jumping Ship

What exactly is triggering this mass departure? The reasons are numerous, but four stand out:

Self-Preservation: Most Nigerian governors operate in a transactional political environment. Their loyalty lies not with ideology but with continuity of power. With the PDP unlikely to win the presidency in 2027, many are seeking new alliances to protect their political future.

Lack of Internal Democracy: The PDP has failed repeatedly to conduct transparent and fair primaries. Recent gubernatorial primaries in states like Delta, Rivers and Abia were marred by allegations of imposition and backdoor deals.

Atiku’s Grip: The feeling that Atiku is determined to contest in 2027, regardless of public sentiment, is unsettling. Many believe that as long as he remains a central force in the party, others have no space to thrive.

Tinubu’s Strategic Poaching: The current APC-led administration is systematically targeting opposition strongholds. Governors are being enticed with promises of federal appointments, project funding and legal shields from EFCC investigations.

Can the PDP Survive?

This is the pressing question. The answer lies in whether the party is willing to undergo painful introspection and renewal. It must adopt a bottom-up approach, re-engage with the grassroots, purge itself of godfatherism and allow credible young candidates to emerge.

It also needs to redefine its ideology. The APC may have failed economically, but it succeeded politically by branding itself as a party of change, regardless of how false that branding turned out to be. The PDP has no distinct narrative today.

What the Experts Say

Prof. Ayo Olukotun, a leading political scientist at Obafemi Awolowo University, recently argued: “The PDP is a classic case of political entropy. Without internal reform, it will disintegrate not by collapse, but by irrelevance.”

Similarly, Dr. Remi Adekoya, political analyst and author of “Politics of Identity in Nigeria”, notes: “The PDP has become a party for political pensioners. It is not inspiring to young voters nor innovative in its messaging.”

A Last Chance

If Atiku and the old guard truly care about the future of PDP, they must step back and allow a new leadership to emerge. Nigeria is moving on. The PDP must do the same. The 2027 ticket cannot be an inheritance. It must be earned. And it must reflect the shifting demographics of Nigerian voters, 65% of whom are under the age of 35.

This is not just about Atiku. It is about the soul of the PDP and whether it can reclaim its place in Nigerian political history or fade into obscurity like the National Republican Convention (NRC) and the Social Democratic Party (SDP) of the 1990s.

Furthermore

History is not kind to political parties that fail to evolve. The PDP has been served many warnings. The defections we see today are not just acts of betrayal; they are symptoms of decay. If the party does not reinvent itself quickly and decisively, it will not survive the coming storm.

The words of Chinua Achebe ring truer than ever: “A man who brings home ant-infested firewood should not be surprised when lizards come to feast.” The PDP brought this upon itself. The only question now is: will it learn, or will it perish?

PDP in Crisis: The Political Exodus That May End Africa’s Largest Party
By George Omagbemi Sylvester

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Lagos Assembly Charges Security Agencies To Redouble Efforts In Combating Extortion By Miscreants

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Lagos Assembly Charges Security Agencies To Redouble Efforts In Combating Extortion By Miscreants

Lagos Assembly Charges Security Agencies To Redouble Efforts In Combating Extortion By Miscreants

 

Acknowledging that the scourge of brazen extortion by miscreants on Lagos streets was on the increase, the Lagos State House of Assembly has called on the Commissioner of Police, CP Olohunda Moshood Jimoh, and heads of other security agencies to intensify intelligence gathering with the latest security apparatuses, increase surveillance on black spots across the metropolis, and, where necessary, arrest such miscreants, and have the state rehabilitate them.

Lagos Assembly Charges Security Agencies To Redouble Efforts In Combating Extortion By Miscreants

Hon. Sanni Okanlawon (representing Kosofe Constituency 1) raised the alarm at plenary Tuesday, May 6, under ‘Matter of Urgent Public Importance’ stating; “The unlawful extortion of stranded and innocent motorists by miscreants remains a growing concern that demands urgent attention. Nobody on the streets of Lagos is immune to their activities. If left unchecked, they could render the state unsafe.” He painted different unsavoury scenarios of how the street urchins operate brazenly, which he described as unacceptable, and called for urgent intervention to protect road users.

Supporting the motion, Hon. Kehinde Joseph (Alimosho Constituency II) noted that this particular trend threatens the safety and sanity of road transportation in the state. Hon. Desmond Elliot (Surulere Constituency 1) corroborated this and emphasised the need for active surveillance by security agencies. He also suggested the involvement of the National Drug Law Enforcement Agency (NDLEA), noting that many of the offenders act under the influence of illegal substances.

Similarly, Hon. Aro Moshood (Ikorodu Constituency II) urged the Commissioner of Police to set up a tactical team dedicated mainly to road monitoring because “It is high time the government took the bull by the horns.” Commending Hon. Okanlawon for moving the motion, Hon. Adebola Shabi (Lagos Mainland Constituency 2) said local government chairmen have a huge role in combating this menace. Effective strategies, she added, have to be devised while recommending the installation of CCTV cameras at identified black spots.

However, Hon. Obafemi Saheed (Kosofe Constituency 2) disclosed that the government has invested heavily in security through the Lagos State Security Trust Fund, LSSTF, and, therefore, should not sit back and watch miscreants take over the city.

Speaker of the Assembly, Rt. Hon. (Dr.) Mudashiru Obasa commended Hon. Okanlawon and the lawmakers who contributed robustly to the debate. He said that the police and other security agencies, including the Lagos Neighbourhood Safety Corps (LNSC), must collaborate to ensure that Lagos remains safe for residents, commuters, and visitors alike.

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