Politics

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

Published

6 years ago

April 16, 2019

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 15^th April, 2019.

Related Topics:ambode coverstory politics

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Politics

Go out and vote, it’s your right – Ogun APC charges electorate

Published

2 days ago

November 14, 2024

Sahara Weekly

Go out and vote, it’s your right – Ogun APC charges electorate

As the party campaigns for the 2024 Local Government election in Ogun State draws to a close midnight of today (Thursday), the All Progressives Congress, APC, has charged registered voters in Ogun State to go out and exercise their fundamentals rights on Saturday “without any fear whatsoever”.

Addressing the grand finale of APC in Odogbolu Local Government, the Publicity Secretary of the party in Ogun State, Tunde Oladunjoye said, “APC has done very well under the administration of Prince Dapo Abiodun, and we are poised to win the chairmanship and councilorship elections overwhelmingly come Saturday”.

Oladunjoye, who is also Senior Media Consultant to Governor Dapo Abiodun on Media, thanked the Odogbolu people for showing massive support to the APC in the local government.

“With what I have seen here, victory is sure. I want to thank you on behalf of the Governor of Ogun State, Prince Dapo Abiodun, CON and the Chairman of APC in Ogun State, Chief Yemi Sanusi. “Come out and vote peacefully on Saturday. It is your constitutional duty and obligation.”

Oladunjoye added that people should learn from the chairmanship candidate of the party in Odogbolu local government, Dr. Babatunde Oyetola Diya, who vied for the office about three and half years ago and did not get it, but remained faithful in the party and continued to reach out to people with his humanitarian efforts.”

Politics

Anthony Ojo congratulates Gov Okpebholo, confirms Edo Central Senate aspiration

Published

2 days ago

November 14, 2024

Sahara Weekly

Anthony Ojo congratulates Gov Okpebholo, confirms Edo Central Senate aspiration

Influential Edo State politician, Anthony Ojo has congratulated Senator Monday Okpebholo after being sworn-in as the new Governor of the State.

In his congratulatory message, Ojo expressed confidence in the abilities of Gov Okpebholo to bring the dividends of democracy close to the people of Edo State.

“The people of Edo State have total trust in your five-point agenda, capacity as a leader, and this is evident with their immense show of love. We have no single doubt that under you, this state will progress to the promised land,” the statement reads.

Meanwhile, Anthony Ojo has confirmed his aspiration to contest the Edo Central senatorial seat under the flagship of the All Progressives Congress (APC), a position previously held by Senator Okpebholo before he was elected governor.

He cited that sharing the same leadership ideologies with Governor Okpebholo, and the keen desire for transformative human and capacity developments in Edo State are the reasons behind his ambition.

He promised to work closely with the Governor to provide succour to Edo citizens.

Politics

Appeal Court Further Affirms Udeze-led NEC Of Action Alliance As Valid, Authentic

Published

2 days ago

November 13, 2024

Sahara Weekly

Appeal Court Further Affirms Udeze-led NEC Of Action Alliance As Valid, Authentic

ABUJA – The Appeal Court sitting in Abuja has further affirmed Chief Barr. Kenneth Udeze-led National Executive Committee (NEC) of Action Alliance (AA) elected on 14th March 2021 National Convention of the party as valid and authentic.

Action Alliance, in a statement by its National Secretary, Vernimbe A James said, “the court of appeal Abuja Division today in Appeal Number; CA/ABJ/CV/1163/2024 in a lead Judgement delivered by Hon.Justics Abba Mohammed which was concord by the other two Justices dismissed the appeal filed by Adekunle Omoaje faction through one Miller C.Orgwu ( on behalf of himself and all NEC Members Elected at Action Alliance Elective National Convention of 7th of October,2023, held at OOPL Abeokuta, Ogun State ) against 1, INEC, 2, Kenneth Udeze,3, James Vernimbe, 4, Akinuli Fred Omolere.

“The Court also awarded N400,000 cost against the appellants in favor of the Respondents.

The appeal was about the validity of the powers of Action Alliance NEC under Chief Kenneth Udeze led executive to conduct the party Governorship primary in Ondo State for the upcoming Saturday 16th November 2024, Governorship Election.

“The Federal High Court Abuja Division had earlier In Suit Number; FHC/ABJ/ CS/626/2024 Between Miller Orgwu and others (Omoaje faction) claiming to be authentic NEC of the party against 1, INEC, 2, KENNETH UDEZE,3, JAMES VERNIMBE, 4, AKINULI FRED OMOLERE presided by HON. JUSTICE JOYCE O.ABDULMALIK on 24th, September 2024 dismissed their Claim and validated the Ondo State Governorship Primary Election Conducted by Chief Barr Kenneth Udeze led Action Alliance NEC as valid and authentic, thereby Confirming the Ondo State Governorship Candidate of the party AKINULI FRED OMOLERE as the valid Candidate of the party for the 16th, November 2024 Governorship Election in Ondo State.”

The statement further said: “On 28 March 2022, the FCT High Court Abuja had affirmed and validated the Action Alliance National Convention held on 14th, March 2021 wherein Chief Barr Kenneth Udeze led NEC of the party were elected.

“Dissatisfied with the said Judgement, one Adekunle Rufai Omoaje and others were granted leave of the court of appeal to appeal same Judgement.

“On the 26th, January 2024, the Court of Appeal Abuja Division in Appeal Number; CA/ ABJ/ CV/ 955/22 Between Adekunle Rufai Omoaje and others and Chief Uzewuru Nwachukwu and others further Affirmed the FCT High Court Judgement that earlier validated the Action Alliance National Convention of 14th March,2021 wherein Chief Barr Kenneth Udeze led Action Alliance (AA) NEC of the party was elected.

“Dissatisfied with the appeal court Judgement one Adekunle Rufai Omoaje and others have appealed the Judgement to the Supreme Court of Nigeria in appeal Number: SC/ CV/162/2024 Between Adekunle Rufai Omoaje and others and Chief Uzewuru Nwachukwu and others, the matter is still pending at the Supreme Court of Nigeria which he has abandoned but desperately looking for how to come through the back door to claim the leadership of Action Alliance.”

The statement also explained that “INEC has since Complied with the Judgements validating the 14th, March 2021 National Convention of the party wherein Chief Barr Kenneth Udeze led Action Alliance NEC of the party was elected and uploaded on its website the Name of Chief Barr Kenneth Udeze- National Chairman, Vernimbe A James -National Secretary and other Elected NEC of the party as authentic.

“There is no court ruling or Judgement that Affirmed or validated any other National Convention of Action Alliance (AA) held on any other date apart from the 14th, March 2021 National Convention of the party which Courts have already and variously validated.”

Ezenwa Ibegbunam, who is the Counsel to Chief Fred Omolere, the governorship candidate of the party affirmed by the Court, noted that the judgment has further restated the correct position of the law and a vindication of the previous decision of the Court of Appeal which had earlier affirmed Chief Udeze led executive as the authentic leadership of the Action Alliance.

On his part, Chief Kenneth Udeze has praised the Court of Appeal as a citadel of justice and urged the party members across the country to remain focused.

He further noted that the Judgment has cleared the way for the victory of the party in the Ondo State gubernatorial election.

Source: Daily Independent