Politics
We have not taken any foreign loans in my 4-year tenure- Ambode
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.
Politics
Tinubu Is the ‘Surgeon’ Nigeria Needs; Opposition Lacks Courage for 2027 — Ogra
Tinubu Is the ‘Surgeon’ Nigeria Needs; Opposition Lacks Courage for 2027 — Ogra
ABUJA — Senior Special Assistant to the President, O’tega Ogra, has defended the reform agenda of President Bola Ahmed Tinubu, describing him as a “surgeon” prepared to take difficult but necessary decisions to stabilise Nigeria’s economy, while criticising opposition figures ahead of the 2027 general elections.
In a statement titled “My thoughts on the APC, President Bola Tinubu’s reforms, and the opposition,” Ogra, popularly known as ‘The Tiger,’ said many opposition leaders lack the political will required to implement tough but beneficial policies.
‘Surgeon vs Bystander’
Drawing a medical analogy, Ogra likened the President’s leadership style to that of a specialist willing to carry out life-saving surgery, while portraying critics as passive observers.
“The difference between President Bola Ahmed Tinubu and them is like comparing a surgeon willing to take a difficult but life-saving decision in the operating theatre, and a bystander more concerned with applause than outcome,” he said.
He argued that while the President is willing to endure short-term criticism in pursuit of long-term national stability, the opposition remains driven by populist considerations that could delay meaningful progress.
Structural Reforms Underway
Ogra dismissed claims that the administration’s policies are superficial, insisting they represent fundamental changes aimed at correcting longstanding economic distortions.
He cited developments in the oil and gas sector, including efforts to promote domestic refining and eliminate what he described as fraudulent subsidy regimes, as measures targeted at blocking revenue leakages. He also referenced fiscal reforms designed to boost government revenue and support infrastructure and social investments.
“These decisions are not politically convenient. They demand resolve,” Ogra said, adding that history tends to favour leaders who undertake systemic reforms rather than those who “manage decline.”
Criticism of Opposition
The presidential aide said opposition parties have “a lot to learn” from the internal workings of the ruling All Progressives Congress (APC), accusing rival groups of failing to present clear and workable policy alternatives.
According to him, criticism in a democracy must be accompanied by substance and conviction.
“Nigeria does not need rehearsed outrage. It needs tested ideas and leaders willing to stand by them when it matters most,” he added.
Outlook on Reforms
While acknowledging that the reforms may take time to fully materialise, Ogra expressed confidence that early signs across key sectors point to a more resilient economy and improved fiscal discipline.
He concluded that leadership is ultimately defined by the ability to make difficult and sometimes unpopular decisions, insisting that such choices are essential for building a strong and stable nation.
Politics
Top Reps Aspirant, Abudu-Balogun Assures Constituents of Inclusive, Progressive Representation
Top Reps Aspirant, Abudu-Balogun Assures Constituents of Inclusive, Progressive Representation
It is an incontrovertible fact that Watersiders should GET IT RIGHT this time around by overwhelmingly support this distinguished Watersider, Hon. Abudu-Balogun to emerge as the Candidate of APC for the Federal House of Representative in the 2027 elections.
Apart from being a respected politician among the creme-de-la-creme professionals in politics in Ogun State, and undoubtedly a prominent grassroots politician of Waterside extraction, Hon. Abudu-Balogun has seen it all in National politics that will be of great benefits to the Federal Constituency if eventually elected.
Hmmm! With the emergence of the distinguished Senator Solomon Adeola (Yayi) as the consensus Governorship candidate of APC in Ogun State, Waterside agitation for enduring developmental projects and its realisation like Deep Sea Port, assumption of Oil producing LGA via Eba Oil deposits, sustainable Electricity Supply would be a walk-over. This anaysis is predicated upon a scientifically established empirical evidence that Hon Abudu-Balogun is a sustainable Bridge between this Federal Constituency and the Powers that be at Federal level.
He has the competence, he posseses the Capacity, he has the cognate political experience, he has fortified the developmental blueprint, he has worked tirelessly, and earned the link to facilitate the expected developmental projects to this Federal Constituency.
Above all, Hon Abudu-Balogun has concluded political and economic arrangements to galvanise support in all respects from the main actors at the National and sub-national levels in the country for the tasks ahead.
TENI NI TENI. This is the time TIME FOR “ACTION” in the realisation of the enduring Developmental Agenda (that has been eluding us from time immemorial) for the entire Federal Constituency, particularly, our dear Ogun Waterside LGA.
Distinguished Watersiders, particularly, the comrade professional politicians and the astute Professionals in politics, please factcheck this. Hon Abudu-Balogun is a very popular and honoured politician in Ijebu-North LGA, he is cherished and respected professional in politics in Ijebu-East LGA, he is a consistently consistent rare breed politician in Waterside who has the interest of Waterside development at heart.
ACTION needs our support, he needs our endorsement at this political turning point of our dear LGA, the Wealth Side of Ogun State.
Iwe teni, iwe teni, iwe teni o.
Ajuse ri Dede Eni o.
Happy Sunday to us all.
Politics
ADC Unstoppable, Like the Sun — Aregbesola Declares at 8th National Convention
ADC Unstoppable, Like the Sun — Aregbesola Declares at 8th National Convention
ABUJA — Former Osun State Governor and chieftain of the African Democratic Congress (ADC), Rauf Aregbesola, has declared that the party remains “unstoppable,” likening its rise to the inevitability of the sun, despite what he described as attempts by the ruling establishment to weaken opposition forces.
Speaking at the ADC’s 8th National Convention, Aregbesola said the party’s existence is rooted in the will of Nigerians and protected by the constitution, insisting that no political pressure or institutional interference could halt its progress.
“Just as no power can stop the sun from rising, so can the ADC not be stopped,” he told delegates.
Blasts Political System, Accuses Ruling Forces of Undermining Democracy
The ADC leader accused the ruling All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) of actions he described as anti-democratic, alleging efforts to frustrate opposition parties ahead of the 2027 elections.
He criticized what he termed the normalization of political “criminality,” arguing that recent political realignments and electoral practices undermine democratic integrity.
According to him, ADC does not owe its existence to any individual or institution but to Nigerians “tired of deceit and mismanagement.”
Harsh Assessment of Economy, Security, and Governance
Aregbesola painted a grim picture of the nation’s condition, citing economic decline, rising inflation, and worsening living standards.
He noted that the naira’s depreciation from about ₦700 to ₦1,400 per dollar reflects what he described as poor economic management, while fuel prices have surged significantly, making daily life difficult for citizens.
On security, he described the current situation as one of the worst in Nigeria’s history, raising concerns about increasing violence and what he called a lack of empathy from leadership in responding to national tragedies.
ADC Positions Itself as Nigeria’s “Rescue Mission”
The former minister said the ADC has, within months, transformed into a major opposition force, claiming it now represents the “hope of the Nigerian people.”
He outlined the party’s rapid structural expansion, ongoing membership drive, and efforts to build alliances with other opposition groups including the Peoples Democratic Party (PDP), Labour Party (LP), Social Democratic Party (SDP), and New Nigeria Peoples Party (NNPP).
Aregbesola emphasized that the party is preparing to challenge the APC in the 2027 general elections through what he described as a “united opposition front.”
Defends Party Leadership Changes, Convention Legitimacy
Providing details of internal restructuring, Aregbesola said the emergence of new leadership, including David Mark as caretaker national chairman, followed due constitutional process and was duly communicated to INEC.
He argued that the commission’s refusal to monitor the convention violates provisions of the Electoral Act, insisting that ADC fulfilled all legal requirements.
Alleges Persecution of Opposition Figures
The ADC leader further accused the government of using state institutions such as anti-corruption agencies and security services to intimidate opposition politicians.
He cited cases involving figures like Nasir El-Rufai and Aminu Tambuwal, describing the trend as a dangerous signal for democracy.
Calls for United Front Ahead of 2027
Aregbesola concluded with a rallying call for Nigerians to support the ADC’s mission to restore “freedom, security, and prosperity,” warning against political apathy.
“A democracy without opposition is an autocracy,” he said, urging citizens to reject what he termed any attempt at political “coronation.”
Closing Note
The convention, themed “So that Nigeria will work for Freedom, Security and Prosperity,” brought together party delegates and stakeholders, marking a significant step in ADC’s preparations for the 2027 elections.
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