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
AMBO and the Osun Governorship Race: Assessing the Man, the Politics and the Vision
AMBO and the Osun Governorship Race: Assessing the Man, the Politics and the Vision
As political activities gather momentum ahead of the 2026 Osun State governorship election, a public affairs commentator, Oluseyi Olonade, has described the emergence of Asiwaju Munirudeen Bola Oyebamiji, popularly known as AMBO, as a significant development in the state’s political landscape.
In an article titled “Oyebamiji: The Man, The Politics and The Aspiration,” Olonade argued that the All Progressives Congress governorship hopeful possesses the character, experience and vision needed to reposition Osun State for sustainable growth.
According to the writer, Oyebamiji’s appeal stems from his extensive background in the banking sector, where he spent nearly three decades working with institutions including Wema Bank, Trans International Bank, Spring Bank and Enterprise Bank.
A native of Ikire in Irewole Local Government Area, Oyebamiji was described as a technocrat whose experience in corporate governance, finance and risk management has shaped his approach to public administration.
The article noted that his public service journey gained prominence in 2012 when he was appointed to oversee the then Osun State Investment Company Limited. Under his leadership, the organisation was reportedly restructured and transformed into Omoluabi Holdings Limited.
The writer further highlighted Oyebamiji’s tenure as Commissioner for Finance under successive APC administrations, where he was credited with managing the state’s finances during challenging economic periods.
Olonade also referenced Oyebamiji’s appointment as Managing Director of the National Inland Waterways Authority, describing it as further evidence of his administrative and leadership capabilities.
The article contrasted Oyebamiji’s governance philosophy with that of the current administration in Osun State, arguing that the APC aspirant favours institutional reforms, economic diversification and fiscal discipline.
According to the writer, Oyebamiji’s proposed agenda includes strengthening transparency in government spending, expanding internally generated revenue, attracting private-sector investments and promoting industrial and agricultural development.
The article also highlighted youth empowerment, entrepreneurship development and digital skills acquisition as key components of his vision for the state.
Olonade concluded that the forthcoming governorship election would present voters with a choice between different approaches to governance, expressing confidence that Oyebamiji’s experience and developmental agenda make him a strong contender in the race.
Politics
Oselu Tiwa nTiwa Endorses Oriyomi Hamzat for Oyo Governorship
*Oselu Tiwa nTiwa Endorses Oriyomi Hamzat for Oyo Governorship*
A sociopolitical support group in Oyo State, Oselu Tiwa nTiwa, has declared its support for Alhaji Oriyomi Hamzat as the authentic governorship candidate of the Accord Party ahead of the forthcoming governorship election in the state.
The group made its position known in a statement jointly signed by its President, Mr. Adewale Oluwaseyi and Secretary, Alh. Adebayo Oyewole, on Thursday, describing Hamzat as a grassroots figure with strong connection to the people and a track record of humanitarian interventions across Oyo State.
According to the group, the endorsement followed what it described as careful observation of Hamzat’s leadership qualities, compassion and dedication to the welfare of ordinary citizens.
“Oriyomi Hamzat has consistently demonstrated empathy, courage and selfless commitment to humanity. Through his numerous interventions in the lives of ordinary citizens, he has become a symbol of hope to many families and communities,” the statement read.
Oselu Tiwa nTiwa also appealed to the national leadership of the Accord Party to prioritise the long-term future and electoral growth of the party in its decision-making process.
The group noted that Hamzat’s candidacy presents an opportunity for the party to strengthen its grassroots support base and expand its political relevance across Oyo State.
“We respectfully appeal to the National Leadership of the Accord Party to look beyond immediate political calculations and consider the bigger picture, the future growth, stability and electoral success of the party in Oyo State and beyond,” the statement added.
The group further expressed confidence in the leadership of the party, saying it believes the party’s national officers and stakeholders would take decisions that reflect fairness, inclusiveness and the collective interest of members.
While calling on party loyalists to remain calm and united, Oselu Tiwa nTiwa said continued consultations among stakeholders would help strengthen the Accord Party ahead of the election.
Signed:
Alh. Adebayo Oyewole,
Secretary.
Politics
Atiku Set To Clinch ADC Presidential Ticket, Leads Amaechi, Hayatu-Deen In 34 States
Atiku Set To Clinch ADC Presidential Ticket, Leads Amaechi, Hayatu-Deen In 34 States
Former Vice President of Nigeria and frontline presidential aspirant of the African Democratic Congress (ADC), Atiku Abubakar, is projected to emerge winner of the party’s presidential primaries, according to impeccable sources in Abuja.
The primaries, conducted across over 8,000 wards in the 36 states of the federation and the Federal Capital Territory, reportedly placed Atiku far ahead of his closest rivals — former Rivers State Governor, Rotimi Amaechi, and former Chairman of the Nigerian Economic Summit Group, Mohammed Hayatu-Deen.
Highly placed party insiders disclosed that Atiku is currently leading in 34 states, including the FCT, after securing dominance across the 19 Northern states, the five South-East states, and the six South-West states, while also maintaining a strong showing in at least three states in the South-South geopolitical zone.
The sources added that the outcome reflects what they described as “an overwhelming nationwide acceptance” of the former vice president within the opposition party ahead of the 2027 general election.
Meanwhile, the ADC leadership has invited members of the press to the official announcement of the final collated results scheduled for 11:00 a.m. on Tuesday, May 26, 2026, in Abuja.
The declaration of results is expected to be broadcast live on ARISE Television and two other major television stations, while also being livestreamed on the party’s official social media platforms on X and Facebook.
Speaking ahead of the announcement, the founding National Chairman of the ADC, Chief Ralph Nwosu, said the decision to televise the exercise live was aimed at promoting transparency and democratic accountability.
“We want millions of Nigerians at home and in the Diaspora to witness democracy in action,” Nwosu said.
He further revealed that the party leadership would encourage all three presidential aspirants to publicly embrace a peace accord and commit themselves to working together in unity for the party’s success.
According to him, the move is necessary to strengthen internal cohesion and position the ADC for victory in the presidential election scheduled for January 16, 2027.
Details later.
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