Sanwo-Olu reacts to Lagos's status as Nigeria's most indebted state

Governor Babajide Sanwo-Olu of Lagos State. [X, formerly Twitter]

Sanwo-Olu's statements follow a National Bureau of Statistics (NBS) report, which cited Lagos as Nigeria's highest debtor with ₦929.41 billion in domestic debt.

Governor Babajide Sanwo-Olu has addressed concerns over Lagos's position as Nigeria's most indebted state, assuring residents that the debt level is well within sustainable limits.

Speaking on Channels Television's Politics Today, Sanwo-Olu highlighted Lagos's robust financial management, stating, "The standard debt ratio we are meant to meet is about 40%, but today, we are around 28-29%, so we are not even close to the threshold."

Sanwo-Olu positioned the debt as a necessary investment in the state's growth, noting that Lagos's debt-to-revenue ratio remains safely below the national benchmark of 40%.

According to him, Lagos's debt, currently standing at ₦2 trillion, reflects prudent financial management and growth potential.

"This ₦2 trillion debt figure is just a number," he argued, adding, "Lagos has the capacity to manage up to ₦20 trillion."

The governor emphasised that Lagos's budget has grown significantly over recent years, with the state now working with ₦2.3 trillion budget, up from ₦620 billion when his administration took office.

"By the end of this year, we expect to close at about ₦2.5 trillion," he said, highlighting a strong 95% budget performance rate annually.

Sanwo-Olu's statements follow a National Bureau of Statistics (NBS) report, which cited Lagos as Nigeria's highest debtor with ₦929.41 billion in domestic debt.

The governor, however, remains optimistic, asserting that "our investments today will yield returns tomorrow."

Amidst ongoing debates on Nigeria's debt sustainability, he reassured Lagosians that the state is "on a strong financial footing" and fully capable of servicing its debt responsibly.

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