By Olasunkanmi Akoni

LAGOS—In funding the huge capital expenditure of the state, Lagos State Government said it disburses an average of N235 billion annually, over the period of five years,  with approximate total of  N1.175 trillion.

The  Debt Management Office, Abuja, puts  Lagos State’s debt profile at N160 billion.
Governor Babatunde Fashola of Lagos State, while justifying the decisions of the   state government in taking a bond worth over N160 billion from the World Bank, assured that strategies were in place to ensure repayment of the loan as at when due.

Commissioner for Finance, Mr Ayo Gbeleyi, who disclosed the N235 billion annual capital expenditure at the 2014 Accountants’ retreat under the employment of the state government, held in Lagos, maintained that the state has continued to demonstrate a high level of fiscal prudence in its drive for infrastructure renewal and development across the state.