By Kazeem Ugbodaga
The Administration of Governor Akinwunmi Ambode inherited external debt profile of N468.471 billion, says Lagos State Commissioner for Finance, Akinyemi Ashade.
Ashade, who was giving a breakdown of the 2018 budget of N1.046 trillion presented to the House of Assembly by Ambode on Monday, also said the government would borrow N148.699 billion to finance the budget deficit.
The Commissioner, who spoke in Alausa, Ikeja, Lagos, Southwest Nigeria explained that the State’s net debt stock of N874.38bn represented about 3% of the State GDP, while the Debt service charge to Revenue ratio stood at 17.61% compared to 13.32% in 2016 and 12.45% in 2015.
“This administration inherited external loans of N468.471 billion which were contracted at an average of N100 to $US1. This balance is made up of some loans that have been running…
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