Sanwo-Olu ‘Mortgaging Future Of Lagos’ By Borrowing N79.7 Billion In Two Months- PDP Guber Candidate

The Lagos State gubernatorial candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Olajide Adediran, has accused Governor Babajide Sanwo-Olu’s administration of borrowing N79.7 billion between July and September 2022.

Adediran said that this increases the state debt profile from N797 billion as at June to N877 billion, currently.

Adediran also accused the governor of mortgaging the future of the state by continuously increasing domestic and foreign debt under the pretense of building infrastructure in the state.

According to data from the Debt Management Office (DMO), as at June 30, 2022, the state domestic and foreign debt stood at N797. 304 billion out of N5. 281 trillion owed by state governments in the country and the Federal Capital Territory, representing about 16 percent of the debts owed by subnational governments.

The PDP guber candidate, however, noted that there was nothing wrong with borrowing, so far it is captured in the fiscal policy of the state, but called on the governor to give detail account of what he used the alleged N79.7 billion to do.

“Latest report from the Debt Management Office just revealed how Governor Sanwo-olu has repeatedly mortgaged the future of our state, racking up domestic and international debt under the guise of shoring up projects and improving infrastructure,” Adediran tweeted via his handle @officialjandor on Monday.

“A worrying N79.7 billion was again borrowed between July and September 2022, further raising our debt profile from N797,305,312,602.53 in June 2022 to N877,035,995,031.70 now.

“Like I have said in my very recent TV interview, there’s nothing wrong in borrowing to fund public infrastructure, especially when such borrowing is captured in the fiscal policy of the state.

“However, what’s worrisome is the rationale behind this borrowing as nothing is happening on the streets, across the length and breadth of Lagos in the name of infrastructure to account for this huge debt.

“Where is he taking all this money…we need to ask him. This N79 billion, what was it taken for? which project are you investing it on?Governor Sanwoolu needs to answer these questions.”