The governorship candidate of the Peoples Democratic Party (PDP) in Lagos State, Olajide Adediran (popularly known as JANDOR) on Thursday said there is no justification for the ₦350 billion Lagos State governor, Babajide Sanwo-Olu wants to borrow in the 2023 fiscal year.
The governor who presented a budget of ₦1.69 trillion to the state House of Assembly for approval for the 2023 fiscal year had revealed that the state will borrow ₦350 billion to fund the 2023 budget.
The governor disclosed that the budget is deficit and is to be financed by borrowing, which is pegged at ₦350 billion.
Currently, Lagos’ domestic debt as of June 2022, according to the Debt Management Office (DMO) stands at ₦797,305,312,602.53, while the foreign debt stands at 1.27 billion US Dollars (₦555.828bn).
JANDOR said Sanwo-Olu is yet to account for the ₦255 billion he borrowed without anything to show for it.
“Has he (Sanwo-Olu) accounted for the ₦255 billion borrowed by his administration with nothing to show for it? He grew our local debt from ₦542 billion in 2019 to ₦797 billion today with no single development to show for it” he said.