Lagos State Government has reassured that there is no need for worries regarding its volume of debts both local and international, as they are still within the globally acceptable sustainability level of 30 per cent. Indeed, the State said as at 2019 end, its debt sustainability level was 29 per cent, and would drop further to 25 per cent in the near term, to enhance its revenue drive. In particular, Lagos was cited as the first among the top five debtor states in the country, with total public debt put at N992.38billion during H1 2019. “Currently, we finished 2019 at 29 per cent, which is below the 30 per cent benchmark. Going forward to the medium term, by 2021/2022, our debt sustainability figures will come down further to 25 per cent, meaning that we will be able to manage our debts further into the future, thereby increasing revenue in the coming years.

Source: The Guardian January 09, 2020 04:18 UTC