Lagos Governor Sanwo-Olu Addresses Debt Concerns: We’re Not Near Our Limit

Lagos Governor Sanwo-Olu Addresses Debt Concerns: We’re Not Near Our LimitGovernor Babajide Sanwo-Olu has addressed concerns regarding the rising debt profile of Lagos State, stating there is no need for alarm. According to data from the National Bureau of Statistics (NBS), Lagos State currently holds the highest domestic debt in Q1 2024, amounting to N929.41 billion.

In an interview with Channels TV on Wednesday, Sanwo-Olu assured that the state’s debt profile remains manageable. He noted that Lagos is still below the standard debt ratio for metropolitan cities, which is approximately 40%. “Today, we are at about 29 or 28%, so we are not even close to that threshold,” he explained.

The governor emphasized that Lagos has the capacity to expand its budget significantly. “The challenge surrounding this N2 trillion figure is merely numerical. Lagos could realistically support a budget of N20 trillion,” he said.

Reflecting on past budgets, Sanwo-Olu mentioned that his administration had initially aimed for a N6 trillion budget but was only able to implement a N2 trillion budget, highlighting the state’s potential.

He also pointed out that Lagos consistently achieves a 95% budget performance rate annually, with the 2024 budget already over 90% utilized. “Since we took office, we have tripled the state budget from about N620 billion to approximately N2.3 trillion today. We expect to close this year’s budget at about N2.5 trillion,” he noted, reinforcing the state’s financial strength and growth.

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