{"id":417693,"date":"2011-05-05T00:30:56","date_gmt":"2011-05-05T00:30:56","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/05\/lagos-to-run-on-deficit-budgeting-till-2013\/"},"modified":"2011-05-05T00:30:56","modified_gmt":"2011-05-05T00:30:56","slug":"lagos-to-run-on-deficit-budgeting-till-2013","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/05\/lagos-to-run-on-deficit-budgeting-till-2013\/","title":{"rendered":"Lagos to run on deficit budgeting till 2013"},"content":{"rendered":"
\n

By Olasunkanmi Akoni & monsur Olowoopejo<\/strong><\/p>\n

Lagos State Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, has said\u00a0 that the state will continue to run a deficit budget till year 2013.<\/p>\n

He, however, added that after the estimated year, there might be an improvement in its budgets.<\/p>\n

The Commissioner, who gave the indication, yesterday, while presenting his ministry\u2019s achievements to journalists at Ikeja, said\u00a0 that the state might be\u00a0 high in debt for a while.<\/p>\n

He, however, stressed that the state has no need to borrow at the moment but only to finance capital project.<\/p>\n

He cautioned against giving wrong impression about volume of the state\u2019s debt, but the capacity to accommodate such a profile.<\/p>\n

\u201cAmerica is about the most indebted nation in the world, but the size of its economy is such that can be compare to very few countries. Borrowing in itself is not wrong, it is what you do with the borrowed-money that mattered,\u201d Akabueze said.<\/p>\n

Noting that Nigeria, as one of the N-11 (Next 11 after the OECD) countries,\u00a0 owes just about $9 billion out of the over $11 trillion debt profile of the N-11, as against that of South Korea\u2019s $314 billion, \u201cbut the reality is that the Korea\u2019s economy is bigger.\u201d<\/p>\n

He assured on the state\u2019s capacity, through its budgetary provisions, to sustain the servicing of its debt profile.<\/p>\n

\u201cLagos State is the only state in Nigeria that the World Bank granted budget support facility because of its transparency in its public finance,\u201d he said.<\/p>\n

\u00a0Akabuexe also disclosed that the project contract sums\u00a0\u00a0 submitted by ministries, departments and agencies (MDAs) running to 1,455 for 2010 was scaled down to N286.5 billion from N343 Billion.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

See the original post here:
\nLagos to run on deficit budgeting till 2013<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Olasunkanmi Akoni & monsur Olowoopejo Lagos State Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, has said\u00a0 that the state will continue to run a deficit budget till year 2013. 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