The Lagos State government is now burdened with a N158bn debt stock, the Commissioner for Finance, Dr. Rabiu Olowo, said on Thursday while explaining the state’s N1.64tn 2021 ‘Budget of Rekindled Hope.’
Olowo, however, said the debt was sustainable at 22 per cent of debt-revenue ratio, below the federal government’s benchmark of 30 per cent and World Bank’s benchmark of 40 per cent.
He hinted that the state planned to finance the N192.494bn budget deficit through external and internal sources and bonds, disclosing that N100bn will be sourced internally, N52bn externally and N40bn through bonds.
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