LAGOS IS OWING 124 BILLION NAIRA

[Davo]

The Lagos State's debt profile, as of April 30, 2011, stands at N124.188billion, according to data released by the state's ministry of finance.

The figure was contained in an address presented on Thursday by the state finance commissioner, Rotimi Oyekan, during the ministerial press briefing held to commemorate the fourth anniversary of Governor Babatunde Fashola's administration.

The breakdown of the debt profile showed that the state government has a multilateral debt loan of N62,426,899,007.40 (calculated using an exchange rate of N156.50) and domestic loans of N61,761,172,731.97.

Source: Lagos is owing N124b