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2019: My administration will shrink Lagos State debt profile-Adedeji Doherty

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Frontline politician and Lagos 2019 strong gubernatorial contender on the platform of Peoples Democratic Party (PDP), Engineer Adedeji Doherty has stated that come 2019 when he emerges executive governor of Lagos State his administration will shrink down debt profile of the state in the interest of the people including industrialists, medium and small scale businesses. Doherty disclosed this in a chat with media men in Lagos.

According to him, debt profile is affecting the performance of the current government in Lagos State. “You cannot run the state effectively with so much debt. The external debt of Lagos is almost a trillion naira if we convert the dollar equivalence, the current Lagos state government domestic debt is also in the region of a trillion naira. Apart from the capital expenditure, there is also very heavy concurrent expenditure like salaries you need to pay on a monthly basis. In a way this heavy debt profile is affecting the fortune of Lagosians”, Doherty said.

He further stated that while his government will critically look into debt management, there will also be adequate protection of manufacturing industries and protection of business environment especially medium and small scale businesses.

“Adedeji Doherty’s primary focus in the first 24 months is to shrink the debt profile of Lagos State. While we are shrinking the debt profile we will at the same time developing the businesses especially medium and small scale businesses. With the current debt profile, Lagos State is sitting on gun powder. Lagos State is carrying up to 45 percent of Nigeria total external debt. That is the reason why government is looking for more avenue to tax people because the higher the debt profile the more aggressive government will be in looking for avenue to tax people. Come 2019 when Adedceji Doherty becomes governor of Lagos State he will change the fortune of manufacturing sector”, he said.

It was gathered that experience has prepared Doherty for debt management. Doherty in one of his companies has also had an economic downturn of about 1.8 billion naira and him personally shrinked that 1.8 billion naira debt to positive account balance in his books. He has been able to turn it around through his company Dohagro Allied International Nigeria Ltd. He turned it around through hard work, negotiations and continuous communications with his lenders. As much as he was able to survive his company’s economic downturn and getting out of liquidating situation in his organization, his eight to nine years experience has really prepared him to handle Lagos State debt profile.

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