Akinwumi Ambode
As he officially resumes work today, the new governor of the State, Akinwunmi Ambode, is inheriting a debt burden of N418.2 billion from the outgoing administration.
The debt burden, though accompanied with a repayment plan lasting 40 years plus, is an astronomical increase from the N15 billion Babatunde Fashola (SAN) inherited from his predecessor, Asiwaju Bola Tinubu, in 2007 when he took over.
A breakdown of the debt bequeathed to Ambode showed that the Fashola administration has a domestic debt of N69.666 billion, which it obtained from borrowing from banks; N225 billion from bond issuance and N207.499 billion external loan from foreign bodies.
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