Former Governor of Katsina State, Alhaji Ibrahim Shema, has showered encomium on the taxation system of Lagos State led by immediate past Governor Raji Fashola. He also emphasized and laid credence to the progress of Lagos as regards capital project. He explained that no state could match Lagos in terms of revenue and capital projects.
Speaking with Channels Tv on Monday, Shema revealed that he is the only Governor that did not go to the bond market for any form of loan.
Statistics however showed that Fashola led administration of Lagos, left a debt of about N150bn for Akinwunmi Ambode the new Governor of Lagos State. Shema on the other hand had left about N3.7bn in the state’s treasury.
He reiterated that he should not be misunderstood as he is never against borrowing. In his words, “I have nothing against borrowing. I did not borrow because number one, the interest rates are harsh. I don’t know how governments in a dwindling economy can borrow money and will be able to pay and if the interest is very high, the economy of the state will go under.
“If the interest rates were low as obtained in developed democracies, probably one could borrow to execute certain projects. The second reason is that within our meagre resources, we felt we could manage and achieve the kind of results we have achieved today and as it is, you can clearly see that Katsina did not borrow a kobo. Also, we did not fail to deliver the dividends of democracy.”
He however advised new Governor of Katsina State not put the state into a mess but buttressed that Katisina state is mainly an agrarian state and would not be compared with a state like Lagos.
It would be recalled that Fashola was the Governor of Lagos from May 2007 to May 2015.
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