Lagos cuts its debt by nearly €8 million

Lagos council has announced that it cut nearly €8 million from its debt in 2014, and now owes just a little over €600,000.

The municipal authority run by Socialist mayoress Joaquina Matos has also made a point of paying all suppliers within 90 days.

“This shows that our finances have improved and breeds confidence among the economic agents with whom we work,” the council stated.