Lagos generates N2.43trn revenue in eight years

Lagos generates N2.43trn revenue in eight years

The Lagos State Government on Thursday revealed

that it generated a total revenue of N2,433,349
trillion since the Babatunde Fashola adnministration
came to office eight years ago.
Mr Ben Akabueze, the Commisioner for Budget and
Economic Planning, gave the figure at the 2015
ministerial news conference in Ikeja.
The commissioner explained that the total revenue
accrued to the state from its Internally Generated
Revenue (IGR) and other revenue sources.
Akabueze, who also put the the aggregate budget
performance for the period at 79 per cent, said the
high revenue spoke of the fact that the state`s
economy was stable and sustainable.
The commissioner dismissed the thinking in some
quarters that the state was burdened by debts,
saying a negligible percentage of its annual revenue
went into debt servicing.
He also allayed fears expressed in some quarters that
the recent downgrading of the state`s economy from
BB+ to BB by Fitch
meant the state`s economy was weak, saying it was
strong and stable.
Akabueze said the government through sound
financial budgetary and financial management had
ensured that the state had the lowest poverty level
in the country.
The commissioner said the state received a sum of
N15,134,459 billion in donor support for various
Millennium Development Goals projects within the
period under review.
He said the total counterpart funding for its various
programmes and projects from various sources was
N27,245,245 billion for the period under review.
The commissioner added that the state government
in collaboration with the office of the Senior Special
Assisstant to the President
on MDGs spent a total of N6,899,896 billion on no
fewer than 657 projects during the period.
He said the projects covered areas in health,
sanitation, water, education and others.
“The Federal Government contributed N3,700,345
billion, the state provided counterpart funding of
N2,539.448 billion while local governments provided
N520 million for the projects,’’ he said.
He expressed satisfaction with the government’s
performance in the implementation of the MDGs
projects, saying the goals of the UN development
programme had been met by the state.