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The Lagos State Government says it has recovered 1.2 billion naira in excess bank charge over the period of six years and generated 127 billion naira Internally Generated Revenue in the first quarter of the year 2021.
The Commissioner for Finance, Mister Rabiu Olowo made this known at the state ministerial briefing ahead of Governor Babajide Sanwo-Olu’s two years anniversary.
Mr. Olowo says the year 2020 ended with 88 percent budget performance, with a capital recurrent expenditure of 56:44%.
The expenditure performance for the first quarter of the year 2021 stands at 69% with a Capital Expenditure Ratio of 42:58%.
To achieve efficiency and reduced Cost of Fund, the commissioner also says the State successfully re-negotiated its existing debt obligation from 19% to 14% and further down to 12% which brought about N8.9bn savings.
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Airbus concludes MRTT auto-refuelling development
20 May 2021
by Gareth Jennings
Airbus Defence and Space (DS) has concluded development of its automatic air-to-air refuelling (A3R) system for the A330-200 Multi-Role Tanker Transport (MRTT) aircraft.
A graphic representation of Airbus’s new automatic air-to-air refuelling (A3R) system passing fuel to an F-16 receiver aircraft. (Airbus)
The company announced on 20 May that development of the system had reached its conclusion following a flight test campaign that was in large part conducted in partnership with Singapore.
“This campaign came about after Airbus and Singapore agreed in February 2020 to collaborate on the A330 Smart MRTT programme, to develop, certify, and implement A3R capability, as well as enhanced maintenance solutions for the A330 MRTT,” Airbus said. “The trial was conducted in collaboration with the Republic of Singapore Air Force (RSAF) and Singapore’s Defence Science and Technology Agency, taking pl
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