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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Lagos recovers N1.2bn excess bank charges
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From Left, Permanent Secretary/ Accountant General, State Treasury Office, Dr Abiodun Muritala; Permanent Secretary Ministry of Finance, Mrs Yemi Ayoola; Commissioner for Finance, Dr Rabiu Olowo and Commissioner for Information & Strategy, Mr Gbenga Omotoso during the Ministry of Finance News Conference to Commemorate the 2nd Year in Office Gov. Sanwo-Olu Administration in Lagos on Thursday
The Lagos State Government on Thursday said that it recovered a total of N1.2 billion in excess of bank charges over a period of six years.
The Commissioner for Finance, Dr. Rabiu Olowo, made this known in Ikeja, during the 2021 Ministerial Press Briefing in Commemoration of the Second Year in Office of Gov. Babajide Sanwo-Olu.
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