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Lagos Govt. generates N2.43trn revenue in 8 years

01 May 2015, 10:02

Ikeja - The Lagos State Government on Thursday it generated a total revenue of N2,433,349 trillion since the present administration came to office eight years ago.

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.

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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.



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