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Lagos announces record financial performance

24 July 2014, 06:54

Lagos -  Lagos State Government has attained a record cumulative mid-year budget performance of 86 percent despite a big drop in its receipt from federal transfer.

The state, which budgeted N489.69 Billion for 2014 performed 76 percent in the first quarter and 106 percent in the second quarter leading to a cumulative score of 86 percent.

Governor Babatunde Fashola attributed the financial performance to prudent economic performance and financial discipline.

Addressing journalists in Lagos after reviewing the budget, he said the performance,  coming in a pre- election year, was unprecedented and consistent with the commitment that he made to deliver service.

He explained that the impact of that performance could be seen in some of the housing projects that the administration had concluded and some of the roads it handed over in the second quarter in places like the Yaya Abatan, College Road and the adjoining network of seven roads and places like Langbasa.

“There is still work to do, there is so many places where there is still attention needed and many projects also coming to completion, many have been completed, many would be completed again in the third quarter and so people will get relief just as we continue. You will never finish this work,” he reiterated.

Fashola noted that the revenue to the State from the federal purse had diminished over the last 14 months.

The state previously used to spend an average of between N9 billion and N10 billion but has dipped to about N7 billion to 8 billion monthly.

“The reality therefore is that our wage bill which is now averaging about N6.5 billion per month means that by the time you get N7 billion or 8 billion, by the time you pay salaries, you are left with barely N1,5 billion. By the time you pay subvention, it is almost exhausted,” he said.

The Commissioner for Economic Planning and Budget, Ben Akabueze, reiterated the necessity for the people to support the administration's initiatives.

- CAJ News

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