The Lagos State Government has said it generated N127bn in the first quarter of 2021.

 

The government added that the amount was an increase from the N658bn it generated as of December 2020.

 

The Commissioner for Finance Rabiu Olowo, stated this in Ikeja on Thursday when he addressed journalists about his ministry as part of activities to mark Governor Babajide Sanwo-Olu’s second year in office.

 

Olowo said the state was able to realise the amount despite the biting effects of the COVID-19 pandemic because it was proactive in blocking leakages.

 

He said, “We are also leveraging on technology to predict and prevent fraud by digitalising our processes.”

 

The commissioner added that the state’s debt sustainability ratio stood at 17.8 per cent.

Though the regulators – World Bank (for guidance) and Federal Ministry of Finance – put the sustainability ratio at between 30 and 40 per cent. This tells a lot about our ability to own and manage debts effectively; and as our revenue grows, and we pay our debts, we will continue to take more loans so far they are used to provide capital projects that would ensure the economic success of the people now and in the future,” he added.

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