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.

538 thoughts on “Lagos generates N127bn in three months”
  1. Arise, O compatriots, Nigeria’s call obey to serve our fatherland with love and strength and faith the labour of our heroes past shall never be in vain to serve with heart and might one nation bound in freedom peace and unity…O God of creation, direct our noble cause guide thou our leaders right help our youth the truth to know in love and honestly to grow and

  2. So that kind money dey this country. This is exactly why I tell people it is better to be rich in Nigeria and travel to USA than for you to go to the US and get rich. This country has money oo

  3. If Lagos is generating this huge sums of amount, it is awesome in the couple of years for me, Lagos should be totally transform – every nook and cranny should be affected in terms of physical development.
    But Alas! The jagaban factor is there! O so sorry…..

  4. Oh my God, Lagos is the most richest state in Nigeria I guess.
    One twenty seven billion naira in just three months?.
    That’s so wonderful

Leave a Reply