The Lagos State Government made N127 billion in the first quarter of 2021, as discosed by the state Commissioner for Finance, Rabiu Olowo.
He said this on Thursday at the Ministerial Press Briefing, in commemoration of the second year of Sanwo-Olu in office as the state governor.
He said that the state ended the previous year with N658 billion and that the N127 billion recorded in the first quarter of 2021 was indicative of the “resilience of ministries, departments, and agencies”.
Olowo said, “We finished last year with N658 billion, to date by the end of the first quarter, we have N127 billion. That shows the resilience of our Ministries, departments, and Agencies despite the adverse on our micro-economy.
READ ALSO: Nigeria’s Duty-Free Export To US Slumps To $1.48bn
“Our recovery from the recession is very fragile, this affects the micro economy but we will still think outside the box.”
He added that the state government’s commitment to technology played an important role in the state’s revenue growth.
The commissioner said, “Increase in revenue was as a result of well thought strategy and commitment in technology. We ensure our revenue is optimized and we block leakages.
“We are the only state in Nigeria that is not complaining about the pandemic. We have the strategy; it is not that everybody is willing to pay the tax.”
He added, “Debt sustainability ratio is about our ability to pay.”
“Our Debt Sustainability Ratio is 17.8 percent and we have the World Bank, the Ministry of Finance that serve as the regulator, with this we have demonstrated we have managed this debt.”
