Lagos Had N89bn Surplus In 2019, Govt Replies BudgIT

Lagos State government has disclosed that it had N89 billion budget surplus in its 2019 Audited Financial Statements as against the report by a civic advocacy group, BudgIT which questioned its capability to meet financial obligations.

BudgIT had in a publication titled ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019,” alleged that the State Government was borrowing to pay salaries.

Responding to the claims on Monday, the state Commissioner for Finance, Dr Rabiu Olowo insisted that the State was economically and financially buoyant.

In a statement titled ‘Lagos financially, economically stable’, the commissioner added that despite the COVID-19 pandemic, the state’s Internal Revenue Service was doing 103 percent of the budget targets, and better than 2019 figures.

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