May 20, 2021

Lagos recovers N1.2bn excess bank charges

Lagos recovers N1.2bn excess bank charges
From Left, Permanent Secretary/ Accountant General, State Treasury Office, Dr Abiodun Muritala; Permanent Secretary Ministry of Finance, Mrs Yemi Ayoola; Commissioner for Finance, Dr Rabiu Olowo and Commissioner for Information & Strategy, Mr Gbenga Omotoso during the Ministry of Finance News Conference to Commemorate the 2nd Year in Office Gov. Sanwo-Olu Administration in Lagos on Thursday

The Lagos State Government on Thursday said that it recovered a total of N1.2 billion in excess of bank charges over a period of six years.

The Commissioner for Finance, Dr. Rabiu Olowo, made this known in Ikeja, during the 2021 Ministerial Press Briefing in Commemoration of the Second Year in Office of Gov. Babajide Sanwo-Olu.

Olowo said that the state government was also in the process of recovering ground rent owed by defunct NEPA through the Nigerian Electricity Liability Management Company.

He said that Lagos State had also submitted projects to Natural Resource Development Fund for Federal Government Funding, which was also almost at a completed stage.

The commissioner said that the Ministry of Finance provided various financial strategies that enabled the government deliver high impact infrastructural projects envisaged in the Budget in spite the adverse effect of the COVID-19 pandemic.

”It is pertinent to mention that the state government achieved 88 per cent budget performance in 2020.

“With all modesty, this level of performance is unparalleled by any government in the country, be it state or federal.

[ALSO READ] I owe no one apologies for fighting for the rights of my people — Ortom

”In the same vein and in line with the vision to deliver infrastructure at various levels, the ratio of Capital Recurrent Expenditure for the Year 2020 stood at 56:44 per cent.

”The approach for 2021 would not be any different, as government has commenced funding of N1.164trn budget for the year with a fresh vigour.

”The expenditure performance in the first quarter of 2021 was 69 per cent, with a Capital Expenditure Ratio of 42:58 per cent.

”In order to ultimately reduce payroll fraud, about 95 per cent of Public Servants and Pensioners’ Data have been linked to the payroll with the support of Lagos State Residence Registration Agency (LASRRA),” he said.

Olowo said that the revenue codes for MDAs and Local Government Areas had been uploaded on Lagos government’s website to help ease payments by organisations, MDAs and individuals towards strengthening the collection of Internally Generated Revenue (IGR) in the state.

He said that the Lagos State Treasury Office ensured prompt release of funds for payment of essential services to combat the COVID-19 pandemic in Lagos State.

The commissioner said that the government endured the implementation of payment of 10 per cent Contributory Pension Scheme by the Lagos State Government and eight per cent deductions from salaries of public servants, respectively. (NAN)

Vanguard News Nigeria