State makes N2.433trn, spends N2.7trn in 8 years

monjola sotubo

May 1, 2015 5:31 PM

The total figure is a combination of federal allocations and internally generated revenue.

Lagos State Governor, Babatunde Fashola

Lagos state has generated N2.433 trillion and spent N2.7trn during the eight-year administration of Governor Babatunde Fashola, an official has said.

This was disclosed on Thursday, April 30, by Commissioner for Economic Planning and Budget, Ben Akabueze, during a briefing in Alausa, Ikeja.

“The total revenue generated by the administration is N2.433 trillion through Federal allocation, Internally Generated Revenue, IGR and others, representing 89 percent of the total expenditure by the government. The aggregate budgetary expenditure in the last eight years by the present administration is N2.749 trillion,” Akabueze said.

“What these translate to is that only 11 percent of the state’s expenditure has been funded from debt. Of course not all the revenue was generated through IGR. Only 59 percent (N1.4 trillion) of the budgetary expenditure was funded through IGR. The government through the ministry in the last eight years certified 8, 961 projects/programmes valued at N1.132 trillion,” he added.

Akabueze also denied reports that the state was operating on loans adding that the average budget performance over the period stood at 79 percent.

monjola sotubo