Lagos Recovers N1.2bn Excess Bank Charges

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 the Office of Gov. Babajide Sanwo-Olu.

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

“It is pertinent to mention that the state government achieved 88 percent budget performance in 2020.

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

“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 percent.

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

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

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

Olowo added that the government ensured the implementation of payment of 10 percent Contributory Pension Scheme by the Lagos State Government and eight percent deductions from salaries of public servants, respectively.