Lagos is financially buoyant; govt denies borrowing to pay salaries

The Lagos State audited financial statement has shown that the state posted a surplus of N89Bn in its account for last year (2019).

This disclosure was made in response to a report, published by civic advocacy group, BudgIT, titled ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’.

The report had alleged that the state was borrowing to pay salaries, The Punch said.

However, a statement emailed to The Punch by the state Commissioner for Finance, Dr Rabiu Olowo, on Monday, said Lagos was economically and financially buoyant.

The statement titled ‘Lagos financially, economically stable’ said the state was economically and financially solid.

It added that the state’s Internal Revenue Service was doing 103 per cent of the budget targets, and well above 2019 figures, despite the coronavirus pandemic.