We're financially stable with N90bn budget surplus, we don't rely on FG - Lagos

Lagos government has announced that it recorded a N90.5 billion budget surplus in the 2019 fiscal year, showing the financial strength of the state.

Rabiu Olowo, the commissioner for finance, made this disclosure on Monday, September 28, while clearing the air on the report by a public finance analyst BudgIT on the fiscal capability of Lagos.

Olowo, who described the BudgIT report as incorrect, inaccurate and a gross distortion of the facts, maintained that the state is financially in good shape.

The commissioner noted that Lagos state is "economically and financially solid", adding that the Babajide Sanwo-Olu-led government will continue to expand funding sources.

Olowo also stressed that the state will also continue to ensure that prudence and sustainability are at the fore of funding and expenditure decisions.

According to the commissioner, BudgIT has apologised for the misleading error in its reports.

Olowo said, “Lagos State is economically and financially solid. This is contrary to the publication by BudgIT, a public finance analyst, titled ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’, which the Governor Babajide Sanwo-Olu administration described as 'misinformation'.

"BudgIT has apologised for its error. Lagos State is the only state that is not reliant on the allocation from the Federal Account Allocation Committee, with Internally Generated Revenue representing circa 72 per cent of the state’s aggregate revenues to enable it address challenges faced by mega cities world over."