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Lagos faults BudgIT on financial status

Lagos government has faulted report of BudgIT which described it  is economically and financially unviable.

In a statement, yesterday, it dismissed the publication by BudgIT, a public finance analyst, titled ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’ as “misinformation.”

In fact, the government said BudgIT has apologised for its error.

The statement read: “Lagos State continues to meet all its recurrent and loan service obligations and the information that was published in incorrect, inaccurate and a gross distortion of the actual facts.

“The accurate information that ought to have been stated in the table published by BudgIT is provided below; as extracted from Lagos State’s published 2019 Audited Financial Statements: Total Revenue (N) Recurrent Expenditure and Loan Repayment Obligation (N) Surplus or Deficit (N) 644,762,788,340.04 554,241,725,038.00 90,521,063,302.04. As indicated in Lagos State’s published Financial Statements (and as extracted above), the information in the table published by BudgIT should have correctly indicated a surplus of N89 billion.

“Lagos State Government continues to efficiently explore options in both the Financial and Capital Markets, to extract optimal funding solutions, which will enhance the administration’s ability to deliver on the construction, renewal and improvement of the deficit in social and physical infrastructure for the benefit of Lagosians, who represent 10% of Nigeria’s population.

“In the year under review (2019), Lagos State restructured all existing internal loan facilities to 14% per annum, from between 18% and 20% per annum. These rates have even more recently been re-negotiated to circa 12% per annum.”

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