LASG Re-negotiates Domestic Loans, Saves N3.8bn Monthly

  • Targets 10% increase in revenue generation

By Gboyega Akinsanmi

The Lagos State Government has said it has re-engineered its outstanding internal loans, a decision that has reduced the burden on its internally generated revenue (IGR) and saved N3.8 billion monthly.

The state government has also said it has been able to save N5.99 billion for adopting the Treasury Single Account (TSA), thereby enhancing transparency and efficiency in its financial management.

The figures were contained in a presentation made by the Commissioner for Finance, Dr. Mustapha Akinkunmi, at a news conference to mark the first anniversary of Governor Akinwunmi Ambode in office.

The commissioner addressed the conference alongside his Information & Strategy counterpart, Mr. Steve Ayorinde, and the Accountant General of the state, Mrs.Abimbola Umar, among others.

At the conference, Akinkunmi said the state government successfully re-engineered the state’s outstanding internal loans “to reduce burden on IGR and technically saved N3.8 billion per month.”

He disclosed that the proceeds from the re-engineering of the state’s outstanding internal loans “have been applied continually for the execution of capital projects. In different parts of the state.”