Lagos State Governor, Babajide Sanwo-Olu has approached the State’s House of Assembly seeking for permission to obtain a loan of N250 billion to tackle what he described as immediate needs in the state.
Sanwo-Olu’s letter which was read on the floor of the House by the Clerk of the House, Sani Azeez during Tuesday’s plenary split the loan into fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion.
“Further analysis shows that the recurrent expenditure stood at 80 per cent while capital expenditure was at 64 per cent performance, portending a 49:51 capital/recurrent ratio against the target of 55:45.
“It should be noted that some of the major MDAs that are supposed to implement capital expenditure are performing below expectation, while others have almost exhausted their budgetary provisions” the letter said.
The governor also assured workers in the state that the government was ready to implement the N30,000 minimum Wage after the federal government concludes negotiations with the Nigeria Labour Congress (NLC).
Lagos state according to a recent statistics by the National Bureau of Statistics (NBS) generated N205,163,386,767.06 as Internally Generated Revenue (IGR) in the first six months of 2019.