By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Lagos Spent N2.7 Trillion In 8 Years.
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Lagos Spent N2.7 Trillion In 8 Years.

Damilola A.
By Damilola A.
Published: May 1, 2015
Share
2 Min Read
SHARE

Lagos

The administration of Governor Babatunde Fashola of Lagos State has spent just a little more than it has earned in the past eight years. The state is therefore low on debt, it has emerged.According to the Commissioner for Economic Planning and Budget, Ben Akabueze, who disclosed this yesterday, in Alausa, Ikeja, the total revenue generated represents 89 percent of the total expenditure by the government. While Lagos generated a total revenue of N2.433 trillion through Federal allocation, Internally Generated Revenue, IGR and others in the last eight years, it has expended over N2.7 trillion in providing infrastructure and other economic needs.
“The total revenue generated by the administration is N2.433 trillion through Federal allocation, Internally Generated Revenue, IGR and others, representing 89 percent of the total expenditure by the government. The aggregate budgetary expenditure in the last eight years by the present administration is N2.749 trillion,” Akabueze said.
“What these translate to is that only 11 percent of the state’s expenditure has been funded from debt. Of course not all the revenue was generated through IGR. Only 59 percent (N1.4 trillion) of the budgetary expenditure was funded through IGR.
“The government through the ministry in the last eight years certified 8, 961 projects/programmes valued at N1.132 trillion.
Akabueze stated that the bulk of the projects were done last year, saying “the sum of N39.675 billion was issued as pre-payment certificates.”
The commissioner noted that the average budget performance over the period stood at 79 percent.
He dispelled claims that the state was operating on loan.
“Average sectoral allocation of the budget from 2008 and 2015 are: General Service; 23.70 percent, Public Order and safety; 3.12 percent, Economic Affairs; 31.58 percent, Environmental protection; 8.56 percent, Housing and community amenities; 9.17 percent, Health; 7.66 percent, Recreation, culture and Religion; 1.5 percent, Education; 14.09 percent and Social protection; 0.60 percent,” he dislcosed

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByDamilola A.
Entertainment News Reporter
Follow:
Damilola is a dedicated entertainment writer for Okay Nigeria (Okay.ng). He joined the platform with the aim of using his experience in the Entertainment industry to share wonderful articles in this field. Dammy is a die-hard fan of Wizkid.
Previous Article 61 School Girls Get Pregnant In 2 Months In Ghana.
Next Article Doctor Forgets Sponge Inside Woman’s Stomach After Cesarean Section. -Rachel Erceg

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

VIDEO: NDLEA Uncovers Psychoactive Drugs Hidden in Green Tea Shipment
Crime Video
Trump-Musk Rift Deepens as President Threatens Serious Consequences Over Political Funding
International
NIN Registration for Inmates Yet to Begin in 256 Correctional Centres, Report Reveals
News
Anambra, Osun Polls: APC Faces Internal Strife as Soludo and Adeleke Engage President Tinubu Amid Election Tensions
Politics Top stories
Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?