The Lagos State Government on Tuesday said it had paid N2,672,305,372 from 2019 to date as benefits to families of deceased civil servants under it Group Life Insurance policy.
The Lagos State Commissioner for Finance, Mr Abayomi Oluyomi, said this in Alausa, Ikeja, at a ministerial news briefing to commemorate Gov. Babajide Sanwo-Olu’s first year of his second term in office.
Oluyomi equally said that the insurance department had paid N1,760,463,191.26 as claims.
He added that the Lagos state budget recorded 86 per cent performance in 2023, while the year 2024 first quarter budget performance was 65 per cent with capital to recurrent expenditure at 49 per cent to 51 per cent.
“The State Treasury Office, in line with its mandate continues to manage the financial resources of the government by maximising revenues from available funds and minimising costs of financing.
“The office advocates high standards for public services founded on empowered and skilled professionals.
“During the period under review, the State Treasury Office recorded the following achievements:
“The funding of Year 2023 Budget was a remarkable achievement for Lagos State Government. The State Government achieved 86 per cent budget performance in Year 2023.
“With all modesty, this level of performance is unparalleled by any government in the country, be it State or Federal,” he said.
Oluyomi said that in line with the vision to deliver on infrastructure at various levels, the Capital to Recurrent expenditure ratio had stood at 62 per cent to 38 per cent.
“The approach for Year 2024 would not be different as the state government has already commenced funding of the N2.268trn budget for the year with fresh vigor.
“The budget performance in the first quarter of Year 2024 was 65 per cent with Capital to Recurrent Expenditure at 49 per cent to 51 per cent,” he said.
The commissioner said in alignment with the Federal Government’s initiative Gov. Sanwo-Olu implemented the wage award.
“ We kicked off the N35,000 wage award for our civil servants while we paid N25, 000 to our pensioners.
“As part of this administration’s measures to cushion the effect of subsidy removal and exchange rate unification and the resultant cost of living crisis,” he said.
While fielding questions from journalists, Oluyomi said the state government was working at harmonising taxes as a way to curb multiple taxation in the state.
The commissioner promised that breakdown of Internally Generated Revenue (IGR), taxes and expenditure of the state would be made available to journalists through the state ministry of Information.
