The Lagos State Government 2019 Audited Financial Statements show that the state posted a surplus of N89bn in its account.
The disclosed this in response to a report published by civic advocacy group, BudgIT, titled ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’. The report had alleged that the state was borrowing to pay salaries.
However, a statement emailed to our correspondent on Monday by the state Commissioner for Finance, Dr Rabiu Olowo, on Monday, said Lagos was economically and financially buoyant.
The statement titled ‘Lagos financially, economically stable’ said the state was economically and financially solid.
It added that the state’s Internal Revenue Service was doing 103 per cent of the budget targets, and well above 2019 figures, despite the COVID-19 pandemic.