lasgfinance

Official account of the Lagos State Ministry of Finance - The treasury house of the State 📈📉

[lasgfinance @lasgfinance]

The Ministry of Finance was formerly known as the Ministry of Finance and Economic Development before the departments were separated in 1995.

What other facts do you know about the Ministry of Finance?
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#LASG #DidYouKnow

[lasgfinance @lasgfinance]

We wish a Happy New Month to all Lagosians. It is our desire that this month ushers in new blessings for you and your loved ones.
#HappyNewMonth #LASG

[lasgfinance @lasgfinance]

...of the Lagos State Public Service organised by the Lagos State Pension Commission.
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#LASG #lasgfinance
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[lasgfinance @lasgfinance]

The Lagos State Government has paid N1.5 billion accrued pensions for the month of May.

Governor Babajide Sanwo-Olu has been consistent in paying pensioners to retirees.
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[lasgfinance @lasgfinance]

The Commissioner for Establishments, Training, and Pensions, Ajibola Ponnle stated that the Governor’s vision is to have a dynamic, efficient and effective workforce to pilot the agenda of a ‘Greater Lagos’ during the 94th retirement bond certificate presentation to retirees
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[lasgfinance @lasgfinance]

The @followlasg remains committed to enhancing the capacity development of its work force for effective performance and service delivery.

In light of this, the State Government has expressed its commitment to invest more in the education and training of accountants in the State.

[lasgfinance @lasgfinance]

… of the contract sum so that they can finance contracts awarded to them with relative ease… #FinanceNews

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[lasgfinance @lasgfinance]

DID YOU KNOW?

The new Public Procurement Bill signed into Law by Governor Babajide Sanwo-Olu is aimed at empowering the agency to discharge its duties more effectively and also empowering service providers by increasing the mobilisation fee from 20% to 40%…

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@jidesanwoolu

[lasgfinance @lasgfinance]

… there is the need to raise money to bridge the infrastructure gap, and this remains a very viable option.

– Dr. Rabiu Olowo, Honourable Commissioner, Lagos State Ministry of Finance

@lagospress

[lasgfinance @lasgfinance]

Lagos State is the smallest state in Nigeria, but it accommodates over 10% of Nigeria’s population.

This tells us that there’s a lot of pressure on our infrastructure - road infrastructure, amongst others.

@jidesanwoolu

[lasgfinance @lasgfinance]

Due to the peculiar situation of Lagos State and all of the things it needs to do for its growing population of 20 million people who are mostly youths, there is the need to venture into the capital market;

@followlasg

[lasgfinance @lasgfinance]

1. Arrange the needed 100% Finance Structure

2. Deliver a sustainable finance strategy

3. Target a Year-on-Year tax net increase of a minimum of 1 million additional tax payers

4. Invest in growing technological advancement to achieve goals

[lasgfinance @lasgfinance]

The Lagos State Ministry of Finance, in line with our medium term revenue strategy, will deliver the need finances for Lagos State’s development.

In this video, our Honourable Commissioner Dr. Rabiu Olowo outlines a clear plan by the Ministry of Finance:

@jidesanwoolu

[lasgfinance @lasgfinance]

… This implies that we are capable of paying back all our borrowings and that's the single most important thing about them.”

- Dr. Rabiu Olowo, Honorable Commissioner, Lagos State Ministry of Finance

@followlasg

[lasgfinance @lasgfinance]

“On the issue of debt; it's not about how much debt we have, it's about debt sustainability. Our debt sustainability is far below what the regulators demand of us, meaning that we have not even borrowed enough. …

@jidesanwoolu

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[lasgfinance @lasgfinance]

In other words, all the obligations in terms of projects, capital projects and all the things we promised the citizens, we've been able to fulfill close to 90%.

- Hon. Commissioner for Finance, Dr. Rabiu Olowo

@followlasg

[lasgfinance @lasgfinance]

Lagos State is growing. In terms of internally generated revenue, the State is at 85% IGR performance and on the expenditure side, about 90%.

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@jidesanwoolu

[lasgfinance @lasgfinance]

The Lagos State Ministry of Finance has continued to leverage creative methods, financing structures, and strategic partnerships to fund developmental projects towards the long term development of Lagos State.

[lasgfinance @lasgfinance]

“What Lagos needs is much more than what we can get in Internally Generated Revenue at this time.”

@jidesanwoolu @followlasg

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