Lagos State Government said it has paid insurance death benefits of the sum N2,672,305,372.59 to beneficiaries of civil servants who lost their lives from 2019 till date.
The State Commissioner for Finance, Mr. Abayomi Oluyomi, made this disclosure on Tuesday at a ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja as part of the activities marking the first year of the second term in office of Governor Babajide Sanwo-Olu.
“Mr. Governor, Babajide Olusola Sanwo-Olu shortly on assumption of office in 2019, commenced the payment of Group Life Policies insurance premium for welfare of staff as well as non-life premium for all the assets of the State Government within Lagos State.
“Consequent to this, insurance death benefits paid from 2019 till date to the beneficiaries of deceased civil servants amounts to N2,672,305,372.59 (Two Billion, Six Hundred and Seventy-Two Million, Three Hundred and Five Thousand, Three Hundred and Seventy-Two Naira, Fifty-Nine kobo) only. This is in fulfillment of the electioneering campaign of our able governor,” the Commissioner said.
“In addition, the sum of N1,760,463,191.26 (One Billion, Seven Hundred and Sixty Million, Four Hundred and Sixty-Three Thousand, One Hundred and Ninety-One Naira, Twenty-Six kobo) only was paid as claims,” he added.
Oluyomi, while noting that the state budget recorded 86percent performance in 2023, while the year 2024 first quarter budget performance was 65percent with capital to recurrent expenditure at 49:51, said that the government anchored her financial strategy on the Internally Generated Revenue (IGR), adding that this was steadfastly pursued and sustained during this reporting year.
“The Lagos State financing strategy is anchored on a sustainable Internally Generated Revenue (IGR) model. This was steadfastly pursued and sustained during this reporting year as the State recorded impressive and improved revenue growth,” the commissioner said.
He, therefore, appealed to members of the public to continue to perform their civic responsibility of paying taxes promptly, saying that the state government was keen at increasing her revenue, which , according to him, could be achieved if more members of the public pay their taxes, and not by over burdening those that are currently paying taxes.
On multiple taxation, Oluyomi said the state government was working hand in hand with the Federal Government to address the issue and put an end to it.
The commissioner maintained that the state government had, in order to serve residents of the state better, and make it convenient for them to pay their taxe, established 15 Land Use Charge Walk – in Contact Centers across the state situated within Tax Stations to serve as complaints and resolution centres, bringing easier access to Land Use Charge Services for property owners.
This was just he disclosed that the State Debt Management Office (DMO) had also successfully refinanced part of the state domestic loan portfolio with Commercial Banks to lower interest rates and extended tenure, reducing debt service obligation and easing cash flows.
He explained that key projects supported by the domestic loans and such freed-up funds include the Blue Line Rail Project, Opebi-Mende Link Bridge meant to alleviate traffic congestion and provide alternative routes for commuters connecting Opebi, Mende, Maryland, and Ojota, the new Massey Children’s Hospital and purchase of locomotive coaches for the Blue and Red Rail Lines.
According to him, others are establishment of the Lagos State Central Food Security, reconstruction and upgrade of Adeniji Adele and Oke Popo/ Tapa Street, construction and supply of 25 passenger ferry boats, with a view to expanding water transport, easing road traffic congestion and enhancing overall connectivity.
Besides, he said the affected projects also include the renovation of Teslim Balogun Stadium to ensuring that athletes have access to world-class venues for training and competition.
