The magic wand of Lagos State Governor, Babajide Sanwo-Olu is rated higher,two years down the line both the financial fortune,economic ...
This
cannot also be divorced from the complimentary roles of the current
Commissioner for Finance,Olowo Onaolapo Rabiu,a financial expert of many
years,as well as an internationally recognized trainer of high repute
on financial management.
Two
years down the line,the monthly IGR had grown to a higher pedestal of
30s to early 40s which translated to a high time generation of IGR of
127 Billion in the first quarter of 2021.
This
positive development had contributed immensely with a budget
performance of about 88% in spite of natural phenomenon cum human induced
situations in the high brow Lagos State.
It
is also coming at a time the country had gone through both the first
and second series of economic recession with unclear coarse,as well as
the dreadful global pandemic of COVID in the first,second and edging
towards the third wave,with Lagos population prone to such phenomenon.
With
concerted efforts of the state government under the current
administration that nipped in the bud the negative effects of COVID-19
spread across the states, and the huge Investment through management
and treatment, that allowed a seamless access not only to the
medication,but the vaccine and other needed action, that had controlled
the spread of the disease in the high density population of Lagos State.
Not
even with the public induced Endsars crises that was hijacked by the
criminal elements under the guise of seeking redress from injustices of
the security agencies, that later metamorphosed into agitations for good
governance which almost created and resulted into civil strife in
Nigeria, with Lagos harbored the chunk of crises and negative
consequences that led to the loss of Billions of Naira.
Lagos
State government in spite of the open confrontation by some sections of
the people of the state, engaged in the provision of various human
development and invested heavily over 161 Billion into human capital development and other desiring infrastructural development, towards a
better life for lagosians, residents of Lagos and visitors.
This
is in addition to rejigging other components of governance in the state
that had multiplier effects on both the social , economic and
infrastructural development of the state.
With
Rabiu Olowo Onaolapo at the helm of affairs in the Finance Ministry of
Lagos state,the high GDP had subsumed the debt profile of the state in
the last two years as the debt sustainability rate hovers between 40%
,far above the performance that is between 23% and 24% in the years
under review.
This is
coming at a time the state government is also rolling out the bond drum
of about 100 Billion naira meant to create assets through
infrastructural development, partnerships initiatives and a well
thought policy statement and action that will ensure the betterment of
ordinary Lagosians in all areas.
The
decision of the state government was farther from debt portfolios of
many states of the federation, that will ordinarily derived the pleasure
to offset salaries and payment for services that had no multiplier
effects.
But the good
things about the current Sanwo-Olu's administration, if the need to incur
debt arises to close infrastructural gaps with social relevance and development,the urge and desire will be needed on the long run, guided
by it's policy of transparency and accountability in line with it's
fiscal policies.
For
Lagos ,it's last resort is to go hand cup borrowing,as efforts are being
intensified through it's various outlets to create wealth in all
ramifications in line with the prevailing situations,hence the slogan of
Lagos being ahead of other states of the federation.
With
good hands and policy dynamism under the current administration,the
tendency for astronomical increase in the second quarters of it's IGR,
and likely jerk up in the last quarter of 2021 will impact negatively on
the lives ordinary Lagosians.
This
will translate to a bumper opportunities in the next few years build up
towards the third and the fourth year of the present administration,
under the supervision of the indefatigable Governor and his relentless
team in line with the best practices world over.
The
transformation policy of Babajide Sanwo-Olu would have hit the highest
pedestal of success and achievements towards the diversification of
Lagos economy, in line with the Dynamics of the developed and successful
world economies in recent time.
This
feat was achievable with the prudent management of resources available
under the direct supervision of the Lagos Finance Commissioner,Alhaji
Rabiu Olowo Onaolapo for two years running .
-By Abubakar Yusuf.
Yusuf Is A Public Affairs Analyst From Abuja. can be reached on
COMMENTS