2 Years On : Governor Sanwo-Olu's Robust Leadership, Shore Up IGR To 127 Billion In First Quarter

  The magic wand of Lagos State Governor, Babajide Sanwo-Olu is rated higher,two years down the line both the financial fortune,economic ...

 

The magic wand of Lagos State Governor, Babajide Sanwo-Olu is rated higher,two years down the line both the financial fortune,economic stability,social security and infrastructural development is on the high pedestal.

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

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ANYIGBALEFT: 2 Years On : Governor Sanwo-Olu's Robust Leadership, Shore Up IGR To 127 Billion In First Quarter
2 Years On : Governor Sanwo-Olu's Robust Leadership, Shore Up IGR To 127 Billion In First Quarter
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