By Olasunkanmi Akoni & Monsuru Olowoopejo
Lagos State Government, yesterday, put its debt profile at the end of 2017 at N874.38 billion.
This came as it lamented that various litigations from tax defaulters had affected moves to generate N50 billion internally-generated revenue, IGR, monthly target, saying it could only generate N34 billion.
Commissioner for Finance, Mr. Akinyemi Ashade, spoke at a briefing on the activities of his ministry.
Giving an update on the state’s debt profile, Ashade said government’s debt stock, comprising 48 percent local debt and 52 percent foreign debt, currently stood at N874.38 billion at the end of 2017, while the debt service charge to total revenue ratio, which stood at 17.61 percent, was still within the World Bank threshold of 30 percent.
The commissioner, who informed that litigations had been a major militating factor in actualizing its…
Read More…..Vanguard Newspaper
