The Lagos government says it paid N2,672,305,372 from 2019 to date as benefits to the families of deceased civil servants under its group life insurance policy.
The Lagos government says it paid N2,672,305,372 from 2019 to date as benefits to the families of deceased civil servants under its group life insurance policy.
The commissioner for finance, Abayomi Oluyomi, announced this in Alausa, Ikeja, at a ministerial news briefing to commemorate Governor Babajide Sanwo-Olu’s first year of his second term in office.
Mr Oluyomi equally said that the insurance department had paid N1,760,463,191.26 as claims.
He added that the Lagos state budget recorded an 86 per cent performance in 2023, while the 2024 first quarter budget performance was 65 per cent, with capital to recurrent expenditure at 49 per cent to 51 per cent.
Mr Oluyomi said that, in line with the vision to deliver on infrastructure at various levels, the capital-to-recurrent expenditure ratio stood at 62 to 38 per cent.
“The approach for 2024 would not be different, as the state government has already commenced funding the N2.268 trillion budget for the year with fresh vigour.
“The budget performance in the first quarter of 2024 was 65 per cent with capital to recurrent expenditure at 49 per cent to 51 per cent,” he said.
The commissioner said, in alignment with the federal government’s initiative, Mr Sanwo-Olu implemented the wage award.
“We kicked off the N35,000 wage award for our civil servants while we paid N25,000 to our pensioners as part of this administration’s measures to cushion the effect of subsidy removal and exchange rate unification and the resultant cost of living crisis,” he said.
While fielding questions from journalists, Mr Oluyomi said the Lagos government was working on harmonising taxes to curb multiple taxation in the state.
