Fashola Laments Dwindling Lagos Revenue

Lagos State Governor, Mr. Babatunde Fashola (SAN) Monday addressed the state House of Assembly, lamenting the decline in monthly allocations due to the state from the Federation Accounts.

He was accompanied by the Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, his finance counterpart, Mr. Ayo Gbeleyi and Commissioner for Special Duties, Wale Ahmed, among others.

The governor, who addressed the lawmakers during plenary, explained that the National Economic Council meeting which ought to be on a monthly basis has not been held for six months.

According to him, in almost 14 years of our democratic experience, the first time that commissioners for finance walked out of Federal Account Allocation Committee (FAAC) in Abuja was in 2011.”

He, thus, recalled that there was similar occurrence of commissioner of finance walking out during Federation Account Allocation Committee (FAAC) in 2013, noting that the account “will not be settled. The pattern has continued especially in the second half last year through January. The only bleep of stability was in February.”

The governor stressed on the decline in revenue, explaining that some states “have resorted to borrowing in an attempt to keep government running unhindered. Some factors responsible for the decline include uncoordinated and discretionary application of the federal government on waiver and fiscal policy as well as decline on oil production, pipeline vandalism and oil theft.