The Lagos State Government has come under very firm attacks on its alleged misappropriation and mismanagement of N2.091trillion that have accrued to the state between June 2007 and September 2013, without visible projects to show.
In a paid advertisement published in national dailies on Saturday, a political pressure group, Greater Lagos Awareness Group, claimed that the Lagos State Government failed to use the resources at its disposal to improve the on the lives of the residents of the state.
The advertorial titled: “To whom much is given, ‘less’ is expected”, the group accused the Lagos State Government of having ‘Big Money, imaginary projects’.
The advertisement contained the monthly allocation to Lagos State from June 2007 to September 2013 as published by the Federal Ministry of Finance, which amounted to N571.5billion.
They also quoted the Lagos State Commissioner for Economic Planning and Budget as published in The Nation’s newspaper of May 10,2013 which placed the Internally Generated Revenue, IGR, of the state for 76months at N1.52trillion.
According to the group, the resources that have passed through the coffers of Lagos State Government between June 2007 and September 2013 stands at N2,091,594,484,417,43,trillion.
They added that the above mentioned fund is in addition to $600million USD loan which the Lagos State Government obtained from the World Bank, out of which it had drawn the first tranche of $200millionUSD in 2011 and is in the process of drawing the second tranche of $200millionUSD.
The group urged Nigerians and Lagosians to judge the Lagos State Government on the basis of the information placed on the front-burner of public discourse.