N45bn IGR: Seizure of funds by OBJ’s govt made Lagos think like sovereign state — OSINBAJO

Vice President Yemi Osinbajo has challenged state governors to invest in areas of economic advantage, saying that Lagos State was able to grow its Internally Generated Revenue, IGR, because it started thinking like a sovereign state when its allocation from the central government was seized.

Professor Osinbajo said this at Ekiti Economic and Investment summit tagged ‘Fountain Summit 2021’ organised by the Ekiti State government to find sustainable solutions to some socio-economic issues besetting the state.

Recall that the administration of President Olusegun Obasanjo withheld the monthly allocation to Lagos State for a while.

At the summit, he, alongside Governors of Ekiti, Lagos, Edo and Kaduna states, Kayode Fayemi, Babajide Sanwo-Olu, Godwin Obaseki and Nasir el-Rufai, respectively, also called for state police.

While speaking on economy, the Vice President said: “Attracting investments to any state should be the major focus of state chief executives because that is the revenue hub and determinant of how happy the people of any state will be in terms of economic development with their standard of living.

“But while trying to grow investments, we must be cautious of multiple taxations; it weighs down businesses.

“Ekiti is a business-friendly environment. Ekiti has also excelled in the aspect of ease of doing business. You have vast arable lands for agriculture.

“Let me say that Ekiti has a bigger economy than many Africa nations. The question we should ask ourselves is that if I were the landlord of this sub-nation, how do we survive?

“During my time as a Commissioner in Lagos, we started with N600 million monthly Internally Generated Revenues, IGRs, in 1999.

“The seizure of Lagos funds by President Olusegun Obasanjo made us think like a sovereign state.

“Today, Lagos is making over N45 billion monthly.”

https://www.vanguardngr.com/2021/10/n45bn-igr-seizure-of-funds-by-objs-govt-made-lagos-think-like-sovereign-state-osinbajo/

Interesting.
Lagos makes 45 Billion Monthly.

If it were some people whose allocations were withheld, they would be crying marginalisation. If it were their friends from the other side, they would be bombing everywhere and marrying of their 12-year old daughters.

90% of the revenue generated in Lagos has been stolen and invested in Lekki, Victoria Island and Banana Island. This is why Lagos can never be prosperous.

Lagos Only thought like a sovereign state but it never acted like one. With all the over hyped billions of internally generated revenue in every month, she still remains the most dangerous city to live in the world.

The Ekiti forum that the VP has said all he wanted to say since is what bloggers are breaking into bit by bit for traffic sake, first is Ekiti is bigger than the Gambia, then seizure of funds, then only god knows next

since everything is one speech why not make it a one thread/topic

You can't compare most other states with Lagos.

And it was the local government funds OBJ withheld

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Naso

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Problems help reveal potentials.

Many people are capable of doing great things but they are so complacent that until something threatens their present comfort, they will never discover their greatest strengths or secret.

When there’s true federalism with a weakened central government, states will begin to think as sovereign States. Tell your principal to support true federalism.

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They will not give credit to the igbos

Soyito:
This man should shut up and tell his master that he is the most hated President in the country of this country

Go tell him yourself.

Where is the 45Billion going to? Tinubu is from Osun, Osibanjo is from Ogun, when will they help their states to be making that monthly?

wifehold:
What should we do with this news bayii?

Means different states should look inwards and try to improve on their current status.

Okay

That’s why I always laugh when people say Lagos is this and that and that Tinubu did not do anything in Lagos.

In 1999, Lagos yearly IGR was 14.6bn and by the time he left in 2007 the IGR was 83bn which is like 468% increase. This made sure Lagos leave her counterpart states behind. Even Fashola wasn’t able to generate that % increase when he governed Lagos from 2007-2015.

Also, Lagos capital spending in 1999 was just 3.3bn yearly, by the Time Asiwaju left in 2007 the capital spending was 78.4bn which is over 2275% increase. All that due to economical prowess and foresight of the Tinubu’s government.

Source: https://yourbudgit.com/wp-content/uploads/2018/05/LAGOS-STATE-DATA-BOOK.pdf

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I don't think this is the problem of the common man

It is person wey don chop, go wan last 2hrs on top hin wife

Noted sir,we will observe today and comment some other day

because he was trying to make illegal local governments for political advantage reasons. And after they got it back what has happened??

Was the sovereign state transparent?