• Thursday, March 28, 2024
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BusinessDay

Lagos seeks banks’ support to strengthen revenues    

Rabiu Olowo

Commissioner for finance in Lagos State, Rabiu Olowo, says the government will be counting on banks in the deployment of digital solutions for optimal governance.

According to Olowo, the government will also be expecting supports from the banks in deepening innovative ideas that will further shore up the state’s internally generated revenue (IGR) and development in line with the THEMES agenda of the Babajide Sanwo-Olu’s administration.

THEMES is the acronym for: Traffic and Transportation, Health and Waste Management, Making Lagos a 21st century Economy, Education and Technology and lastly Security and Governance.

Olowo, who received representatives of banks on a visit to his office, said in striving to grow IGR, the government will not discard any ideas but will operate an open-door policy and process advice giving collectively or on one-on-one basis. He thus enjoined banks to compliment the state’s IGR efforts, by constantly coming up with creative ways of supporting revenue collection in Lagos, especially on how to stop leakages and widen the net.

“The administration will run the state like a business, and in this regard banks are important stakeholders, especially in advisory and operational capacities,” said Olowo.

 While stating that governance is about performance, adding value and making impact on the citizens, the commissioner  said, “this administration will create a  symbolic relationship that is not parasitic, but that is robust and mutually benefiting: an  environment where banks and people will thrive.”

He urged banks to bring to “the table” innovative strategies and digital solutions that would impact significantly on Lagos economy, especially on deepening Public-Private Participation (PPP) system, making Lagos financial system more vibrant, promoting traffic and transportation and improving the health status of the people.

 

JOSHUA BASSEY