Lagos council has announced that it has paid off its €9.5 million debt to the government.
The final tranche of €2.3 million paid in December cleared the loan taken under the state’s PAEL funding programme in 2012 and which had a 14-year payment deadline.
The council requested the loan after a significant fall in terms of its main sources of income, including the IMT property tax, the licensing of construction works and the municipal business tax known as ‘derrama’.
The much-needed money provided by the loan allowed the council to pay off its outstanding debts to suppliers.
“These last years have been years of achievements, consolidation and strengthening,” said Lagos mayoress Maria Joaquina Matos, indicating that the worst of the council’s financial issues has finally passed.