Lagos State Government on Monday revealed that in the last one year it has paid ₦5.283 billion in insurance premiums statewide to cover staff, infrastructure, and assets, aside from disbursing ₦1.19 billion in group life and personal accident claims to injured staff and families of deceased staff.

The Commissioner for Finance, Mr. Abayomi Oluyomi, stated this at the ongoing ministerial press briefing to mark the second year of the second term of Governor Babajide Sanwo-Olu.

According to Oluyomi, the state within the same period received ₦290.43 million from insurers for damages to public infrastructure, reinforcing insurance as a key financial risk transfer tool.

The commissioner also stated that the state government ensured timely payment of salaries and pensions, with ₦67.9 billion paid to 20,956 retirees.

To improve staff output, he said that the state government launched a mentorship programme to nurture young staff, improve ethics, and build a professional workforce.

This, he said, was besides organising statewide capacity-building workshops and training for finance and accounts, as well as procurement officers.

He further said that the state government conducted verification of security personnel payroll, preventing leakages and ensuring accurate disbursement.

Oluyomi stated that the ministry in the last one year digitised registration of service providers and used technology to drive revenue and expenditure in the state, among other initiatives.

The commissioner also said the ministry’s outlook and expectations for the second half of the year 2025 is to launch the Lagos State Sovereign Wealth Fund, Economic Summit Group, and revenue courts.

He also said the ministry has embarked on the conversion of state idle assets in Lagos State to liquidity for funding infrastructural development through securitisation.

He observed that despite the global economic challenges, the state has recorded an improvement in its Gross Domestic Product, urging residents to pay their taxes regularly.