Posted by By NANA AHMADU on
The Lagos State Government has concluded plans to fund the proposed state workers' village and mortgage facilities for its workers with parts of its N17 billion investment in V-mobile Telecommunication Company after selling the share.
The Lagos State Government has concluded plans to fund the proposed state workers' village and mortgage facilities for its workers with parts of its N17 billion investment in V-mobile Telecommunication Company after selling the share.
The State Commissioner for Finance, Mr. Akin Doherty told reporters at a briefing on his ministry's achievements in the last one year that N2billion from the amount would be used to fund the housing scheme.
It would be recalled that there is on-going bidding by a foreign company to buy over V-mobile Telecommunication Company in Nigeria which would allow the Lagos State government to recover its Shares with the company.
According to the commissioner, the forward-looking strategic investment that the Tinubu administration took in investing in V-mobile Telecom some years ago with an equivalent of $20million has grown into about $120million today which is equivalent of N17billion.
He stressed further that while the state government is already financing the recapitalisation of the Lagos Building Investments Company (LBIC), it is also planning to use it as a vehicle for the proposed N2billion workers' village and make facilities available for workers to own their personal houses.
The commissioner said: "The state government is going to take N2billion out of N17billion investment with V-mobile Telecommunication Company to finance the proposed Workers' Village and the mortgage for our entire staff."
Mr. Doherty who added that the decision to divert parts of the investment for the Housing Scheme was a mark of appreciation to its workers also revealed: "This administration has put in place a functional life insurance policy for its entire workforce."
"This is to ameliorate whatever hardships dependants of any deceased employee may face in the events of accident or death."
The Commissioner emphasized that the Asiwaju Bola Ahmed Tinubu's administration has not retrenched a single worker since year 2000 adding: "despite that it has a workforce of 47,000 employees and pays an average wage bill of N1.5billion every month. It has also been paying these salaries as at when due since inception".
"In addition, in year 2005, salaries of medical workers increased by 45 per cent in order for them to render improved services to the public while Civil Servants' salaries were increased by 12.5 per cent."