The Ogun State Government did not give the value of the fake loans.

The Ogun State Government on Friday said it inherited a fake loans acquired by the administration of Gbenga Daniel, but has been able to resolve the controversy surrounding it. Mr. Daniel is the immediate past governor of Ogun State.

The Commissioner for Finance, Kemi Adeosun, made this known at a press conference held at the Governor’s office, Oke-Mosan, Abeokuta, explaining that the government discovered this when some institutions came out to claim the government was owing them.

She said it was in the course of resolving the debts that the government uncovered that the claims were overstated and some of the claimants are indebted to the state government.

Ms. Adeosun who did not state specifically the volume of the uncovered fake loan, however, said her ministry’s visions include: policies and initiatives to enhance the financial position of the state in revenue generation and expenditure; efficient and reliable transaction processing; and generation of accurate and timely financial information.

The commissioner added that, the ministry in the last one year has increased its internally generated revenue to over N3 billion per month.

She said the introduction of the cashless revenue collection policy in the state tertiary institutions has resulted in an average 195 per cent increase in reported revenues, adding that the collection figure January to March, 2013 stood at N2.68 billion compared to N908 million for the same period in 2012.

On the outlook of the state’s finances, the commissioner said the ministry’s focus is to grow Internally Generated Revenue from the current average of N3 billion monthly to N5 billion.

“Indeed it was gratifying when in March 2013, we crossed the N4 billion threshold for the first time. We will extend the focus on our cashless revenue policy to ensure that all funds due to Ogun State Government are duly received to bridge the gap in funding,” she said.