Archivi.ng | PM News, Tuesday, June 27, 2000

Newspaper from 2000/06/27

The Apapa Local Government Area of Lagos State has generated N25 million in revenue through daily contributions, also known as "4/o," from residents. The Chairman of the council, Alhaji Munir Adekunle, disclosed this during a press briefing, stating that his administration has computerized the Budget and Planning Department to improve efficiency. He also mentioned that out of a debt of N19 million, over N13 million has been paid back. The article highlights the challenges faced by daily income earners in accumulating savings, including the inconvenience of frequent bank visits. To address this, many people rely on daily contribution enterprises, such as Osalo Venture, which manages savings and provides a source of livelihood for many. However, there have been instances of fraud and people losing money through such schemes.

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The Apapa Local Government Area of Lagos State has generated N25 million in revenue through daily contributions, also known as "4/o," from residents. The Chairman of the council, Alhaji Munir Adekunle, disclosed this during a press briefing, stating that his administration has computerized the Budget and Planning Department to improve efficiency. He also mentioned that out of a debt of N19 million, over N13 million has been paid back. The article highlights the challenges faced by daily income earners in accumulating savings, including the inconvenience of frequent bank visits. To address this, many people rely on daily contribution enterprises, such as Osalo Venture, which manages savings and provides a source of livelihood for many. However, there have been instances of fraud and people losing money through such schemes.

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