Lagos generated N400bn domestic revenue H1 2023 – Report

Bisola David
Bisola David
Lagos has maintained it's position as the top recipient of Capital Influx in Nigeria during the fourth quarter of 2023 (Q4 2023).

The commissioner for Economic Planning and Budget, Ope George has stated that the Lagos State Government recorded Internally Generated Revenue of almost N400 billion as of June 2023.

The Times reported that this statement was delivered at the Ikeja Budget Consultative Forum for 2024.

The forum was spread out across the state’s five divisions of Ikorodu, Badagry, Lagos Island, Epe, and Ikeja.

The government aims to meet this revenue goal before the year is up, according to Ope George.

George emphasized the necessity to boost the target for 2024 while emphasizing the significance of effectively funding the budget.

He also emphasized the government’s solid IGR and high credit rating, which can draw in the appropriate finance and investments.

The commissioner recommended combining IGR with a number of funding methods, such as public-private partnerships and obtaining advantageous concessions.

Since we are moving in the correct direction, George said, “We’re fortunate. Hopefully, we can keep building on that to attract the right investments and funding to be able to independently finance our budgets and projects.”

In addition to speaking to the formal sector, George promised help for the informal sector, especially Small and Medium Enterprises, through grants and soft loans to increase their resilience and support long-term economic growth.

He also emphasized the government’s solid IGR and high credit rating, which can draw in the appropriate finance and investments.

“We have a sizable informal sector, and we intend to capitalize on its potential advantages,” he continued.

“The state is eager to learn more about it. We already have the Lagos State Employment Trust Fund, which offers grants and loans to small and medium-sized businesses, and we’ll keep improving it. SMEs play a crucial role in our economy.

The Special Adviser to the Governor on Economic Planning and Budget, Olalekan Balogun, emphasized that the development of the state and its citizens is the primary focus of the 2024 budget.

It strives to offer enhanced welfare programs that are in line with the current economic environment.

In order to promote a more sustainable standard of living, this entails placing a major emphasis on the equal distribution of wealth and the construction of crucial infrastructure in each region of the state.

He claimed that Nigeria’s largest and fifth-largest economy in Africa is Lagos State and in 2022, its GDP exceeded $100 billion.

In 2021, its internal revenue exceeded N500 billion. Lagos’ debt load is still very high, though. The DMO estimates that the state’s debt stock is N996.44 billion.

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