Lagos generates N400bn IGR in H1 2023
Lagos State Government has received the sum of N400 billion as internally generated revenue for first half of 2023, the Commissioner for Economic Planning and Budget, Ope George has revealed.
Speaking during the 2024 Budget Consultative Forum held in Ikeja, the Commissioner harped on
the government’s strong credit rating and robust IGR, which can attract the right investments and funding.
He also expressed the government’s aspiration to achieve this revenue target before the year’s end.
Highlighting the importance of funding the budget effectively, George emphasised the need to raise the target for 2024.
The Commissioner suggested a mix of IGR and various funding mechanisms, including public-private partnerships (PPPs) and securing favourable concessions.
“We are fortunate because we are going in the right direction, and hopefully, we can continue to build on that to attract the right investments and funding to be able to independently finance our budgets and projects.
“In addition to addressing the formal sector, George assured support for the informal sector, particularly Small and Medium Enterprises (SMEs), through grants and soft loans to bolster their resilience and contribute to economic sustainability.
“We have a significant informal sector, and we hope to tap into its potential benefits. It’s something the state is keen to explore. We have the Lagos State Employment Trust Fund that provides assistance to small and medium enterprises through loans and grants, and we will continue to enhance it. SMEs are integral to our economy.”
The focus of the 2024 budget
Olalekan Balogun, the Special Adviser to the Governor on Economic Planning and Budget underscored that the 2024 budget’s primary focus is the development of the state and its residents.
It aims to provide improved welfare packages aligned with the current economic landscape.
This includes a strong emphasis on equitable wealth distribution and critical infrastructure development in each division of the state, fostering a more sustainable standard of living.
