Lagos collects N400 billion as internally generated revenue for first half of 2023 

NAIRAMETRICS

The Lagos state government has reported an Internally Generated Revenue (IGR) of approximately N400 billion as of June 2023, according to the commissioner for Economic Planning and Budget, Ope George.

This announcement was made during the 2024 Budget Consultative Forum held in Ikeja. 

The forum took place across five divisions within the state: Ikorodu, Badagry, Lagos Island, Epe, and Ikeja.

The Commissioner of Budget and Economic Planning, Ope George expressed the government’s aspiration to achieve this revenue target before the year’s end. 

Highlighting the importance of funding the budget effectively, George emphasized the need to raise the target for 2024.

He emphasized the government’s strong credit rating and robust IGR, which can attract the right investments and funding.

The commissioner suggested a mix of IGR and various funding mechanisms, including public-private partnerships (PPPs) and securing favourable concessions. 

Support for the informal sector 

• George stated, “We’re 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.