The Lagos State Government has reported a significant milestone in its Internally Generated Revenue (IGR), revealing that it had generated approximately N400 billion as of June 2023.
This was disclosed by the Commissioner for Economic Planning and Budget, Ope George, during the 2024 Budget Consultative Forum held in Ikeja.
George expressed optimism that the government would reach its IGR target for the year before the end of 2023.
This achievement highlights the state’s commitment to fiscal responsibility and its ability to generate revenue internally,” he said.
George emphasized the importance of Lagos State’s robust credit rating and IGR in attracting suitable investments and funding.
He also emphasized the need for a creative funding mix, including Public-Private Partnerships (PPPs) and securing favourable concessions at competitive rates to support the state’s budgets and projects.
”The remarkable IGR figure demonstrates Lagos State’s economic vibrancy and potential to continue attracting investments, contributing to its growth and development.
”The state’s dedication to efficient revenue generation and management is crucial for providing essential services and infrastructure to its residents,” an economic expert noted.