Lagos state government says it generated N400 billion for the first six months of the year.
The revelation was made by the state commissioner for Economic Planning and Budget, Ope George, at the 2024 Budget Consultative Forum in Ikeja, the state’s capital.
He explained that the state is poised to meet this year’s IGR target, adding that more funds need to be generated to meet the yearnings of the people of the state.
He promised more support for the small and media scale enterprises in the state.
The commissioner said: “We have a good credit rating and good IGR which can help us attract the right set of investment and funding. So, we have to be very creative with our funding by ensuring it’s a mix of IGR and all the funding mechanisms.
“ We’re looking at PPP’s, and being able to get nice concessions at the right rates. So I think 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 solo-fund our budgets and our projects.
“We have a huge informal sector and we hope to tap into it to get the benefits therein. It is something the state is very keen to exploit. We have the Lagos State Employment Trust Fund which helps small and medium enterprises with loans and grants, and we will continue to build on that. The SME’s are integral parts of our economy.
“That is why this consultative forum is important – we hear from the people what they need and we act on it because we are better informed. And when the people know what they are getting, they comply more with paying their taxes and levies promptly.”
The state has the biggest IGR among the 36 states in the country with an average monthly generation of N50 billion.
