May suffer N326 billion loss in Q4
Lagos State government has generated N179.912 billion as Internally-Generated Revenue (IGR) in the first quarter of 2023, a state document has revealed.
The IGR figure was contained in the state’s Budget Performance Appraisal sighted by The Guardian.
According to the document, the state government had planned to generate N261.463 billion in the first quarter of the year, but ended up generating 69 per cent of the estimated amount. This implied that the state’s IGR target dropped by N81.55 billion.
This also means that if the trend continues till the fourth quarter of the year, Lagos State may not be able to generate N326.2 billion of its projected N1.04 trillion IGR for 2023.
Although the 2023 first quarter IGR was higher in absolute terms, compared to the amount generated in the first quarter of 2022 in terms of percentage, the 2023 first quarter IGR was lower.
This is because Lagos State government had projected to generate N203.834 billion as IGR in the first quarter of 2022, but ended up generating N157.429 billion, which was 77 per cent of the projected target.
