Lagos says N1.1 trillion internally generated revenue target on course

Lagos State Commissioner for Economic Planning and Budget, Mr. Mosopefoluwa George, yesterday, said the state was on the path of meeting N1.1 trillion 2023 Internally Generated Revenue (IGR) target by the end of the year.

George stated this at the day three of the ‘Y2024 Budget Consultative Forum’ held on Lagos Island of the state.

He said: “We have to be very creative with our funding and ensure that our funding is a mix of both the IGR and also other funding mechanisms. We are looking at PPP, nice concession funding at the right rate. We are going in the right direction, in that trajectory and, hopefully, we can continue to build on that and be able to attract the right investment and right set of funding to sort our budget and our projects.

“We have an IGR of over 1.1 trillion, which was projected. As of June, I believe we have hit somewhat close to N400 billion. We are looking to ramp up and round that up and hopefully, before the end of the year to have hit our target. As I said with the IGR, it’s the more we provide for our citizens and it’s sort of a multiplier effect for the economy to look better. Then we will be able to get more funding and will be able to get more into the economy to help us build.”

He said: “One of the things we are doing and trying to do better is consultation, to let the people know that this is what we are planning to do with their money. The more we go out, the more we hear from them, the more we understand what they want. Then we can give them that service; that way, they feel a lot better about remitting whatever taxes or levies they have to pay.”

Earlier, the Special Adviser to Governor Sanwo-Olu on Economic Planning and Budget, Mr. Olalekan Balogun, in his welcome address, stated: “Most importantly, this forum provides us with an ample opportunity to share ideas geared towards a greater Lagos, while rubbing minds with you, the citizens, in order to ensure that your desired interests are captured in the budget as resources available permits”, he noted.

Also at the forum, the President of the Lagos State Council of Tradesmen and Artisans (LASCOTA), Alhaji Nurudeen Buhari, asked the government to look inwards and give its members contracts as they have been duly trained by the government, stressing that it would only support the informal sector and strengthen the economy.