The Gross Domestic Product (GDP) of Lagos State has moved from N27 trillion to N41 trillion in the last four years, Commissioner for Economic Planning and Budget, Ope George, has said.
George hinted that the feat has placed Lagos on the ladder as Africa’s 7th in terms of GDP.
He disclosed this during the ongoing ministerial press briefing to commemorate the first year in office of the second term of Governor Babajide Sanwo-Olu, held at Alausa, Ikeja, Lagos.
He said, “As we speak now, I believe that we are currently ranked 7th in terms of GDP in Africa. We contribute at least a minimum of over 20 per cent of Nigeria’s GDP and you will find that over a period of review, during the first term of Mr Governor, we are moving in the right direction.
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“Our GDP has moved from about N27 to N41 trillion; everything shows that our indices are climbing in the right direction despite all the shocks and all the problems we have witnessed in the past.”
The commissioner added that the state government has generated a total revenue of N433,408 billion in the first quarter of the 2024 fiscal year.
George said, “The total revenue recorded a quarterly performance of 92% / N433,408 billion. The total recurrent expenditure was 80% / N189,624bn. The total capital expenditure recorded a performance of 54% / N178,728bn. The total expenditure (budget size) recorded a performance of 65% / N368,352.
“The approved Y2024 budget has a total revenue of N1.880 trillion, deficit financing of N387.125bn; capital expenditure of N1.315trn and recurrent expenditure of N952.431bn (including debt charges), establishing a capital to recurrent ratio of 58:42.”
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