Lagos hits N400bn IGR in first half of 2023

The Lagos State government, yesterday, said it has generated approximately N400 billion as Internally Generated Revenue in the first half of the year.

The State Commissioner for Economic Planning and Budget, Ope George, who disclosed this during the 2024 Budget Consultative Forum in Ikeja, said the state hopes to reach its target before the end of the year.

Daily Trust recalled that the state projected a minimum of N924.805bn to finance its 2023 budget of N1.768 trillion.

While stressing the need to raise the target for 2024 for provision of more services to the people, he emphasised the government’s strong credit rating and robust IGR, which can attract the right investments and funding.

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“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.”