Lagos State achieves N400bn IGR in H1 2023

The Lagos State government has reported an Internally Generated Revenue (IGR) of approximately N400 billion in the first half of the year.

Ope George, the Commissioner for Economic Planning and Budget, revealed this during the 2024 Budget Consultative Forum, expressing the intention to meet the year-end target.

The state previously projected N924.805 billion to finance its N1.768 trillion 2023 budget.
George stressed the need to increase the 2024 target to provide more services. He highlighted the state’s strong credit rating and robust IGR, indicating the potential to attract investments and funding, including through public-private partnerships (PPPs).

He 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 PPPs 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.”