The Lagos State administration announced Tuesday that in the first half of the year, internally produced revenue amounted to about N400 billion.
The state intends to achieve this goal before the end of the year, according to Ope George, the State Commissioner for Economic Planning and Budget, who made this announcement at the 2024 Budget Consultative Forum in Ikeja.
He stressed the necessity to increase the aim for 2024 in order to provide additional services to the populace, while also highlighting the government’s good credit rating and healthy IGR, which can draw in the necessary financing and investments.
“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.”