Lagos State government said it surpass its revenue target at the end of Q1, 2024.
According to the state it generated a total of N433,408 billion as part of the total revenue estimated in the Y2024 budget, a revenue performance of 92 percent in the first quarter.
This was disclosed at the ongoing Y2024 Ministerial Press Briefing to mark the First Year in Office of the second term of Governor Babajide Sanwo-Olu, held at the Bagauda Kaltho Press Centre, Alausa, Ikeja, on Thursday by the Commissioner for Economic Planning and Budget, Mr. Ope George reeling out the activities and achievements of the ministry in the last one year.
According to the Commissioner, ‘Y2024 first quarter budget performance for total Revenue recorded a quarterly performance of 92 percent (₦433,408bn), the total expenditure (budget size) recorded a 65 percent performance (₦368,352bn) with the recurrent performing at 80 percent (₦189,624bn), while the capital recorded 54 percent (₦178,728 billion).’
Recalling the Y2024 budget breakdown, the financial plan is expected to be funded from a total revenue estimate of ₦1.880 trillion, comprising the Internally Generated Revenue (IGR): 1.189 trillion; Capital Receipts of 94.605 billion and Federal Transfer 596.629 billion, with expectations from LIRS to contribute 63% (N750 billon) of the projected TIGR, and about 23% (N283.567bn) expected to be generated by other MDAs.
Mr. George acknowledging the ministry’s successful hosting of the Ninth Lagos State Economic Summit “Ehingbeti”, said led to the launch of the Lagos State Development Plan (LSDP), a 30-year (2022-2052) strategic plan and that preparations are in top gear to keep in line with the development plan in placing the state’s status to Africa’s Model Mega city.
He said the LSDP was developed from agreed perceptions with various strategies, as well as comparing the State with 70 world cities, noting that effective implementation initiatives had also been embarked on by the ministry to keep focus with the plan.
His words: “For effective implementation of the LSDP 2052 initiatives, the Ministry has embarked on continuous sensitization and training of MDAs. The LSDP initiatives were also incorporated into the Social Protection Policy Document with a view to effectively implement the THEMES+ additions of Social Inclusion, Gender Equality and Youth Integration/engagement,” he said.
The Commissioner noted that several strategies were initiated by the ministry to help the state achieve deliverables and prosper the economy regardless of the economic challenges, reassuring that the State government would not stop making efforts in improving the living values of residents.
Commissioner for Information and Strategy, Mr. Gbenga Omotosho; Special Advisers to the Governor, Mr. Lekan Balogun (Economic Planning and Budget); Mrs. Titi Oshodi (Climate Change & Circular Economy); Chairman, House Committee on Budget and Appropriation, Hon. Sa’ad Lukman Olumoh; Permanent Secretary of the Ministry, Mr. Ibrahim Obajomo and other top ranking officials were present at the event.
