Lagos generates N433bn in First Quarter of 2024

By Adeola Ogunrinde

The Lagos State Government has generated a total revenue of ₦433,408 billion in the first quarter of the 2024 fiscal year.

Commissioner for Economic Planning and Budget, Mr. Ope George, disclosed this on Thursday, during the ongoing ministerial press briefing to commemorate the first year in office of the second term of Governor Sanwo-Olu, held at Alausa, Ikeja, Lagos.

George said “The Total Revenue recorded a quarterly performance of 92% / ₦433,408 billion.

“The Total Recurrent Expenditure performed at 80% / ₦189,624bn. The Total Capital expenditure recorded a Performance of 54% / ₦178,728bn. The Total Expenditure (Budget Size) recorded a Performance of 65% / ₦368,352.

“The approved Y2024 Budget has a total revenue of ₦1.880 trillion, Deficit Financing of ₦387.125bn; Capital Expenditure of ₦1.315trn and Recurrent Expenditure of ₦952.431bn (including Debt Charges), establishing a Capital to Recurrent ratio of 58:42.”

He also said in the last couple of years, Lagos had faced numerous challenges particularly when COVID and Endsars struck,

“We are currently riding the curve and we are coming out on a better side.You hear sometimes when they say Lagos is one of the largest economies in Africa and truly, it’s not static, we will continue to move based on what’s going on in the world.

“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 percent of Nigeria’s GDP and you will find that over a period of review, we are moving in the right direction and I think our GDP has moved from about 27 to 41 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 also said the World Bank is currently supporting the Lagos State Government through the Lagos Platform for Development (LAPD).

“The LAPD is a multi-sectoral strategic platform designed and established to provide technical support for the urban and economic transformation of Lagos State through a Long-Term Shared Vision, Capital Investment Planning, and Multi-Institutional Financing.

“A Workshop was hosted in July 2023 to disseminate the report of the Platform to a select multi-sectoral Stakeholders, cutting across MDAs, Private Sector, Academia, the Governor and his team. “

WesternPost had reported that Lagos State Governor, Mr. Babajide Sanwo-Olu, on January 15, 2024, signed into law Year 2024 appropriation Bill of ₦2.267 trillion, tagged the “Budget of Renewal.”

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