…generates over 76% revenues apart from FG allocations
….contributes 18% to country’s GDP
….inflation rate hit 37.67% in May
…holds 2024 budget consultative forum
By Olasunkanmi Akoni
The Lagos State Government has disclosed that capital importation into state amounted to US$2,782.41 million, which was over and above the entire capital importation it received in 2023 and accounted for 82.42 per cent of the total capital imported into the country in Quarter 1 of 2024.
This came as it generates over 76 per cent of its revenues independent of federal allocations while contributing over 18 per cent to the country’s Gross Domestic Product, GDP.
The Commissioner for Economic Planning and Budget, Opeyemi George, disclosed this at the Y2025 Budget Consultative Forum, held at the Lagos State University, Ojo.
George added that Lagos generates the highest internal revenues of all states in Nigeria, which is currently ranked the fifth wealthiest city in Africa.
FG approves tax exemptions
According to George, “The Federal Government has introduced tax exemptions for small businesses, producers, and manufacturers, along with reduced tax rates for low-margin businesses.
“These changes are expected to stimulate economic growth and attract investments in Lagos State, despite potential short-term reductions in tax revenue.
“The long-term benefits include increased business activity, job creation, and a more robust local economy.”
37.67 per cent soaring prices
He disclosed that “inflation remains high but shows signs of deceleration, reflecting the impact of mitigation strategies.
“As of May 2024, the inflation rate is 37.67 per cent, a slight increase from 37.56 per cent in April, marking a 0.11 percentage point rise compared to the 2.72 percentage point increase from March to April.”
₦43.1Trn growing economic size.
The commissioner added that the state’s economy expanded from N33.1 trillion in 2022 to N43.1 trillion in 2023, with a growth rate of 6.59 per cent.
“The state recorded a YoY expansion of 30.2 per cent while contributing 18.73 per cent to national GDP, up by 2.1 per cent from the 16.6 per cent contribution in 2022,” George stated.
He stressed that the “2024 Budget of Renewal” would continue to be driven by the following objectives: fostering social inclusion, gender equality, and youth development; ensuring Lagos has a reliable and sufficient infrastructure that meets the needs of the 21st century.
Providing affordable and world-class education, healthcare, and social services, ensuring the state has a robust, healthy, and growing economy with adequate jobs and strategic investment to sustain growth, providing a supportive and enabling environment that creates opportunities for all residents.
“Lagos State Government provided 23 per cent of the Y2024 budget to its Economic Affairs Sector to cater for infrastructural renewal and development to modernise the city and support its growing population.
“The state launched several initiatives and projects to improve the standard of living, build infrastructure, ensure food security, enhance ease of doing business and affordable public transportation, and improve energy supply.”
Also, Special Adviser to the Governor on Economic Planning and Budget, Mr Olalekan Balogun, stressed that the state remained dedicated to completion of on-going project implementation.
“As a government, our commitment to the wellbeing of citizens and residents of Lagos, as well as the growth of our state, is resolute and unwavering. We shall remain dedicated to the successful completion of on-going projects and the implementation of pivotal and iconic ones that will make our infrastructure robust and resilient, thereby creating economic opportunities for all residents.
“Above all, we shall continue to ensure that Lagos State remains a beacon of cultural vibrancy, intellectual prowess, and humanistic values—a Lagos that not only drives the economic engine of Nigeria but also enriches the soul of the West African corridor.
“Our philosophy remains that for democracy to maintain its essence, citizens’ engagement with the government must be encouraged and indeed deliberately courted. This is evident in our state’s slogan, ‘Ajumose’ which literally means ‘joint effort.
“It has been this guiding principle that led to the movement of State 1 consultative forum to 3 senatorial districts and now coming down to each of the 5 IBILE divisions of our great state.
“This gives the people a voice to have a say in the state budget preparation while also holding the government accountable to deliver on projects agreed upon.
