The Lagos State Government on Thursday said it realised an Internally Generated Revenue of N127 billion in the first quarter of 2021.

The Commissioner for Finance, Rabiu Olowo, made this known in Ikeja during the 2021 Ministerial Press Briefing in Commemoration of the Second Year in Office of Governor Babajide Sanwo-Olu.

Mr Olowo said the state was able to achieve the feat in spite of the biting effects of the COVID-19 pandemic because it was proactive in preventing and blocking leakages.

”Our revenue trajectory and trend shows that Lagos is very different from others. Few years ago, our monthly IGR was about N800 million, but 15 to 20 years later, we are talking about billions.

”This is not accidental, but as a result of well thought out strategy, partnerships and collaborations with institutions and investments in technology.

”No institution or organisation is immune to economic sabotage and leakages, but we are proactive enough to predict such sharp practices and minimise them.

”We are also leveraging on technology to predict and prevent fraud by digitalising our processes,” he said.

The commissioner said the state’s debt sustainability ratio presently stood at 17.8 per cent, even when regulators said the ratio should be 30 per cent and 40 per cent.

According to him, the sustainability ratio means that the state pays back its loans as and when due.

”Debt is very good, especially for a mega city status that Lagos wants to enjoy. The most important thing is debt management and one of the most respected metrics to measure debt management is the debt sustainability ratio.

”This is to say how much debt do you have and how it compares with the revenue potential, your ability to pay. That is the most important thing for everyone to consider.

“Lagos’ debt sustainability ratio is currently at 17.8 per cent. This tells a lot about our ability to own and manage debts effectively.

”As our revenue grows and we pay our debts, we will continue to take more loans so far they are used to provide capital projects that will ensure the economic success of the people, now and in the future,” he said.

Mr Olowo said the government, through the Lagos State Employment Trust Fund (LSTF), had helped over 9,000 businesses in the last 18 months, especially in the aftermath of COVID-19 and #EndSARS protest.

https://www.premiumtimesng.com/regional/ssouth-west/462838-lagos-generates-%E2%82%A6127-billion-in-q1-2021.html

Alpha Beta smiling to the bank as usual.

Considering LASG revenue trajectory there shouldn't be any reason whilst many lagos roads are still in bad shape.

Corrupt politicians are the bane of naija underdevelopment and masses sufferings.

Great! Averaging N42b monthly

Lagos lead other follows but to be honest Ogun state self should pick up na

Hardgun:
Lagos lead other follows but to be honest Ogun state self should pick up na

Leave Ogun State alone; Lagos State is miles ahead of Ogun State. When it comes to IGR, the latter is already doing well.

It seems you want Ogun to overtax businesses in the state so as to release some bogus figures of IGR that they will still loot.

Lagos State government should not remit this huge money to FG, use half of it to pay your debts and the other half for any economic activity that will bring you more money.

Okay

Please can someone help us with the IGR of other 35 states , I want to check something.

Lagos : A country in a Country!

Lagos : The State of Firsts.

God bless Lagos State.
God bless Nigeria.

Okay

Lagos state is doing so well. I wish they were states in the south East that can match Lagos in infrastructure, governance and revenue.

Sadly, there's is none. Almost all our governors are completely useless.

Oh

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Just asking no hating. If this country should divide will this still be sustainable for Lagos?

pretty impressive imo. kindly hit the link on my signature to listen to my new song, would appreciate your honest feedbacks.

Obviously they generated more than that, they don chop their own already

lessonotes:
Awesome

God Bless Lagos State
God Bless Yorubaland
God Bless Federal Republic of Nigeria

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JohnieWalker12:
Just asking no hating. If this country should divide will this still be sustainable for Lagos?

Which yeye divide?

How much went to the Lion of Bourdillon inside the IGR?

xexije7498:
Good morning

You this scammer again

Activist001:
Lagos state is doing so well. I wish they were states in the south East that can match Lagos in infrastructure, governance and revenue.

Sadly, there's is none. Almost all our governors are completely useless.

it is unfair to compare Lagos and other south Eastern states.. Lagos was a former capital, has proximity to the sea and a country on its own. Everyone should move at their pace.. No need comparing... Some Eastern States are doing well (except abia and ebonyi) . I agree though that those Governors are useless

reason why NORTHERNERS refuse restructuring and disintegration

babyfaceafrica:
it is unfair to compare Lagos and other south Eastern states.. Lagos was a former capital, has proximity to the sea and a country on its own. Everyone should move at their pace.. No need comparing.. I agree though that Governors are useless

I agree, but still our governors have to do more. The South East needs to be opened up so Investors can come in.

The change isn't to generate but what & how the money will be spent.

Lagos