The Lagos State government announced that it generated a total of N300m from Land Use Charge within the first four months of the year.
Gatekeepers News reports that the Lagos State Commissioner for Economic Planning and Budget, Ope George disclosed this during a presentation of the scorecard of the Ministry of Economic Planning and Budget, at the Ministerial Press Briefing held in Lagos to mark the first anniversary of Governor Babajide Olusola Sanwo-Olu’s second term in office.
The commissioner added that the amount generated within the first four months exceeded the projected revenue of N700m from Land Use Charge for 2024.
This indicates a promising trajectory for surpassing annual revenue projections. The statistics also show that Lagos State’s economy is still robust and contributes about 20% of the entire country’s gross domestic product.
He said, “Over the last couple of years, Lagos had faced numerous challenges, particularly when COVID-19 and #EndSARS struck. And so, we have had a lot of shocks within our system over the last couple of years and with everything going on around the world. 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 is not static. We will continue to move based on what is going on in the world.
“As we speak now, I believe that we are currently ranked seventh in terms of GDP in Africa. We contribute at least a minimum of over 20 per cent of Nigeria’s GDP and you will find that throughout review, during the first term of Mr Governor, we are moving in the right direction.
“Our GDP has moved from about N27tn to N41tn, 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.”
On the state’s N2.267tn budget for 2024, the commissioner posited that the budget was inadequate to meet the infrastructural needs of the state.
He revealed that the financial needs of government agencies were more than N4tn.
The commissioner explained, “What this implies is that Lagos can have a budget size of N4tn but going by the available indices at the moment, such projection can not be made until there are available means and revenue sources that can conveniently fund such budget size.”
According to George, the budget performance of the state in 2023 was 87 per cent.
George noted that the budget was focused on the completion of ongoing projects, such as the Blue and Red Line Rail System, Stadia, Lekki-Epe Road, New Massey Children Hospital, Opebi-Mende Link Bridge, etc.
“It is also geared towards ensuring that every endeavour, investment, partnership, and policy translates effectively into tangible positive outcomes in the lives of Lagos residents and its environs,” he said.
