The Lagos State Commissioner for Economic Planning and Budget, Ope George, recently disclosed that the Lagos State Government has generated an astonishing N400 billion in the first half of this year. This revelation came to light during the 2024 Budget Consultative Forum, where Mr. George expressed confidence in the state’s ability to meet its end-of-year target.
While the Lagos State Government initially estimated an Internally Generated Revenue (IGR) of N924.805 billion to finance its N1.768 trillion 2023 budget, Mr. George stressed the necessity of increasing the IGR target for 2024 to provide more essential services to the people of Lagos. He underscored the state’s strong credit rating and robust IGR as indicators of its potential to attract investments and funding, including through public-private partnerships (PPPs).
“We have a good credit rating and a robust IGR,” stated Mr. George, “which can help us attract the right set of investments and funding. We must be creative in our approach to funding, ensuring it’s a well-balanced mix of IGR and various funding mechanisms. We are actively exploring PPPs and seeking attractive concessions at reasonable rates.”
While this significant IGR is being touted as an achievement, the Lagos Chapter of the Socialist Party of Nigeria (SPN) is concerned about the equitable distribution and utilization of these funds to benefit the ordinary people of Lagos who have been grappling with severe economic hardship.
We call upon the government of Governor Babajide Sanwo-Olu, APC-led administration to prioritize the welfare of Lagos State workers and the general populace. It is imperative that the IGR be channeled towards improving the lives of the people and addressing pressing concerns such as the deplorable state of roads across Lagos State. Furthermore, we express our dismay at the grossly inadequate provision of palliatives in Lagos State despite the growing poverty occasioned by the subsidy removal and devaluation of Naira.
The SPN strongly believes that with democratic management and control of public finances and funding, involving the democratic participation of workers and the public, mismanagement and looting of public funds will be checkmated. This is in order to guarantee the provision of more basic amenities as well as improvement in working and living standard of Lagosians. It could also ensure that public funds are transparently invested in job creation and employment opportunities for youths.
In conclusion, we again demand that this revenue serves the interests of the people and not go to the pocket of the ruling corrupt politicians.
Signed:
Rufus Olusesan
Chairman, Lagos State SPN
08034726127
Moshood Oshunfurewa Adebola
Secretary, Lagos State SPN
08035936663
