Lagos Targets N1.4 Trillion IGR In 2024 For Economic Growth And Infrastructure

Lagos State Internal Revenue Service (LIRS) Sets New Benchmark for Fiscal Growth

The Lagos State Internal Revenue Service (LIRS) has set an ambitious target of N1.4 trillion in internally generated revenue (IGR) for 2024, a strategic move aimed at boosting economic expansion and funding key infrastructure projects without relying on external loans.

Enhancing Revenue to Drive Development

Hon. Saad Lukman Olumoh, Chairman of the Lagos House of Assembly Joint Committee on Economic Planning and Budget, emphasized that leveraging internally generated revenue will support large-scale development projects while ensuring financial stability.

“At this year’s budget signing ceremony, I highlighted Lagos State’s remarkable progress in revenue generation. LIRS has already surpassed the N1 trillion benchmark, a first for any subnational body. With proper motivation, the agency has the potential to exceed N5 trillion in revenue, reducing dependence on loans,” he stated.

Olumoh also stressed the importance of addressing revenue leakages and tapping into underutilized sectors to maximize fiscal gains.

Strategic Budget Allocation for Infrastructure and Growth

The state government has prioritized capital expenditure, directing substantial funds toward infrastructure, roads, and other essential sectors. LIRS Chairman Ayo Subair noted that revenue growth has been consistent over the past five years, making the N1.4 trillion target feasible.

“The revenue trend shows steady growth. With the right policies and encouragement, LIRS can surpass expectations and drive sustainable development,” he affirmed.

This approach aligns with macroeconomic stability strategies, balancing revenue collection with prudent fiscal policies.

Key Achievements Under the THEMES PLUS Agenda

Lagos’ THEMES PLUS agenda, introduced by Governor Babajide Sanwo-Olu, remains the backbone of the state’s policy framework. The initiative focuses on:

Transportation and Infrastructure Development
Healthcare Expansion
Poverty Alleviation
Educational Growth

Olumoh linked these efforts to President Bola Ahmed Tinubu’s Renewed Hope Agenda, which introduced major economic reforms such as fuel subsidy removal and foreign exchange deregulation. These policies have influenced Lagos’ budgetary decisions, ensuring the state adapts effectively.

Financial Prudence and Economic Resilience

The Lagos State Government has proactively set aside funds to mitigate economic shocks and drive sectoral diversification.

“Given the fluctuations in foreign exchange rates—initially pegged at ₦750 to $1 but later soaring beyond ₦2,000—the House of Assembly allocated ₦100 billion to absorb economic pressures. As a result, major roads, bridges, and public projects continue to be commissioned successfully,” Olumoh explained.

The government has also prioritized the Lagos State Health Scheme (Ilera-Eko Health Insurance), ensuring citizens can access quality medical care. The Lagos State Health Management Agency (LASHMA) receives first-line charge funding, guaranteeing consistent financial support.

Agricultural and Economic Interventions

Lagos has implemented food security initiatives such as the Ounje Eko palliative program, providing discounted food items to residents. Weekly Sunday markets also help stabilize food supply chains.

“The state government subsidized food items by 25% to 50%, complementing federal interventions. Similar support extends to transportation, with 50% fare subsidies on blue buses and the Blue Line rail system,” Olumoh added.

To reduce reliance on petrol and diesel, the Compressed Natural Gas (CNG) initiative was introduced under IBILE Oil and Gas Corporation (IOGC). This transition is key to Lagos’ energy diversification efforts.

Economic Growth and Security: The Impact of “Detty December”

Lagos’ robust economic policies fostered a secure and prosperous environment in 2023, reflected in the success of Detty December, a high-revenue festive period.

“The Lagos economy recorded over ₦60 billion in December 2023, thanks to security measures and strategic planning. The city remained peaceful, encouraging investments and tourism,” Olumoh stated.

Conclusion: Lagos’ Sustainable Economic Future

With a N1.4 trillion IGR target, expansion of public infrastructure, and strategic economic policies, Lagos is positioning itself as Nigeria’s economic powerhouse. By minimizing loan dependency and enhancing internally generated revenue, the state sets a precedent for fiscal sustainability and long-term growth.