As most states in the country continue to grapple with the challenges posed by the drop in federal allocation, Lagos State has continued on the growth path.
The Internally Generated Revenue (IGR) of the state in 2015 grew to N225 billion. In the first quarter (Q1) of 2016, the State’s IGR was N76 billion, while federal transfers stood at N26 billion.
This was disclosed by the Lagos Commissioner for Finance, Dr. Mustapha Abiodun Akinkunmi, during the 2016 inter-ministerial press briefing, at Alausa Ikeja, in commemoration of one year anniversary of the state Governor, Mr. Akinwumi Ambode held recently.
“Despite wider national economic malaise, Lagos State’s strong macroeconomic fundamentals provide a strong base for growth and development. I am happy to report that the Lagos State’s economy is strong and financially viable.
“Lagos State’s GDP is 20-25 per cent of Nigeria’s, and is larger than that of many neighbouring countries within the region. In the year 2015, fiscal sustainability was strengthened to in response to the oil price collapse and lowered federal receipts. For example, in year 2015, LIRS alone accounted for N225 billion (56%) of the State’s total revenue which amounted to N399 billion including federal transfers,” the Commissioner added.
Highlighting the efforts of the state government towards job creation in the state, he said: “We have facilitated the opening of the N6.25 billion Lagos State Employment Trust Fund which will allow youths and unemployed citizens have access to adequate finance for entrepreneurial ventures, in line with the initiative and campaign promises of the Governor,” Akinkunmi noted.