Lagos Aims for Record IGR of N1.25 Trillion in 2024 Budget
Lagos State Government under Governor Babajide Sanwo-Olu sets an ambitious target of N1.251 trillion as Internally Generated Revenue (IGR) for its 2024 budget, emphasizing a 17.35% increase from the previous year. This figure, combined with a Federal transfer of N596.629 billion, will fund the state’s N2.246 trillion budget, with 54% allocated to capital expenditure and 46% to recurrent expenditure.
Lagos, consistently topping IGR charts in Nigeria, showcases an upward trajectory in revenue goals, possibly due to enhanced tax collection strategies by both state and federal governments. The projected budget also indicates a substantial growth of 117.56% in total Federal transfers compared to the 2023 budget.
The Lagos State Internal Revenue Service has introduced numerous solutions to bolster tax collection, including the Eco Fiscal System for automated invoicing. In 2024, intensified efforts are expected to collect the 5% consumption tax on goods and services in the state, while VAT collection drive remains a significant aspect of the projected Federal transfer.
