Lagos, Nigeria’s economic hub, on Monday expressed optimism that the monthly internally generated revenue (IGR) would continue to rise as the state continues to implement various reforms, driven by wider technology adoption and innovation.
Addressing reporters at Ikeja, the state capital, Lagos Commissioner for Finance Akinyemi Ashade said the state has achieved an average monthly IGR of 34 billion naira (over 94 million U.S. dollars) in the first quarter of 2018.
Ashade said the revenue generation performance so far this year was way ahead of the monthly averages of the last three years, and attributed the improvement to the impact of ongoing reforms and growth in the state’s economy.
The target to grow the state’s monthly IGR to 50 billion naira (138 million dollars) next year is on course, he told reporters.
“We know it is a marathon. We would win some and we would lose some, but we are very committed towards ensuring that we meet the target,” he said.
“If we do not meet it this year, definitely there will be another year, but we believe we will succeed in that target we set for ourselves,” Ashade said.
Lagos’ economy has emerged as not only one of the largest sub-national economies in Africa but also one of the most recognized sub-national economies in the world. Enditem