Lagos IGR Grows 11.4% To N127bn In Q1

Lagos State Government has announced that it neted N127bn Internally Generated Revenue in the first quarter of 2021.

The development comes in what the State Commissioner of Finance,  Rabiu Olowo, described as a show of the resilience of the Babajide Sanwo- Olu led government.

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Olowo, revealed the figures on Thursday during the States Annual Ministerial Press Briefing.

The IGR announced by Nigeria’s richest state shows that IGR rose 11.4 per cent from N114bn posted in the first quarter of last year to N127bn.

Olowo said, “We finished last year with N658 billion, to date by the end of the first quarter, we have N127 billion.

“That shows the resilience of our Ministries, departments, and Agencies despite the adverse effects on our micro economy. Our recovery from the recession is very fragile, this affects the micro economy but we will still think outside the box.”

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Last year, the outbreak of the Covid-19 pandemic had disrupted economic activities in the state which accounts for over 30 per cent of the country’s IGR.

But the commissioner said the improved IGR was a product of prodent use of technology to block revenue leakages.

“Increase in revenue was as a result of well thought strategy and commitment in technology. We ensure our revenue is optimized and we block leakages,” he said.

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