Lagos GDP hits N41tn, earns N433bn from IGR

Lagos GDP hits N41tn, earns N433bn from IGR

According to Ope George, Commissioner for Economic Planning and Budget, Lagos State’s Gross Domestic Product (GDP) has surged from N27 trillion to N41 trillion over the past four years.

George highlighted that this achievement positions Lagos as the 7th largest economy in Africa based on GDP.

At the ministerial press briefing marking the first year of Governor Babajide Sanwo-Olu’s second term, held at Alausa, Ikeja, Lagos, George emphasized the state’s significant contribution, constituting over 20% of Nigeria’s GDP.

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He remarked, “Currently, we are ranked 7th in GDP in Africa. Our trajectory demonstrates positive growth despite past challenges.”

The commissioner revealed that the state government recorded a total revenue of N433.408 billion in the first quarter of the 2024 fiscal year.

George elaborated, “Quarterly performance indicates 92% revenue realization at N433.408 billion. Recurrent expenditure reached 80%, totalling N189.624 billion, while capital expenditure achieved 54% performance at N178.728 billion. Total expenditure (budget size) stood at 65% performance, amounting to N368.352 billion.”

He further outlined the details of the approved Y2024 budget, which includes a total revenue projection of N1.880 trillion, deficit financing of N387.125 billion, capital expenditure of N1.315 trillion, and recurrent expenditure of N952.431 billion (including debt charges), maintaining capital to recurrent ratio of 58:42.

Lagos GDP hits N41tn, earns N433bn from IGR