Lagos State Governor, Babajide Sanwo-Olu has said over 75% of the state’s revenue is internally generated which separates it from other Nigerian states that rely heavily on federal allocations.
Sanwo-Olu said this on Wednesday at the ongoing Afreximbank’s Trade and Investment Forum in The Bahamas.
He said the state generates more than a third of Nigeria’s Gross Domestic Product (GDP), and that the State’s GDP has grown by almost 50% in the last five years.
According to Sanwo-Olu, the as the commercial hub of Nigeria, Lagos does not rely on the revenue generated from the federal like other state.
“Lagos State is one of Nigeria’s 36 States, and we are responsible for more than over a third of the nation’s entire GDP. In fact, we have a GDP that is greater than all but seven African countries.
“In the last five years and under my leadership, we have seen almost a 50% growth in our GDP in Lagos alone.
“We also account for about half of the country’s total energy demand. We have over 70% of Nigeria’s foreign trade inflow into Lagos.
“And unlike most other subnational government in Nigeria, over 75% of our revenue are generated internally as opposed to being centrally collected from the national treasury,” Sanwo-Olu said.
According to the Nigeria Bureau of Statistics, NBS, Lagos State’s IGR in 2023 was N651 billion, and it received a total sum of $29.2 billion in April.
Sanwo-Olu also stated that the State is targeting an IGR of N1.251 trillion to fund its 2024 budget.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
