Lagos State Earns Praise for Exceeding Budget Expectations by 78%

The Lagos State Government has garnered commendation from business and economic experts for surpassing expectations in its budget performance, achieving an impressive 78% by the end of September 2023. This accolade was extended during a round table organized by the Economic Intelligence Department of the Ministry of Economic Planning and Budget, held at the Protea Hotel Select, Central Business District, Ikeja.

Dr. Ayo Teriba, the Chief Executive of Economic Associates, highlighted the noteworthy achievement of Lagos, surpassing the expected 75% budget performance by reaching 78%. He lauded the credibility of the 2024 appropriation bill presented to the state House of Assembly by Governor Babajide Sanwo-Olu.

Moreover, Teriba urged the state government, through the Economic Intelligence Department, to optimize and enhance fee-rent-based revenue generation by making collections of its assets. This, he believes, will further augment the 2024 budget when passed by the House.

Prof. Adeola Adenikinju, President of the Nigerian Economic Society, expressed his appreciation for the proposed bill’s indication that nearly half of the spending is derived from Internally Generated Revenue. He commended Lagos for maintaining a favorable ratio between capital and recurrent budgets, emphasizing that very few states in the country exhibit such financial prudence.

In his presentation, Dr. Femi Sabiu, a professor of Economics at the University of Lagos, emphasized the importance of the state government setting its priorities right. He particularly stressed the need to focus on realistic sectors, highlighting agriculture as a sector deserving more attention.

The positive feedback from these experts underscores the effective financial management and strategic allocation of resources by the Lagos State Government, positioning it for continued economic growth and development.