How revenue summit will boost Lagos IGR to N5trn – Okupe

Mr Joko Okupe, Chief Executive Officer(CEO) of Modo Ante, says the Lagos State Goverment can achieve an annual Internally Generated Revenue (IGR) of five trillion Naira through innovative approaches.

Okupe, in an interiew with our reporter on Thursday in Lagos, said that other aproaches include Public-Private Partnerships (PPP) and technological advancements.

He said that Modo Ante, co-organisers of the upcoming Eko Revenue Plus Summit (ERPS) with the Lagos State Government, said that the state currently receives about N600 billion from the Federal Government.

According to him, the state aims for N1.25 trillion in IGR, facing a financing deficit of N420 billion.

“Based on Modo Ante strategic thinking, the state can unlock an additional N2.73 trillion stream of income to propel her to an IGR of about N5 trillion in the life span of the current administration.

“Increasing the IGR was possible because it will enable the state to tap into an additional revenue source and fast-track the socio-economic development of the state,” he said.

Okupe also said that the summit, scheduled for Oct. 22 to Oct. 23, would gather key stakeholders from government, private enterprises and international partners.

This, he added, would help to explore innovative revenue optimisation strategies.

Okupe highlighted the potential of underutilised sectors such as property, the digital economy and energy to ensure sustainable revenue growth for Lagos State.

The chief executive officer explained that PPPs would be crucial for achieving these objectives, citing global successes in infrastructure and energy sectors.

According to him, technology-driven approaches, including blockchain and AI, will enhance tax collection and transparency.

Okupe also pointed to the importance of transitioning to a circular economy, which could significantly reduce waste and production costs while creating new revenue streams.

He further explained that the summit would focus on integrating the informal sector into Lagos’ revenue framework through digital identity platforms and mobile tax systems.

He said that this would allow small businesses to contribute without being overburdened.

Okupe stressed that financial inclusion initiatives would help integrate the informal economy into the broader revenue structure.

He emphasised that international collaborations are vital for the summit’s success, as partnerships with financial institutions and technology firms could attract foreign direct investment and expertise to Lagos.

He maintained that Modo Ante aims to bridge private sector innovations with public governance by customising global best practices to local contexts.

He said that the revenue generated from initiatives discussed at the summit would be invested in infrastructure projects, such as roads, hospitals, schools and affordable housing, improving the quality of life for Lagosians.

Okupe stated that the jobs created from these projects would help reduce unemployment and provide opportunities for the youth.

He said that the ERPS aims to build a self-sustaining financial future for Lagos and would reduce the tax burden on citizens, while ensuring better provision of social amenities and economic opportunities for all.