…RMAFC Seeks To Replicate Lagos Economic Success In Other States
Lagos State has achieved a significant milestone in Internally Generated Revenue (IGR), increasing it by 70% over the past five years.
This development was revealed by Mr. Abayomi Oluyomi, the Honorable Commissioner for Finance, on Tuesday.
He said, “We are grateful for the support and collaboration of our partners at the federal level, which has enabled us to achieve this feat; IGR is the mainstay of Lagos, and we remain committed to driving revenue growth through innovative initiatives.”
Oluyomi highlighted the state’s initiatives, which include Revenue Courts, ICT-led payments and collections, and the newly launched Lagos Revenue Platform.
“We have found a strategic ally in RMAFC and are excited to showcase our projects, which will catalyze transformation and enhance the quality of life for our citizens.”
Pic From left, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Abrose-Medebem; Leader of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) Delegate, Alhaji Ismail Agaka; Lagos State Commissioner for Finance, Mr Abayomi Oluyomi; Member of the RMAFC Delegate, Amb. Ayuba Ngbako; Lagos Commissioner for Housing, Mr Moruf Fatai-Akinderu and Lagos State Accountant General, Dr Abiodun Muritala during the Visitation and Tour Engagement of the RMFAC Delegate to Lagos State on Tuesday (13/08/24)
The commissioner emphasized the importance of teamwork and commended the RMAFC team for their commitment to supporting IGR growth in Lagos State. “We look forward to fruitful discussions and meaningful engagement to bring our shared vision to fruition.”
He also added that Lagos State is set to transform its financial landscape by reducing reliance on federal allocations, focusing on strategic capacity building, and leveraging funding from international and federal sources.
Oluyomi explained, “The reason why this committee was put together as part of RAMFAC is to go from state to state to help them on how they can diversify their base so that they will not depend entirely on federal allocation.”
Furthermore, Oluyomi addressed the challenge of high interest rates on loans from commercial banks, which hinder business growth. He asserted that RAMFAC’s support helps secure loans with lower interest rates, which are crucial for stimulating development.
“The moment we have that funding, that funding can catalyze our people; it can catalyze a lot of businesses,” he explained.
Also, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commended Lagos State’s economic growth, citing its increased GDP from 27 trillion to 41 trillion in five years, and expressed desire to learn from its best practices to advise other states.
Alhaji Ismail Mohammed Agaka, Federal Commissioner representing Kwara State and member of the Mobilisation and Diversification Committee of RMAFC, praised Lagos State’s financial strength and fiscal economy.
“Lagos is a trailblazer when it comes to financial strength and also fiscal economy. So that’s why we’re here,” he said.
Agaka emphasized the commission’s objective to collaborate with Lagos State and identify areas where it has shown exceptional performance.
“We know there are areas where Lagos State has really shown itself to be a trailblazer. So based on what we know, vis-a-vis what is now present, to be able to come to a conclusion as to how well Lagos is faring,” he said.
The commissioner highlighted the importance of learning from Lagos State’s best practices to advise other states.
“When we talk about best practices, it’s to see what is working very well here, so as to advise others that look, make Lagos State a role model for you in this specific area,” he said.