The Eko Revenue Plus Summit has indicated that it is looking to use its platform to offer solutions that would drive the revenue of Lagos State to N5tn by 2027.
The summit, organised by Modo Ante, a pioneer in governance, public sector & political consultancy, is scheduled for September in Lagos.
Data from the National Bureau of Statistics showed that as of the half year 2023, Lagos recorded N400bn in internally generated revenue.
The Chief Executive Officer of Modo Ante, Joko Okupe, commenting on the summit, said, “By leveraging technology and innovation, we can unlock ‘new money’ that will enhance Lagos State’s ability to provide better social amenities and economic opportunities for Lagosians.”
He stated that several sectors hold untapped potential for revenue growth in Lagos State, but the focus would be strong on how the income streams of existing revenue generation of Government entities could be enhanced and how ‘new money’ could be generated.
“Working closely with the Special Adviser to the Governor on Taxation & Revenue and his team, we have identified five core sectors of the state’s economy with the potential for additional revenue to help generate extra IGR of about N2.73tn.
“These sectors, in order of priority, are property, digital economy, informal sector, energy sector, and circular economy, with the energy sector as a support pillar for the other four sectors and a catalyst for the general economic development in any environment for that matter,” he said.
According to Okupe, the summit will also look into how government entities that are presently cost centres or generating very little revenue in these sectors can be transformed to render value-added services to citizens, such that can make them become revenue earners.
“The summit will highlight the strong potential of utilising technology to enhance public service delivery. These are low-hanging fruits that will deliver value to citizens, make their lives easier, and make the public sector more efficient,” he added.