BUSINESS NEWS

Lagos targets N60.31bn monthly Internally Generated Revenue

NEWSMAN – Lagos State Government has indicated a monthly target of N60.318 billion Internally Generated Revenue (IGR) to fund the 2021 budget.

Speaking during a media briefing on the Analysis of the Year 2021 Budget at Alausa, Ikeja, the Commissioner for Economic Planning and Budget, Sam Egube, said that the budget size was N1.164 trillion.

Egube said the budget was made up of N702.935 billion for Capital Expenditure and N460.587 billion for Recurrent Expenditure.

He revealed that the expected Total Internally Generated Revenue (TIGR) for Year 2021 is N723.817 billion, with N60.318 billion to be generated monthly.

“The total budget size is N1.164 trillion and will be funded from a total revenue estimate of N971,028 billion, comprising Total Internally Generated Revenue (TIGR) of N723, 817 billion, Capital Receipts of N71, 811 billion and Federal Transfer of N175,400 billion,” Egube said.

He further said that the deficit of N192,494 billion was projected to be funded from a combination of internal and external loans.

The commissioner said that a significant percentage of the projected TIGR of N512 billion is expected to be contributed by the Lagos Internal Revenue Service (LIRS).

“We shall achieve this by expanding the tax net, simplifying the tax process, improving our transaction taxes and the appropriate use of technology in addition to improving the work environment, training and tools of our tax administration personnel.

“This will improve the efficiency in operations of all revenue generating agencies.

“We believe that there are huge revenue generating opportunities in the state: including real estates, transportation sectors and our markets generally, among others, he said.

“We will continue to use data and intelligence to unravel revenue opportunities and leakages”.

Egube added that the government would continue to maintain a relatively conservative posture in its projection for Federal Transfers/Receipts compared to annual run rate in 2020.

He said that this was in view of the production challenges within the Oil Sector so as to, keep its expectation at N175 billion, NAN reported.

He assured the residents of the state that the present administration would leave no stone unturned in ensuring the full implementation of the budget through its various monitoring mechanisms.

He appealed to all residents of Lagos State to always fulfil their civic responsibilities such as paying their taxes as and when due, in order to ensure the optimal performance of the budget.

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