africa

Lagos targets N60.31billion monthly IGR


By Tajudeen Adebanjo

 

LAGOS State Government on Thursday said it has put the necessary machinery in place to achieve a monthly Internally Generated Revenue (IGR) of N60.31 billion for 2021.

Commissioner for Economic Planning and Budget, Sam Egube, who said this while giving the 2021 budget breakdown,  added that the state also earmarked N15 billion for the Rebuilding Lagos Project/Trust Fund, in the aftermath of #EndSARS destruction of Lagos last October.

He said a significant percentage of the projected total IGR of N512 billion is expected to be contributed by Lagos Internal Revenue Service (LIRS).

“We shall achieve this by expanding the tax net by 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 etc. We will continue to use data and intelligence to unravel revenue opportunities and leakages,” he said.

Egube said the government would continue to maintain a relative conservative posture in its projection for Federal Transfers/Receipts compared to annual run rate in 2020 in view of the production challenges within the Oil Sector by keeping our expectation at N175 billion.

He said the deficit of ?192.494bn is projected to be funded by a combination of internal and external loans.

On Science and Technology, Egube said the sum of ?23.502bn had been budgeted for building and upgrading of IT Infrastructure Statewide, e-GIS Land automation system, Single Billing system and ease of tax payment, Levies and other Revenue enhancement initiatives.

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