The Lagos State Government said it has so far achieved an average monthly Internally Generated Revenue of ₦34 billion in 2018.
The Commissioner for Finance, Mr. Akinyemi Ashade, said this on Monday in Ikeja at the briefing of the ministry to mark the third anniversary of Governor Akinwunmi Ambode’s administration.
“Based on our first quarter results, Lagos State has so far achieved an average monthly IGR of ₦34billion in 2018 compared to monthly averages of ₦22bn, ₦24bn, and ₦30bn in 2015, 2016 and 2017 respectively.”
The commissioner expressed optimism that the IGR would rise as the state continued to implement its reforms, adding that the target was to grow the IGR to ₦50bn.
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On Federal Transfers, he said since Lagos joined the league of oil producing State, the Government had received a total of ₦327million revenue, comprising ₦197million and ₦130million received in 2017 and first quarter of 2018 respectively.
Federal transfers which comprise (VAT) and other statutory allocations, received in 2015, 2016, 2017 and Q1 2018 amounted to N116.829bn, N123.534bn, N141.7bn and N38.481bn respectively#Minpressbriefing2018. pic.twitter.com/Cp53NtQkjB
Since we joined the league of oil producing States, the total revenue from the 13% derivation paid to Lagos to date amounts to N197m and N130m received in 2017 and Q1 2018 respectively#Minpressbriefing2018. pic.twitter.com/TrwGrFcfxU
Giving an update on the State’s Debt Profile, Ashade said the Government’s debt stock, comprising 48 percent local debt and 52 percent foreign debt currently stood at ₦874.38billion at the end of 2017 while the debt service charge to total revenue ratio which stood at 17.61 percent was still within the World Bank threshold of 30 percent.
Giving an update on the revised Land Use Charge (LUC), Ashade said extensive discussions among stakeholders in the state has led to several concessions on Land Use charge for property owners across board, adding that a revised bill to further amend the LUC Law to incorporate the additional concessions was presently before the House of Assembly and would be passed soon.