The Lagos State Government has projected a monthly target of N60.318 billion Internally Generated Revenue (IGR) for the 2021 fiscal year.
According to the News Agency of Nigeria, the disclosure was made by the Commissioner for Economic Planning and Budget, Mr. Sam Egube during a media briefing on the analysis of the 2021 budget at Alausa, Ikeja.
Mr. Egube stated that the monthly Internally Generated Revenue targets were necessary to fund the 2021 budget of the state.
READ: Lagos removes 200 shanties at Opebi to maintain planning standard, restore order
What you should know
- Nairametrics earlier reported that Lagos State House of Assembly had approved the sum of N1.164 billion as the 2021 budget estimate of the state.
- The budget is made up of N702.935 billion for Capital Expenditure and N460.587 billion for Recurrent Expenditure.
- The deficit of N192.494billion was projected to be funded from a combination of internal and external loans.
- According to Mr. Egube, the expected Total Internally Generated Revenue (TIGR) for Year 2021 is N723.817 billion, with N60.318 billion to be generated monthly.
- A significant percentage of the projected TIGR, i.e. N512 billion is expected to be contributed by the Lagos Internal Revenue Service (LIRS)
READ: FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector
What they are saying
Commenting on the subject matter, Mr. Egube said:
- “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.
- “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. We will continue to use data and intelligence to unravel revenue opportunities and leakages.”
READ: Lagos to replace all streetlights, deploys smart led lighting across the state
Mr Egube concluded by appealing to all residents of Lagos State to never relent in fulfilling their civic responsibilities such as paying their taxes as and when due, in order to ensure the optimal performance of the budget.
The Lagos state government should also think of ways of expanding social services like pipe born water to Lekki, the VAT leveled on the service payment will also add up to their tax revenue, is not every time they should be looking for ways to collect tax without offering any social service.