‘We are targeting monthly IGR of N60.31 billion for 2021 fiscal year’ – Lagos Govt

0
32

 

By Francis Ogwo

About N60.318 billion Internally Generated Revenue (IGR) has been projected by the Lagos State Government for the 2021 fiscal year.

This was disclosed by the Commissioner for Economic Planning and Budget, Mr. Sam Egube while briefing the media on the analysis of the 2021 budget at Alausa, Ikeja on Friday.

Egube had noted that the monthly Internally Generated Revenue targets were vital towards funding the 2021 budget of the state.

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).

Recall that the sum of N1.164 billion was approved by the Lagos State House of Assembly as the 2021 budget estimate of the state.

The budget comprises 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.

At the briefing, 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.”

While concluding, the commisisoner appealed to all residents of Lagos State to keep the state alive through fulfilment of their civic duties such as paying their taxes as and when due, in order to ensure the optimal performance of the budget.

Experts have over the period expressed optimism in the potential of the state to survive the heavy impact of the COVID-19 pandemic on the economy owing to its position as the economic capital of Nigeria with widespread businesses and international markets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here