Lagos targets N60bn monthly IGR to finance 2021 budget

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Lagos State Government has set a target of a N60bn monthly Internally Generated Revenue (IGR) to fund its N1.16trn 2021 budget.

The Commissioner for Budget and Economic Planning, Sam Egube, while providing the breakdown of the state 2021 budget, on Thursday, disclosed that the state is targeting N723. 817bn IGR to finance the budget with the Lagos State Internal Revenue Service (LIRS) generating N512bn.

“A significant percentage of the projected Total Internally Generated Revenue (TIGR) of N512bn is expected to be contributed by LIRS,” Egube said.

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.”

Egube disclosed that the Ministry of Works has the largest share of the budget with N244. 8bn allocation. Ministries of Education and Health which got N146. 9bn and N105. 9bn respectively got the second and third largest share of the 2021 budget.

In the breakdown, the commissioner said budgetary provision of N150.753bn was provided for the maintenance of roads and other infrastructures within the State.

“This increase shall address the zero-pothole strategy, create link-roads within the metropolis to resolve traffic congestion and its attendant risks. The provision will cater for the under listed among others: N15bn for The Rebuild Lagos project/trust fund, N11bn for Reconstruction of lekki-epe expressway from Eleko junction to Epe T-junction (phase one), N8.750bn for Lekki Regional Roads, N19.500bn under Project Stabilization Fund to intervene on various projects,” Egube said.

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