Lagos generates N103.5 billion revenue in Q1 2018

Governor Akinwunmi Ambode of Lagos state
Governor Akinwunmi Ambode of Lagos state [Photo credit: Instagram - akinwunmiambode]

The Lagos State Government generated an Internally-Generated Revenue (IGR) of about N103.5 billion for the first quarter of 2018.

The state’s commissioner for economic planning and budget, Olusegun Banjo, made this known at a briefing in Lagos on Tuesday.

Mr Banjo said that the figure recorded was higher than N96.8 billion generated for the same period last year.

The commissioner spoke at the ongoing 2018 ministerial press briefing to commemorate the third anniversary of Governor Akinwunmi Ambode’s administration.

The IGR is about 57 per cent of the projected internally-generated revenue of the state. By implication, the state government had a shortfall of 43 per cent for its IGR.

The state government had projected to internally generate N60 billion monthly to finance its budget.

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Mr Banjo explained further that the Lagos Internal Revenue Service (LIRS) generated N84.19 billion in first quarter of 2018, noting that the performance of LIRS in quarter one of 2018 is N9.64 billion more in absolute terms.

According to him, federal transfers contributed N38.5 billion to its revenue in the first quarter.

The commissioner also disclosed that though the rebate provided in the payment of Land Use Charge would affect the state government projected revenue for the year 2018, the loss would not significantly affect the budget implementation as the state government would device other means to generate revenue to make up the shortfall from Land Use Charge.

He added that the government would sustain the budget performance in the second quarter and meet its capital-recurrent expenditure ratio of 67:33.

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