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Lagos generates N20billon IGR monthly

By on May 10, 2013

Internally Generated Revenue (IGR) in Lagos State averages a total of N20billion monthly, the State Commissioner for Economic Planning and Budget, Ben Akabueze, has disclosed.

Akabueze revealed the figure Thursday at the ongoing ministerial press briefing to herald the sixth anniversary of Governor Babatunde Fashola in office.

He said the N20billion however was on the average as the figures rise and drop on monthly basis depending on the season and periods.

According to him, “IGR trickles in everyday across different agencies of the state, one month it could be up, the next month it could be down depending on seasonal considerations and all of that. At the end, we will have an aggregate for the year and you could average it out but as at today it is about N20billion monthly”.

He said the state had a projected an IGR of N316.578 billion out of its N499.605billion 2013 fiscal budget, saying it is more than the total budgets of each of the states in the country excluding Delta, Rivers and Akwa Ibom.

To realise this target, the state is adopting measures including the expansion of the tax net to cover more taxable persons living and doing business in Lagos.

Akabueze said the state government does not intend to introduce any new tax, but would leverage on existing taxes as approved and empowered by the law of the federation, to pursue the realisation of the objectives of this year’s budget.

According to Akabueze, major areas the budget has been addressing since commencement of implementation include security, food sufficiency, law and order, building of critical transportation infrastructure including the blue/red light rail, continuing expansion of the Lagos-Badagry expressway, ferry services, health and environment.

On the state’s debt profile, Akabueze, who would however, not give specific figure Lagos is owing its local and international creditors, said the debt was no threat, as the income accrued to the state’s coffers yearly, outstrips its total debts, some of which are long-term loans due for full repayment 35 years ahead.

Meanwhile, the state government is considering the establishments of some critical agencies/commissions as part of measures to further strengthen its economy.

These according to Akabueze include parks and garden agency, state water regulatory commission, state law enforcement training institute, audit service commission, law reform commission, office of disability affairs and the office of facility management among others.