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Lagos IGR hits N20b monthly

Posted by Editor on May 10, 2013.

Miriam Ekene-Okoro.

THE Lagos State Commissioner for Economic Planning and Budget, Mr Ben Akabueze, yesterday said the state’s Internally Generated Revenue (IGR) averages a total of N20billion monthly.

He spoke at a ministerial briefing ahead of the Sixth Anniversary of the Governor Babatunde Fashola Administration in the state.

He said: “IGR trickles in everyday across different agencies of the state. One month it could be up, the next month it could be down pending 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 has a projected IGR of N316.578billion out of its N499.605billion 2013 fiscal budget, saying it is more than the total budget of each of the states in the country, excluding Delta, Rivers and Akwa Ibom.

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

Akabueze also said the state government is not introducing any new tax, but would leverage on existing ones approved by the law of the federation, to realise the objectives of this year’s budget.

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

On the state’s debt profile, Akabueze said the income accruing to state’s coffers yearly outstrips its debts, and that some of its loans are long-term, which would be due for full repayment in 35 years.

He also revealed plans by the state government to establish 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.

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