The Lagos State Government on Tuesday said its internally generated revenue for the first quarter of Y2018 stood at N103.476billion, as against N96.7billion recorded in the previous year, thereby accounting for 81 per cent of the total revenue of N141billion generated in the quarter. Scores of youths marching on Ikorodu Road on Saturday, March 31, 2018 to endorse Governor Akinwunmi Ambode of Lagos State for a second term.


Commissioner for Economic Planning and Budget, Mr. Segun Banjo who disclosed this during the annual Ministerial Press Briefing to mark the third year in office of Governor Ambode’s administration held at the Bagauda Kaltho Press Centre in Alausa, said the records so far shows that the performance of the State’s Y2018 budget of N1.046trillion was heading in the right direction.


Giving a breakdown of the figures, the Commissioner said the budget performance for the first quarter has a pro-rata size of N261.530billion and in absolute term, it had performed N163.491bn, compared with N120.206billion reported for the same period in Y2017. In terms of revenue generation, Banjo said that the sum of N141billion (63 per cent) was generated as Total Revenue against N124.141billion (77 per cent) achieved in 2017, adding that this year’s first quarter performance was N17.816billion higher than the previous year’s performance in absolute terms.


He said out of the total revenue of N141billion the State internally generated N103.476billion representing 57 per cent, as against N96.7billion in the previous year, thereby accounting for 73 percent of the total revenue for the current fiscal year. The Commissioner explained further that the Lagos Internal Revenue Service (LIRS) generated N84.1bilion in the first quarter, which accounted for 81 per cent of the total revenue generated, a feat, he attributed to proper planning and research by the government.


“What we have said now is that in the first quarter which we just concluded of 2018, LIRS generated a total of N84 billion compared to the N74billion that was generated in 2017. Due to the research and the planning done, LIRS has been able to improve their performance and we are very glad about it,” he said. Banjo however noted that the N84billion generated by LIRS was excluding revenue from Land Use Charge (LUC), noting that it was from the strict application of taxes from Pay As You Earn (PAYE), withholding taxes, direct assessment and other taxes. Besides, he said that Federal transfers for the first quarter Y2018 contributed N38.481billion (87 per cent) compared to a performance of N27.364billion out of which Statutory Allocation contributed N13.868billion and N24.4billion from VAT for the same period in 2017.


“Under Capital Expenditure, Quarter 1 performance stood at N93billion (53 per cent) as against N46.7billion (37 per cent) as at the same period in Y2017. As at the end of Q1 2018, the Capital:Recurrent ratio closed at 57:43 as against 39:61 recorded same time in Y2017. “This is a pointer to the fact that all efforts geared towards tighter control of overhead is beginning to yield fruits even though more needs to be done in this area,”
he said.


He said the State Government would do everything within its powers to sustain the budget performance in the second quarter, adding that the ultimate goal was to meet the target of a Capital: Recurrent expenditure ratio of 67:33 throughout the year. Responding to questions on the reduction in the rates payable by property owners under the Lagos State Land Use Charge Law, vis a vis the 2018 budget and its effects on the plans by the government to deliver all ongoing projects in the State, the Commissioner allayed fears, adding that the present administration had already fashioned out strategies to ensure prompt delivery of critical projects this year.



“Definitely we have made a projection but because this is a very responsive government, we have decided to give rebates and when you give rebates, automatically the revenue will go down, the expectation might not be there in terms of what we intended in the first instance. But we can assure you that whatever we lose from the rebate we would get it somewhere else because we would continue to up our game,” Banjo said.

Read more at: https://www.vanguardngr.com/2018/04/978098/

Lalasticlala

I'm not surprised and have no apologies whatsoever for saying this. Lagos is a notable 'nation' among other states in Nigeria

And someone will have a percentage of this money. One day we shall be free in Lagos.

This is what caught my attention.

Banjo however noted that the N84billion generated by LIRS was excluding revenue from Land Use Charge (LUC), noting that it was from the strict application of taxes from Pay As You Earn (PAYE), withholding taxes, direct assessment and other taxes

without LUC, inland revenue service generated #84b, that's commendable..... LUC will skyrocket Lagos's revenue X3.

this is a state that works, unlike Nigeria that doesn't work.

Awon omo iya wa from oke oun won't be happy with this news

ok

Lagos balling on another level entirely!

And some state will blame buhari for not paying salary .
Can't governors be creative

Lagos is a country

If any part of Nigeria wants to secede it should be Lagos state and not all these noisemakers without any meaningful source of revenue or the ability to manage it.

Just use the money to complete Lagos Light Rail project and clean up our city biko. Increased IGR should translate into improved infrastructure.

5thElement:
If any part of Nigeria wants to secede it should be Lagos state and not all these noisemakers without any meaningful source of revenue or the ability to manage it.

Exactly!

The most progressive region in Nigeria wants things to work out fine for everyone but the least progressive with LEAST IGR & LEAST EVERYTHING keeps making useless noise about secession.

I keep telling people that granting fla.tties their wish is like saying YES to their suicide bid. They won't survive past a decade.

AMBODE IS WORKING

Eko oni baje ooooooo...Our mega city. But I no go fit live for Lagos shaa o

Some idle states are waiting for a fair share from this revenue.
Enemies of progress everywhere!

Most of it will go to the Almajiri North.

5thElement:
If any part of Nigeria wants to secede it should be Lagos state and not all these noisemakers without any meaningful source of revenue or the ability to manage it.

Then why Nnamdi Kanu dey give the North Nightmares.
To show how much they respect the man Kanu, they sent an Army after an individual.

Alariiwo:


Exactly!

The most progressive region in Nigeria wants things to work out fine for everyone but the least progressive with LEAST IGR & LEAST EVERYTHING keeps making useless noise about secession.

I keep telling people that granting fla.tties their wish is like saying YES to their suicide bid. They won't survive past a decade.

If na so why una dey shout one Nigeria now, why una dey fear Biafra.

Since na suicide make Biafra leave this una Zoo now.

See Almajiri talking, people who contribute NOTHING but violence to Nigeria

The only thing helping them is one government. Na APC dey the tenure since adam

Ambode deserves a statue in Owerri

Eko o ni ba je.

Blessed State. Truth be told.


They deserve some accolades

If they can make this huge sum, then we deserve more from the state government.Youths should be more empowered.

Shindren of hate, over to you.

Lagos should just declare independence naija own don finish be dat not like those ones always threatening to blow up pipeline and their neighbours from red mud caliphate. Lol

abdelrahman:
Awon omo iya wa from oke oun won't be happy with this news

Awon shukundi , okeshuku ati shinedu abi ?

and u ppl tink it's a gud news?...I pity for u ppl

A country within a country

What Lagos is generating internally in a single quarter is more than what many states will generate in 10 years

theenchanter:
This is what caught my attention.
without LUC, inland revenue service generated #84b, that's commendable..... LUC will skyrocket Lagos's revenue X3.

[b]this is a state that works, [/b]unlike Nigeria that doesn't work.

Forget working or not working, Lagos is the commercial capital of Nigeria while Abuja is the administrative

Nigeria Info calls Lagos the commercial capital of West Africa

It's not about working but the commercial status

While many companies in Lagos evade tax, a bulk amount of the Lagos taxes are unaccounted

theenchanter:

this is a state that works, unlike Nigeria that doesn't work.

if a + b + c = d

how can a + b - c = d

if Lagos is part of Nigeria, and Nigeria does not work.
What does this make Lagos?

After they go say Nigeria no get money

Imagine if the south did not have the burden of carrying the North, we would be better than Dubai

Southerners I beg we need to sit up.

If this money was generated in the North will they share?
Common govt posts dem no fit share

Chiedu4Trump:
Most of it will go to the Almajiri North.

Then why Nnamdi Kanu dey give the North Nightmares.
To show how much they respect the man Kanu, they sent an Army after an individual.

If na so why una dey shout one Nigeria now, why una dey fear Biafra.

Since na suicide make Biafra leave this una Zoo now.

See Almajiri talking, people who contribute NOTHING but violence to Nigeria

No mind those parasites
All they have to offer are killings

talk2percy:
Eko oni baje ooooooo...Our mega city. But I no go fit live for Lagos shaa o

Seriously ah no knw wetin dey for Lagos wey evrybd dey rush go dere go live