The Lagos State Government on Monday said it raked in N436.328 billion in 2016 as internal revenue, about 10 per cent more than what it generated in 2015.

Consistent with its 2017 Appropriation Act, the state government said it would soon approach the capital market to raise N100 billion from the N500 billion bond programme it initiated in December 2016.

The State Commissioner for Finance, Mr. Akinyemi Ashade, gave the figure at a news conference he addressed at Alausa on Monday alongside his Information and Strategy counterpart, Mr. Steve Ayorinde, and the state’s Accountant-General, Mrs. Abimbola Umar, among others.


At the conference, Ashade said the sum of N436.328 billion the administration of Governor Akinwunmi Ambode generated in 2016 exceeded what was generated in 2015.

In 2016, Ashade said the existing strategic financial management framework of the state’s resources was steadfastly sustained and this resulted in steady improvement of the state’s revenue.
He noted that total revenue of N436.328 billion “was realised in the 2016 compared to N399.382 billion in 2015. In relative terms, the revenue performance was N36.946 billion more when compared with the year 2015.“Total Internally Generated Revenue for the year 2016 was N312.820 billion which represents 75 per cent of the projection and 72 per cent of total revenue, compared with N247.946 billion, representing 80 percent of the projection and 69 per cent of total revenue for 2015.”

Ashade added that the Lagos State Internal Revenue Service (LIRS) revenue for 2016 was put at N247.022 billion, representing 80 percent of the estimate, 79 per cent of total IGR and 57 per cent of total revenue.
When compared with 2015, Ashade said the state generated N225.041 billion, which he said, represented 81 per cent of the estimate, 79 per cent of IGR and 56 per cent of total revenue for the year 2015.

Speaking on the state’s land use charge (LUC), Ashade explained the dynamism the state had brought into the expansion of land use charge in the last one year, noting that more payment channels were introduced to cater for the large number of people that needed to pay the charge.

In some cases, he banks were encouraged to establish their presence at tax and revenue centres, including LUC centres to reduce incidence of cash transaction and attendant frauds that might arose.
He said the innovations and public awareness campaigns adopted by government had drastically increased the state’s LUC revenue generation from N6.156 billion in 2015 to N7.156 billion in 2016, disclosing that in the first quarter of 2017, LUC collections stood N3.99 billion.

However, Ashade said the LUC Assessment Appeal Tribunal, which he said the state government set up to address diverse issues that might arise, would continue “to give opportunity to the public to resolve LUC issues by mediation instead of going to regular courts.

“In the year under review, the tribunal treated over 500 cases. 195 of those cases were resolved amicably and payments made immediately by the property owners, while the others which involved minor amendments to the bills were also resolved amicably,” he explained.

On the Lagos State Bond Issuance Programme, the commissioner explained that the state government had continued “to utilise the domestic capital markets to raise funds in line with its vision of using sustainable budgetary deficit arrangements to grow the state’s GDP.

“In line with our medium to long term finance strategy, the N500 billion bond programme was established in December 2016 with the N47 billion bond being its first tranche raised from the capital market.
“We are at an advanced stage in line with the 2017 appropriation law to approach the capital market for issuance of N100 billion bond in series 11 through book building subject to regular provisions.

“While the state government is pursuing the N500 billion bond programmes, it has continued to ensure a strong and healthy debt sustainability regime leading to improved local and international ratings for the state and its debt instruments. In February 2017, Fitch Ratings (an international ratings agency) affirmed the long-term national rating at “AA+” with a stable outlook.

more at http://www.akelicious.com/2017/04/lagos-generates-n436bn-in-2016-seeks.html

After been former capital for so many decades ...y not

Where did all the money go?

Lagos State Internally Generated revenue for 2014 was more than 31 States of the Federation combined!!!

source http://eoebevy.com/index.php?topic=2409.0#sthash.8AGOicb4.90xfmCzh.dpbs

Data Source: National Bureau of Statistics / Joint Tax Board / State Board off Internal Revenue

http://www.nigerianstat.gov.ng/report/325

http://voiceofnigeria.org.ng/23-states-in-nigeria-collect-n3-149trn-igr-in-2014-nbs/
Lagos State Internally Generated revenue for 2014 was more than 31 States of the Federation combined!!!

source http://eoebevy.com/index.php?topic=2409.0#sthash.8AGOicb4.90xfmCzh.dpbs

Data Source: National Bureau of Statistics / Joint Tax Board / State Board off Internal Revenue

http://www.nigerianstat.gov.ng/report/325

http://voiceofnigeria.org.ng/23-states-in-nigeria-collect-n3-149trn-igr-in-2014-nbs/

Lagos is still very poor but because we are black Africans with black brain we don't see Lagos as poor we rate Lagos as rich Lagos is just a one eyed man in the city of the blind. I just waiting on dangote refinery and lekki airport to come to like maybe my state would be ranked among world cities

tollyboy5:
Lagos is still very poor but because we are black Africans with black brain we don't see Lagos as poor we rate Lagos as rich Lagos is just a one eyed man in the city of the blind. I just waiting on dangote refinery and lekki airport to come to like maybe my state would be ranked among world cities

initially i tried to see where you was aiming at


but then i concluded all you said is

tollyboy5:
Lagos is still very poor but because we are black Africans with black brain we don't see Lagos as poor we rate Lagos as rich Lagos is just a one eyed man in the city of the blind. I just waiting on dangote refinery and lekki airport to come to like maybe my state would be ranked among world cities

Now that is someone who is enlightened
Just $1.5 billion with the responsibility of a country.

Greatigbos:
After been former capital for so many decades ...y not

.. But Calabar and Lokoja were once capitals too. Abuja has been the capital for almost thirty years. Why are they not as viable as Lagos?

In one instance, you will tell us that Lagos is developed because of its status as a former capital. In another instance you will us that Lagos is developed because of the bicycle spare part you ibos sell at alaba market

cool

Lagos can stand on its own....IPOB learn from Lagos b4 u stand on your own ooh...Well wish u d best Biafra nation. lol

With the amount lagos generates ehn we suppose dey compete with arab cities. but go to iyana ipaja, ikotun, ajegunle etc na slum, na only some places dem dey spend am on, mtcheew. no wonder saint Tinubu can afford private jet

Average nairalander doesn't visit here cos there is no booobs to see. Smh

Igbos come n tell us how far with d money...

Money dey Lagos!

mykelmeezy:




initially i tried to see where you was aiming at


but then i concluded all you said is

infact you deserve an award for this reply

Ok

tollyboy5:
Lagos is still very poor but because we are black Africans with black brain we don't see Lagos as poor we rate Lagos as rich Lagos is just a one eyed man in the city of the blind. I just waiting on dangote refinery and lekki airport to come to like maybe my state would be ranked among world cities

do you know the amount of money generated supersedes the GDP of over 20 African countries even some countries GDP combined no fit stand am

emeijeh:


I'm absolutely sure you have a neighbour callled Lagos, and he is the one you are talking about

But he is right. The IGR is not up to USD$1billion at the black market. Lagos State is supposed to generate atleast $5B internally if all the leaks are checked. Who ever said Lagos is poor is not against Lagos, he is right, Lagos can be more, if well-managed.

Dont look at every criticism with the lenses of we and them, Lagos is home for all those who can afford to own a peace of real estate here. It is not a tribal city, but a cosmopolitan state that belongs to none but to all, actually.

Good

hucienda:
Lagos can float as a country on its own without issue. Small land mass but has a very high population density.

I suppose her economy would be bigger than The Gambia, Eq. Guinea, Togo, Benin République, maybe Ghana.

Lagos is actually African 5th largest economy.

Haaaa, please ooo, are we well in this country? Are these sums really billions or typographical errors? How can a state be generating billions and yet nigeria as a nation is borrowing even lesser billions a so called state claimed to have generated... oyah Buhari, borrow 4rm lagos state ## because my understanding yaff low #

OsuIbo:
.. But Calabar and Lokoja were once capitals too. Abuja has been the capital for almost thirty years. Why are they not as viable as Lagos?

In one instance, you will tell us that Lagos is developed because of its status as a former capital. In another instance you will us that Lagos is developed because of the bicycle spare part you ibos sell at alaba market

What of u an afonja people that behaves like an abandoned touts on the streets of Lagos?

What Lagos got is a loan(BOND)

tollyboy5:
Lagos is still very poor but because we are black Africans with black brain we don't see Lagos as poor we rate Lagos as rich Lagos is just a one eyed man in the city of the blind. I just waiting on dangote refinery and lekki airport to come to like maybe my state would be ranked among world cities

Did I hear you say poor? You're out of touch with realities. I'd have agreed with you if you said Lagos was rich but the resources were not evenly distributed or utilised. Lagos is the 5th largest economy in Africa...a state competing with countries like south Africa, Kenya and egypt. Lagos isn't poor. It's her resources that are being cornered by a few political bigwigs . Federal government too, in the past through their selfish interests disallowed Lagos from being an autonomous state. There was a time the state wanted to generate it's own electricity, but the pdp-led govt killed it. She also wanted to build her intra-city light rail, a replica of what dubai has in place but buhari in the 80s killed this project for no reason, what he now approved as civilian president.

hucienda:
Lagos can float as a country on its own without issue. Small land mass but has a very high population density.

I suppose her economy would be bigger than The Gambia, Eq. Guinea, Togo, Benin République, maybe Ghana.

Sorry Bro. Lagos cannot 'float' as a country on its own. It's simply enjoying it's status as the major export and import (vehicles, crude oil and gas etc) centre of the 'entire' nation.

Almost everything passes through Lagos so it's bound to attract businesses and huge tax revenues (e.g oil companies) for the state government.

So if Lagos wants to become a country other regions would stop being lazy and develop their own ports.

Just making common sense.