Lagos targets N73.8b monthly IGR to finance 2020 budget
Lagos State government has said that it is targeting about N73.86 billion monthly Internally-Generated Revenue (IGR) to finance its 2020 N1.169 trillion budget. The state’s Commissioner for Economic Planning and Budget, Mr. Sam Egube, flanked by other commissioners, including that of Information and Strategy, Mr. Gbenga Omotosho, who stated this while providing detailed analysis of the 2020 budget, said the state government’s projected IGR for 2020 is N886.041 billion.
According to him, the budget is made up of N711 billion for capital expenditure and N457.5 billion for recurrent expenditure, giving a 61:39 capital to recurrent expenditure ratio. He disclosed that the state government hopes to achieve the IGR target by expanding the tax net through the deployment of technology and other initiatives, which include massive investments in technology and other facilities to improve the efficiency in operations of all revenue generating agencies. He added that about N500 billion would be raised by Lagos State Internal Revenue Service (LIRS).
“We believe that there are huge revenue generating opportunities in the informal sector, including real estates and transportation for which Lagos State is known for,” he said.
According to the budget statistics, the education sector got the highest allocation of N136.100 billion, which is N70.407 billion higher than that of 2019 budget.He said the education budget provides for the construction and rehabilitation of 300 schools, provision of furniture and equipment for science laboratories.
The allocation for roads and infrastructure got the second highest allocation with a N117.248 billion allocation. The commissioner said the increase in allocation would address the zero-pothole strategy and create link roads within the metropolis to resolve traffic congestion and its attendant risks.
He added that N111.775 billion was provided for the continuous upgrading and renovation of health facilities as well as completion of ongoing healthcare infrastructure, including maternal and childcare centers.
“I want to assure you that this administration will leave no stone unturned in ensuring full implementation of this budget. I also use this opportunity to make a passionate appeal to all the citizens of Lagos State to fulfill their civic responsibilities by paying their taxes as and when due to ensure optimal performance of this budget,” he said.
Egube stated that the 2020 budget reflects the administration’s goals of enhancing development across all sectors of the economy, adding that the budget was the result of widely held consultations across the three senatorial districts in addition to taking memoranda and feedbacks from stakeholders hosted by lawmakers.The budget analysis revealed that N39.69 billion would be used for debt servicing in 2020.
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