Home NEWS Lagos Plans To Internally Generate N60 Billion Monthly To Fund 2021 Budget

Lagos Plans To Internally Generate N60 Billion Monthly To Fund 2021 Budget

The Lagos State Government has planned to internally generate N60 billion monthly, to fund its N1.16 trillion 2021 budget.

The Commissioner for Budget and Economic Planning, Sam Egube, who provided the breakdown of the state 2021 budget yesterday, January 7, said that the state is targeting N723. 817 billion IGR to finance the budget with the Lagos State Internal Revenue Service (LIRS) generating N512 billion.

“A significant percentage of the projected Total Internally Generated Revenue (TIGR) of N512 billion is expected to be contributed by LIRS.

“We shall achieve this by expanding the tax net by simplifying the tax process, improving our transaction taxes and the appropriate use of technology in addition to improving the work environment, training and tools of our tax administration personnel.

“This will improve the efficiency in operations of all revenue generating agencies. We believe that there are huge revenue generating opportunities in the state, including real estates, transportation sectors and our markets generally etc. We will continue to use data and intelligence to unravel revenue opportunities and leakages.”

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Egube said that the Ministry of Works has the largest share of the budget with N244. 8bn allocation. Ministries of Education and Health which got N146. 9bn and N105. 9bn respectively got the second and third largest share of the 2021 budget.

In the breakdown, the commissioner said budgetary provision of N150.753bn was provided for the maintenance of roads and other infrastructures within the State.

“This increase shall address the zero-pothole strategy, create link-roads within the metropolis to resolve traffic congestion and its attendant risks. The provision will cater for the under listed among others: N15bn for The Rebuild Lagos project/trust fund, N11bn for Reconstruction of lekki-epe expressway from Eleko junction to Epe T-junction (phase one), N8.750bn for Lekki Regional Roads, N19.500bn under Project Stabilization Fund to intervene on various projects.”

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