Lagos Targets N50bn Monthly IGR, N1tn Budget In 2018
The Lagos State Government says it has set a target of increasing the Internally Generated Revenue of the state to N30bn monthly by 2017, adding that by 2018, the IGR will increase to N50bn.
The government explained that the target would enable the state to massively reduce dependence on federal allocation, adding that by 2018, it planned to have a yearly budget size of N1tn.
The target was part of the outcome of a four-day retreat for members of the State Executive Council, body of permanent secretaries and heads of government agencies held in Badagry with the theme, ‘Reflect, Reappraise, Restrategise: Raising the Bar of Governance’.The state government said it had resolved to scale up and run an efficient revenue collection machinery through the convergence of ministries, departments and agencies, operations and utilisation of technology.
In a communiqué issued at the end of the retreat and jointly read by the state’s Commissioner for Information and Strategy, Mr. Steve Ayorinde; the Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade; and the Permanent Secretary in the Ministry of Information, Mr. Fola Adeyemi, the government said participants intensively deliberated on the six pillars of the Lagos State Development Plan, which were infrastructural development, sustainable environment, finance, economic development, social development and security and governance.
Ashade said though the IGR target was ambitious, appropriate measures were being adopted to achieve the plan.
Ayorinde stated that participants reaffirmed the vision of the Ambode-led administration to make life better and more meaningful for the people, as well as recognise the role of government as the enabler and therefore resolved to create an enabling environment for everybody and businesses.
He said, “Aside the fact that participants agreed to achieve 100 per cent budget performance with a 58 per cent to 42 per cent ratio for capital and recurrent expenditure, it was also resolved that efforts should be doubled at reducing cost and blocking leakages.
“Participants also pledged to ensure timely preparation of the Y2017 Budget and its passage into law by the end of October, 2016. This will facilitate implementation of the budget from January 1, 2017.”