CDQ Reveals-A Prominent Artiste Manager Once Told Me I Won’t SucceedI Dumped PDP To Stabilize Nigeria – Godswill Akpabio“They Are Trying To Tarnish My Image”- Adams OshiomholeSpiritualist exposes man with human parts in Anambra7 Year Old Boy Writes A Letter Asking Kids To Boycott McDonald’s Happy Meal“Postpone Your Deaths Till Our Strike Is Over” – Mortuary Staff Union To GhanaiansEFCC Arrests 23 OOU Students, 12 Others For Internet fraudBus Explosion Leaves 42 Passengers DeadBREAKING: Kachikwu’s appointment absolves Buhari of blame as president/oil minister —CourtUk Prime Minister May, Faces Backslide Over Brexit Deal
Lagos IGR Hits N103.4bn In First Quarter Of 2018
Comments Off on Lagos IGR Hits N103.4bn In First Quarter Of 2018 | | April 24, 2018 7:40 PM

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 percent of the total revenue of N141billion generated in the quarter.

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 percent) was generated as Total Revenue against N124.141billion (77 percent) achieved in 2017, adding that this year’s first quarter performance was N17.816billion higher than the previous year’s performance in absolute terms.

ALSO READ:   Set Me Free-Kidnap Kingpin, Evans, Orders Court

He said out of the total revenue of N141billion the State internally generated N103.476billion representing 57 percent, 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 percent 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 in 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 percent) compared to a performance of N27.364billion out of which Statutory Allocation contributed N13.868billion and N24.4billion from the VAT for the same period in 2017.

ALSO READ:   Easter Celebration: Lagos State Begins Sale Of Lake Rice

“Under Capital Expenditure, Quarter 1 performance stood at N93billion (53 percent) as against N46.7billion (37 percent) 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 are 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.

ALSO READ:   Eid El Kabir: Ambode Urges Muslims To Imbibe Values Of Sacrifice, Love, Unity

“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.

NOTICE

Copyright 2018 E247Magazine. Permission to use quotations from this article is granted subject to appropriate credit being given to https://www.e247mag.com as the source.

Comments Off on Lagos IGR Hits N103.4bn In First Quarter Of 2018

 


Comments are closed.

ZENITH
Access Bank
Facebook Page Like
Twitter Tweets
Loading…
%d bloggers like this: