By Adedapo Adesanya
The Lagos State Government has set a target of N723.8 billion in Internally Generated Revenue (IGR) to finance the 2021 budget.
From the amount, the Lagos State Inland Revenue Service (LIRS) is expected to contribute a significant percentage, N512 billion so as to fund the N1.16 trillion budget for the year.
Speaking at the budget breakdown on Thursday, the Commissioner for Budget and Economic Planning, Mr Sam Egube, stated that, “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. We will continue to use data and intelligence to unravel revenue opportunities and leakages,” Mr Egube stated.
He also said the state’s ministry of works was allotted the lion share of the budget with N244.8 billion, followed by the ministries of Education and Health which got N146.9 billion and N105.9 billion respectively.
The Commissioner said budgetary provision of N150.8 billion 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: N15 billion for the rebuild Lagos project/trust fund, N11 billion for the reconstruction of the Lekki-Epe expressway from Eleko junction to Epe T-junction (Phase One), N8.75 billion for Lekki Regional Roads, N19.5 billion under Project Stabilization Fund to intervene on various projects,” Mr Egube said.
Governor Babajide Sanwo-Olu had on December 28, 2020, signed the bill named Budget of Rekindled Hope into law.
The Governor said the economic havoc caused by the COVID-19 pandemic and destruction wreaked in the wake of the hijacked EndSARS protests drew Lagos’ development back in no small measures.
In his words, “With the passage of the 2021 Appropriation Bill, and the signing of the document into law today, our will to rebuild Lagos, advance the State’s economic growth, and expand opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus, has now been reinforced.
“As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID-19 pandemic and the #EndSARS protests, which were recklessly hijacked by those who destroyed some of our public assets and private businesses. We are fortunate to be going into the New Year with an already passed budget, which will help to expedite our recovery process.”
