Lagos generates N785 billion as revenue in 15 months
• Targets one million additional tax-payers yearly
• Partners BoI on provision of N20b for entrepreneurs
Lagos State government, yesterday, said that it generated N785 billion in 2020 and first quarter of 2021 as internally-generated revenue (IGR).
The state’s Commissioner for Finance, Dr. Rabiu Olowo, disclosed this at the yearly ministerial press briefing to commemorate the second anniversary of the Governor Babajide Sanwo-Olu-led administration.
According to the commissioner, N658 billion was generated in 2020 as IGR, while N127 billion was generated in the first quarter of 2021.
He said that the state had deployed technology to block loopholes, which, according to him, would help to grow the IGR and ensure that the revenue officers do not engage in fraudulent activities despite the negative impact of coronavirus on economic activities and revenue of government.
Olowo said: “The ministry of finance will sustain the momentum to improve the finances of Lagos State for the next two years, just as it hopes to embed and grow the LIRS e-tax portal to enhance integration of tax-payers’ database and revenue collection within 90 days.”
He said the ministry would work to arrange and optimally structure 100 per cent funding of the state budget deficit.
The finance commissioner added that the state would target a year-on-year minimum increase of 25-30 per cent of the IGR base through deepening of the tax net by mapping the informal sector clusters and bring in a minimum of one million additional tax-payers on a yearly basis.
IN a related vein, the state government said it had identified and captured about 1.6 million residents, who are poor and vulnerable.
The Commissioner for Economic Planning and Budget, Mr. Sam Egube, who also spoke at the event, stated that the state had been able to capture 10,064 poor and vulnerable households and 36,968 individuals in December 2019 and 403,976 poor as well as vulnerable households and 1,596,596 individuals as at February 2021.
Egube also said the state government had entered into a partnership with the Bank of Industry (BoI) to provide N20 billion to support entrepreneurs in the state.
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