Lagos records N141.96bn revenue in Q1 2018

Mr Olusegun Banjo, Lagos State Commissioner for Economic Planning and Budget, on Tuesday said the state recorded a revenue of N141.96 billion in the first quarter of 2018.

Banjo said this at the ongoing ministerial briefing to mark Gov. Akinwunmi Ambode’s third year in office at Alausa, Lagos.

Banjo said the figure represented an increase of 63 percent against the N124.14 billion achieved in the corresponding period of 2017.

According to him, the budget also recorded an increase of N17.82 billion over the 2017 figure.

Banjo said the state recorded N103.48 billion in absolute Terms and Internally Generated Revenue (TIGR) in 2018, representing an increase of 73 percent over N96.78 recorded in 2017.

Banjo noted that the Lagos Internal Revenue Service (LIRS) generated N84.19 billion in the first quarter of 2018, which accounted for 81 percent of TIRG and 59 percent in total revenue compared to N74.55 billion in 2017.

According to him, the figure translated to 77 percent of TIGR and 60 percent of total revenue while it recorded N9.65 billion in absolute terms during the first quarter of 2018.

Under Capital expenditure, Banjo said the state’s performance in the first quarter stood at N93.01 billion in 2018 as against N46.72 billion recorded in same period in 2017.

Banjo said that at the end of the first quarter of 2018, the capital to recurrent ratio closed at 57 to 43 as against 39 to 61 recorded in the corresponding period of 2017.

Similarly, under the recurrent expenditure, the commissioner said the state recorded personnel costs performance of N24.69 billion higher than N23.96 billion during the same period in 2017 which represented an increase of 88 percent.

The commissioner said the total overhead cost stood at N39.57 billion in the first quarter of 2018 as the N43.92 billion recorded in same period in 2017.

According to him, this is a pointer that all efforts geared toward tighter control of overheads are beginning to yield results, even though more needs to be done in this area.

On project monitoring and evaluation, the commissioner said the ministry would not relent in its efforts to monitor and evaluate government programmes as well as carry out performance management report across the state.