Lagos targets N73.8bn monthly IGR in 2020
Lagos State government Tuesday revealed that it targets about 73.86 bn monthly Internally Generated Revenue (IGR) to finance the state’s 2020 N1.169trn budget.
The Commissioner for Economic Planning and Budget, Sam Egube, providing detailed analysis of 2020 budget, said the state government projected IGR for 2020 is N886.041bn.
He disclosed that the state government hopes to achieve the IGR target through expanding the tax net through the deployment of technology and other initiatives, which includes massive investments in technology and other facilities to improve the efficiency in operations of all revenue-generating agencies.
He added that about N500bn would be raised by Lagos State Internal Revenue Service (LIRS).
“We believe that there are huge revenue-generating opportunities in the informal sector, including real estates, transportation for which Lagos State is known for,” Egube said.
According to the budget statistics, the education sector got the highest allocation of N136.100 bn, which is N70.407bn higher than that of the 2019 budget.
He said the education budget will provide for the construction and rehabilitation of 300 schools, provision of furniture and equipment for science laboratories.
The allocation for road and infrastructure got the second-highest allocation of N117.248bn.
The commissioner said the increase in allocation is aimed at addressing the zero-pothole strategy, create link roads within the metropolis to solve challenges of traffic congestion.
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