Council boss reiterates commitment to increase IGR
Against the backdrop of the nation’s slumped economy, the authority of Lagos Island East Local Council Development Area (LCDA), Lagos, has disclosed its determination to look for other sources of income to boost its Internally Generated Revenue (IGR).
The Sole Administrator, Abiola Bashir Aare, who disclosed this during the council’s stakeholders forum themed, “Revenue Generation and Budget Preparation; Stakeholders’ Perspective,” said one of the areas is to embrace the Public Private Partnerships (PPP) initiate.
Are stated that though he cannot forecast the figure for the 2017 budget yet, he was sure the LCDA is planning pro actively and pragmatically manage what is available and possibly there could be surplus if the budget is well planned.
The council boss who revealed that the council would commence with electronic payment method for internal revenue come January 2017, noted it was a way to arrest the challenges that comes with cash payment and funds accumulation.
He cited that some local governments who receive about N60 million hitherto now get about N10 million, therefore the need to diversify.
The forum, stated was not only to appeal to stakeholders, but to as well get their input into the 2017 budget for priorities to be set right, since there are limited resources.
The Budget Officer, Sikiru Adewale, who disclosed that the council’s 2017 budget might be cut down, said plans are underway for the budget, however, there are indicators showing its short fall from the N1.8billion from 2016.
He said the council’s expectations from the federation’s account were not met and generation of internal revenue fell as well.
Adewale remarked that unlike in previous years when the LCDA made over a N100 million from IGR, N78 million have only been realised between January and October 2016.
This he regretted is not up to 20 per cent of the N500 million the state government expects to be generated by the council due to its capabilities.
“That is one of the reasons we called on the stakeholders to assist in raking in more funds, for our expectations from the Value Added Tax (VAT), from government was shortened,” he added.