The Lagos state Government yesterday said its Internally Generated Revenue (IGR) for the first quarter of 2018 stood at N103.476 billion, as against N96.7 billion recorded in the previous year, accounting for 81 per cent of the total revenue of N141billion generated in the quarter.
Commissioner for Economic Planning and Budget, Mr. Segun Banjo who disclosed this during the annual ministerial press briefing in Alausa to mark the third year in office of Governor Akinwunmi Ambode, said the records from the implementation of the 2018 budget of N1.046 trillion showed it was heading in the right direction.
Giving a breakdown of the figures, Mr. Banjo said the budget performance for the first quarter has a pro-rata size of N261.530billion and in absolute term, it had performed N163.491bn, compared with N120.206billion reported for the same period in Y2017. In terms of revenue generation, Banjo said that the sum of N141billion (63 per cent) was generated as Total Revenue against N124.141billion (77 per cent) achieved in 2017, adding that this year’s first quarter performance was N17.816billion higher than the previous year’s performance in absolute terms. He said out of the total revenue of N141billion the State internally generated N103.476billion representing 57 per cent, as against N96.7billion in the previous year, thereby accounting for 73 percent of the total revenue for the current fiscal year. The Commissioner explained further that the Lagos Internal Revenue Service (LIRS) generated N84.1bilion in the first quarter, which accounted for 81 per cent of the total revenue generated, a feat, he attributed to proper planning and research by the government.
“What we have said now is that in the first quarter which we just concluded of 2018, LIRS generated a total of N84 billion compared to the N74billion that was generated in 2017. Due to the research and the planning done, LIRS has been able to improve their performance and we are very glad about it,” he said. Banjo however noted that the N84billion generated by LIRS was excluding revenue from Land Use Charge (LUC), noting that it was from the strict application of taxes from Pay As You Earn (PAYE), withholding taxes, direct assessment and other taxes.
