Report on Interest
under logo

JUST IN: Lagos Govt. sets N81bn as 2022 monthly IGR target

By Monsurudeen Olowoopejo

The Lagos State Government has set a target of at least N81 billion monthly as the Internally Generated Revenue (IGR) to fund its 2022 budget of ₦1.758 trillion, just as it said that the task is achievable across the state.

It said that N81 billion monthly would amount to N980.654 billion at end of the year for the state and that the funds generated remain the major source to fund the year’s budget.

The state government disclosed that there were huge revenue potentials across the state and that the government would be extending its revenue generation mechanism into the informal sector, an area that had not been tapped over the years.

According to the government, part of the strategy would be the expansion of its tax net through the deployment of technology and economic intelligence that could help increase payment across Lagos.

As gathered, the target for year 2022 was over N20 billion higher than the target for previous which the state could not meet but increased its monthly revenue to over N40 billion month;y

The Commissioner for Economic Planning and Budget, Sam Egube, who announced the government target for the year on Friday during a press briefing at the Secretariat, Ikeja, added that the government would be embarking on data gathering and analysis amongst other initiatives.

Egube hinted that 73.5 percent (N599,04 billion) of the projected IGR was expected to be generated and contributed by Lagos Internal Revenue Service (LIRS), while about N156.65 billion (19.2 percent) was expected to be generated by other Ministries, Department and Agencies (MDAs) of government.

“We shall achieve this by expanding the tax net with the deployment of technology, economic intelligence, through data gathering and analysis amongst other initiatives.

“We believe that there are huge revenue-generating opportunities in the informal sector, including real estates, transportation, and trade”, the commissioner added.

Leave A Reply

Your email address will not be published.

%d bloggers like this: