The Lagos State Government has disclosed that the optimal perfromance of the state’s ₦1.164 trillion 2021 budget would be determine by residents and businesses tax returns, saying achieving full and effective implemention of the appropriation bill would prove herculean without Lagosians and enterprise owners cooperation.
It also hinted that the Governor Babajide Sanwo-Olu-led administration would be targeting N60.31 billion as its monthly Internally Generated Revenue (IGR) cap for 2021, and that the move had been considered to ensure the government optimally maximize its area of strength in developing the state.
The state’s Commissioner for Economic Planning and Budget, Sam Egube, said that though the state would be focusing on N60.13bn monthly cap, the government target was to meet N723.817 billion tax returns projected for 2021.
Speaking on Thursday during a press conference on detailed analysis of the 2021 budget in Alausa, Egube hinted that the significant percentage of the projected total IGR of N512bn was expected to be contributed by Lagos Internal Revenue Service (LIRS).
He explained that the N723.817 billion projected IGR for 2021 would be achieved by expanding the state’s tax net by simplifying the tax process, and improving Lagos transaction taxes through adopting the appropriate use of technology.
Others, the commissioner said, would include improving the work environment, training and tools of Lagos tax administration personnel, adding that such measures would improve operational efficiency of all revenue-generating agencies in the state.
“We believe that there are huge revenue-generating opportunities in the state, including real estates, transportation sectors and our markets generally etc. We will continue to use data and intelligence to unravel revenue opportunities and leakages,” Egube said.
Furthermore, he urged Lagosians to augment the Sanwo-Olu-led administration’s effort by ensuring prompt remmitance of taxes as at when due to achieve the desired Lagos of all and sundry in areas of developmental indicies.
Accoding to him, I want to assure you that this administration will leave no stone unturned in ensuring the full implementation of this budget.
“May I also use this opportunity to make a passionate appeal to all the residents of Lagos to fulfil their civic responsibilities, such as pay their taxes as and when due in order to ensure the optimal performance of this budget,” the commissioner added.