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Lagos projects N971bn revenue to fund N1.1tr budget

The Lagos State Government has said it targets to generate N971.028 billion revenue for funding the recently signed 2021 budget. Governor Babajide Olusola Sanwo-Olu recently…

The Lagos State Government has said it targets to generate N971.028 billion revenue for funding the recently signed 2021 budget.

Governor Babajide Olusola Sanwo-Olu recently signed ₦1.164 trillion for the 2021 budget.

The Commissioner for Economic Planning and Budget, Mr. Sam Egube, in a briefing said, the deficit of ₦192.494bn is projected to be funded by a combination of internal and external loans.

The breakdown of the expected revenue shows Total Internally Generated Revenue (TIGR) of ₦723.8bn, Capital Receipts of ₦71.8bn and Federal Transfer of ₦175.4bn.

With the projection of N723.817bn TIGR for 2021, the state is expected to generate N60.318bn on a monthly basis.

Egube explained that a significant percentage of the projected TIGR, N512bn, is expected to be contributed by the Lagos State Internal Revenue Service (LIRS).

“This will improve the efficiency in operations of all revenue-generating agencies. We believe that there are huge revenue-generating opportunities in the state, including real estate, transportation sectors and our markets generally etc.

“We will continue to use data and intelligence to unravel revenue opportunities and leakages. We have continued to maintain a relatively conservative posture in our projection for Federal Transfers/Receipts compared to our annual run rate in 2020 in view of the production challenges within the Oil Sector by keeping our expectation at N175bn.”

Egube further said a provision of N150.7bn is made for the maintenance of roads and other infrastructures within the state, out of which N15bn is earmarked for the ‘Rebuild Lagos Project/Trust Fund and N8.842bn for development of infrastructure along the coastline to curb the ocean surge and protect lives and properties among other projects.

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