Home News Lagos Generates Over N312B From IGR In 2016-Ashade

Lagos Generates Over N312B From IGR In 2016-Ashade

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The Lagos State government says it realised a total sum of N312.820 Billion as Internally Generated Revenue (IGR), in 2016 alone.

Lagos Commissioner for Finance , Akinyemi Ashade, made this declaration on Monday at the Ministerial Press Briefing commemorating the second year in office of Governor Akinwunmi Ambode in office.

According to Ashade, this represents a massive improvement compared to the total generated revenue of 2015.

“In relative terms, the revenue performance was N36.946 Billion more when compared with the year 2015. Total Internally Generated Revenue (IGR) for the year 2016 was N312.820 Billion which represents 75 per cent of the projection and 72 per cent of Total Revenue, compared with N247.946 Billion representing 80 per cent of the projection and 69 per cent of Total Revenue for year 2015.

“Lagos State Internal Revenue Service (LIRS) revenue for year 2016 was N247.022 Billion representing 80 per cent of the estimate, 79 per cent of total IGR and 57 per cent of Total Revenue when compared to N225.041 Billion which represented 81 per cent of the estimate, 79 per cent of IGR and 56 per cent of Total Revenue for the year 2015. Lagos State Internal Revenue Service (LIRS) was able to achieve this feat because of the strategic reforms introduced in the area of revenue collections.

According to the Commissioner, regarding debt service charge, the State was able to service her debt in 2016 to the tune of N17 billion. This, he said, represented three per cent of total revenue; adding that N57.5 billion of bonds were redeemed within the period under review.

The Commissioner said there had been an increase in the State’s tax net to five million; with an increase of 420,000 from the initial 4.6 million.
“In 2016, the existing strategic financial management framework of the State’s resources was steadfastly sustained and this resulted in steady improvement of the State’s revenue.
A total revenue of N436.328 Billion was realized in the year 2016 compared to N399.382 Billion in 2015,” he said.

He added that the State had been able to introduce some tax reforms, which were already yielding dividends. According to him, these reforms Include the Revision of Tax Form A, introduction of Electronic Submission of Annual Returns, activation of 1 per cent statutory incentive for voluntary compliance and self assessment in line with (Section 45 of Personal Income Tax Act), among other reforms.

Ashade reiterated that there are srong collaborations with the FIRS and other MDAs with an improved information exchange regime which enhanced the culture of Tax Compliance amongst the taxpaying public.

He said the Lagos State Government had acquired the former Elephant Cement House at Central Business District, Alausa, Ikeja. “The structure named Lagos Revenue House is to further consolidate on the “one stop shop” policy of this Administration, where all key revenue generating agencies operating outside of The Secretariat will operate from a common location.”

On the issue of Land Use Charge, he said property taxation is another source of Internally Generated Revenue for the Sate government.

Ashade stressed that during the period under review, more payment channels were introduced to cater for the large number of people that needed to pay Land Use Charge.

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