Lagos Proposes N1trn Budget For 2018, Targets N50bn IGR

Lagos Proposes N1trn Budget For 2018, Targets N50bn IGR
Strong indication yesterday emerged that Lagos annual budget estimates will hit N1trillion or above by 2018 and beyond, even as the state government said that it planned to generate N50bn monthly by next year.

New Telegraph gathered that the Year 2017 budget tagged: “The Golden Jubilee Budget” of N812, 998billion has a difference of N150.41billion, representing a percentage increase of 18.50% when compared with the budget size of N662.588bn in 2016.

Total Revenue is estimated at N642.848billion with a deficit financing of N170.151billion.

To achieve the trillion Naira budget, the government said it would adopt strategies such as aggressive growth in IGR through taxes and non-tax revenue to N50billion per month by LIRS, full deployment of Oracle Business Solutions to eliminate Revenue leakages; sustainable fiscal balance with appropriate level of public sector borrowing and acceptable aggregate public debt; we shall foster a robust environment for increased private sector investments through Public Private Partnership (PPP) initiatives and other strategies for increased Foreign Direct Investment (FDI) as initiated by Office of Overseas Affairs & Investment (Lagos Global).

Briefing journalists on the score card of his ministry in 2016 in commemoration and celebration of the second anniversary of the administration of Mr. Akinwunmi Ambode, Commissioner for Economic Planning of Budget, Mr Akinyemi Ashade said that Lagos budget may surpass this year for many economic reasons.

According to him, the ministry was not only the economic think-tank for the State but served also as the principal socioeconomic research arm of the state government and it continued to support the administration by evolving clear planning parameters to achieve the agenda of the government as adopted in the Lagos State Development Plan (LSDP) 2012-2025.

He said: “We maintained a conservative approach in estimating our Federal Allocation due to falling oil prices that was about $41.98 per barrel at the time we finalized the budget; the state expects an increase in federal allocation through 13% derivation from Oil & Gas in 2017, however, the budget is being largely driven by Internally Generated Revenue (IGR) made up of taxes, rates, levies etc.