Lagos State Q1 2016 Revenue Climbs N101.69billion

Ashade told newsmen at the ongoing Ministerial Press Briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja to commemorate Governor Akinwunmi Ambode’s first year in office, that the generated revenue was above that of last year which he put at N97.28billion in the first quarter, adding that in absolute terms, the revenue performance was N4.4billion more than the comparative period of last year.

According to a statement by the Chief Press Secretary to the Governor, Habib Aruna, the Commissioner said the feat was achieved despite the diminishing statutory allocation from the Federation Account, pointing out that it was due to Governor Ambode’s purposeful and visionary leadership.

He expressed optimism that with the implementation of multiple revenue collection channels and broadening of the revenue base, the government would achieve progress in its revenue drive.
Giving a detailed breakdown of the budget performance, the Commissioner said N76.06billion was the Internally Generated Revenue (IGR) of the state in the first quarter representing 72 per cent of the estimate for the quarter and 75 per cent of the total revenue, as against the N67.21billion generated in first quarter of last year representing 74 per cent of the estimate and 69 per cent of the total revenue in the corresponding period for last year.

He said the Lagos Internal Revenue Service (LIRS) revenue for the first quarter this year stood at N67.25billion representing 90 per cent estimate for the quarter; 88 per cent of the total IGR and 66.12 percent of the total revenue, compared to N60.58billion (87 per cent of the estimate for first quarter last year), representing 90 per cent of total IGR and 62 per cent of total revenue last year.

Ashade said: “This performance was N6.67billion more in absolute terms compared to corresponding period in 2015 and due largely to more participatory structural and systemic re-engineering.

“Over the course of the first quarter of 2016, federal transfers contributed N25.64billion (83 per cent of the estimate for the quarter) and accounted for 25.21 per cent of total revenue. Further breakdown showed that statutory allocations contributed N7.48billion while VAT (value added tax) contributed N18.16billion.”