Lagos State’s Internally Generated Revenue (IGR) for 2021 might have suffered a N15 billion shortfall at the end of every month.
With the full figure not officially released, either by National Bureau of Statistics (NBS) or the state government.
However, The available statistics for quarter one cum half year and comments by Commissioner for Finance, Dr Rabiu Olowo, supports that the state had an average N15 billion monthly deficit in 2021.
In the approved 2021 budget, the state had projected generation of at least N60 billion monthly to facilitate the budget signed into law by Governor Babajide Sanwo-Olu. The state government, however, could only generate an estimate of N45 billion monthly.
Commissioner for Budget and Economic Planning, Mr. Sam Egube, while giving breakdown of the 2021 budget, after it was approved, revealed that the state targeted N723.8 billion IGR to finance the budget.
This implied that the state should generate an average of N60 billion monthly to meet the yearlong target.
Chief Executive Officer, Dignity Finance & Investment Limited and former Director General, Abuja Chamber of Commerce and Industry (ACCI), Dr. Chijioke Ekechukwu, stated that Lagos State is considered the state with the largest IGR in Nigeria.
But not meeting the target of N60 billion monthly in 2021 might mean the target was overambitious or there were collectibles outside the tax net of the Inland Revenue Service (IRS).
He said: “The state has to be more efficient in identifying high net worth individuals, who don’t have offices or known businesses, by tracking their funds through banks and fintech transactions
