Lagos State Government on Monday said it had achieved an average
monthly Internally Generated Revenue (IGR) of N34 billion in 2018.
monthly Internally Generated Revenue (IGR) of N34 billion in 2018.
The Commissioner for Finance, Mr Akinyemi Ashade, made this known in
Lagos, at ongoing Ministerial Briefing to mark the third anniversary of
Gov. Akinwunmi Ambode in office.
Lagos, at ongoing Ministerial Briefing to mark the third anniversary of
Gov. Akinwunmi Ambode in office.
Ashade said that the 2018 revenue generation performance was way
ahead of the monthly averages of the last three years, and attributed
the improvement to the impact of ongoing reforms and growth in the
state’s economy.
ahead of the monthly averages of the last three years, and attributed
the improvement to the impact of ongoing reforms and growth in the
state’s economy.
“Notably, we are recording gradual improvement in our average monthly
IGR in 2018 compared to the levels achieved in previous years due to
the impact of ongoing reforms and growth in the state’s economy.
IGR in 2018 compared to the levels achieved in previous years due to
the impact of ongoing reforms and growth in the state’s economy.
“Based on our first quarter results, Lagos State has so far achieved
an average monthly IGR of N34 billion in 2018 compared to monthly
averages of N22 billion, N24 billion and N30 billion in 2015, 2016 and
2017, respectively,” he said.
an average monthly IGR of N34 billion in 2018 compared to monthly
averages of N22 billion, N24 billion and N30 billion in 2015, 2016 and
2017, respectively,” he said.
The commissioner expressed optimism that the IGR would continue to
rise as the state continued to implement various reforms, driven by
wider technology adoption and innovation.
rise as the state continued to implement various reforms, driven by
wider technology adoption and innovation.
He added that the target to grow the state’s IGR to N50 billion next year was on course.
“The target we set for ourselves is N50 billion, but we all know the
kind of push backs we have experienced, including people going to court
and all that. Our commitment is not for now; it’s for the future of
Lagos.
kind of push backs we have experienced, including people going to court
and all that. Our commitment is not for now; it’s for the future of
Lagos.
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“We know it is a marathon, we would win some and we would lose some,
but we are very committed towards ensuring that we meet the target.
but we are very committed towards ensuring that we meet the target.
“But, if we do not meet it this year, definitely there will be
another year, but we believe we will succeed in that target we set for
ourselves,” Ashade said.
another year, but we believe we will succeed in that target we set for
ourselves,” Ashade said.
On Federal Transfers, he said since Lagos joined the league of
oil-producing states, it had received N327 million oil revenue,
comprising N197 million received in 2017 and N130 million in first
quarter of 2018.
oil-producing states, it had received N327 million oil revenue,
comprising N197 million received in 2017 and N130 million in first
quarter of 2018.
“Furthermore, we are in discussion with Federal Government toward
obtaining refund for expenditure totalling N51 billion incurred by the
state government on behalf of the Federal Government for infrastructure
projects development in the state.
obtaining refund for expenditure totalling N51 billion incurred by the
state government on behalf of the Federal Government for infrastructure
projects development in the state.
“We are optimistic of successful discussions that will result in the
approval and payment of the amount owed to the state by the Federal
Government,” he said.
approval and payment of the amount owed to the state by the Federal
Government,” he said.
Giving an update on the state’s debt profile, Ashade said that the
government’s debt stock, comprising 48 per cent local and 52 per cent
foreign, stood at N874.38 billion at the end of 2017.
government’s debt stock, comprising 48 per cent local and 52 per cent
foreign, stood at N874.38 billion at the end of 2017.
He said that the debt service charge to total revenue ratio which was
17.61 per cent, was still within the World Bank’s threshold of 30 per
cent.
17.61 per cent, was still within the World Bank’s threshold of 30 per
cent.
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The Commissioner said Lagos had continued to maintain positive credit
rating, adding however, that a downgrade of Nigeria’s sovereign rating
would lead to a corresponding action on Lagos’ international drawing
rights.
rating, adding however, that a downgrade of Nigeria’s sovereign rating
would lead to a corresponding action on Lagos’ international drawing
rights.
“As Nigeria continues to improve on its credit rating, we will be able to achieve better rating as we currently have.
“This is because no amount of revenue generation, no amount of
employment growth of Lagos State can make us surpass the sovereign
rating,” he said.
employment growth of Lagos State can make us surpass the sovereign
rating,” he said.
He, however, said that the state government had taken strategic steps
to help Nigeria improve on its ratings, including adhering to fiscal
discipline, improved revenue generation and tradition of inclusive
governance.
to help Nigeria improve on its ratings, including adhering to fiscal
discipline, improved revenue generation and tradition of inclusive
governance.
Ashade added that a wide range of response had been received, and
that extensive discussions led to several concessions on LUC for
property owners across board.
that extensive discussions led to several concessions on LUC for
property owners across board.
He said that a revised bill to further amend the LUC Law to
incorporate the additional concessions was presently before the House of
Assembly and would be passed soon.
incorporate the additional concessions was presently before the House of
Assembly and would be passed soon.
He said that the government, through the LUC Assessment Appeal
Tribunal, received 1,503 complaints, out of which 1,113 were
successfully resolved administratively and through mediation.
Tribunal, received 1,503 complaints, out of which 1,113 were
successfully resolved administratively and through mediation.
The commissioner also said that additional 263 property owners and
agents had their grievances resolved in the last two weeks and that more
were ongoing.
agents had their grievances resolved in the last two weeks and that more
were ongoing.
He urged residents to continue to support the government by
fulfilling their civic duties of paying their taxes and remitting all
taxes collected on behalf of the government as and when due.
fulfilling their civic duties of paying their taxes and remitting all
taxes collected on behalf of the government as and when due.
He assured that the present administration was committed to
maintaining financial accountability and transparency for the overall
development and prosperity of the state.
maintaining financial accountability and transparency for the overall
development and prosperity of the state.
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