The Lagos State government says it is projecting a monthly internally generated revenue (IGR) of N77.067 billion for the 2023 fiscal year.
Sam Egube, the commissioner for economic planning and budget, who disclosed this at the breakdown of the state’s 2023 budget of N1.768 trillion, on Tuesday, said the government was hoping to net about N924.805bn from IGR alone by December this year.
Governor Babajide Sanwo-Olu recently signed the budget into law targeting the delivery of ongoing infrastructure projects in the state. The budget comprises N1.020trn capital expenditure and N748.097bn recurrent expenditure, inclusive of debt charges.
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According to Egube, total revenue is estimated at N1.418trn, while deficit-funding requirement is N350.411bn, which stands at 25 percent of total revenue implying that the budget is dependent on internally generated revenue.
He said the government was investing N67.1bn of the budget in social housing, and N45.1bn in agriculture and food security “The N86bn investment in the public order and safety sector shows the state’s continuous commitment to ensuring that Lagos is safe for living. It is important to note that N12bn has been earmarked for the provision of rescue and emergency operation equipment. Also, provision has been made for surveillance and body cameras for security monitoring,” he said.
According to him, the budget will invest in strengthening intelligence gathering/capacity building capabilities together with improving the ease of doing business through the Smart-City project, the Lagos new Data Centre project, Eko Excel project, E-GIS and the Oracle upgrade project.
He said the Lagos State Internal Revenue Service (LIRS) was expected to contribute 65 percent (N682,906bn) of the projected revenue while about 23 percent (N241.899bn) is expected to be generated by other MDAs of government.
“We shall achieve this by deepening the revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering, collaboration and analytical tools amongst other initiatives,” Egube added.
