Fidelity bank card banner Camano banner
Lagos records revenue increase in first quarter

By News Express on 25/04/2018

Views: 778

•Governor Akinwunmi Ambode
•Governor Akinwunmi Ambode

The Lagos State Government has recorded success in its revenue generation for the first quarter.

The Internally Generated Revenue for the first quarter of Y2018 stood at N103.476billion, as against N96.7billion recorded in the previous year, thereby accounting for 81 percent of the total revenue of N141billion generated in the quarter.

Commissioner for Economic Planning and Budget, Mr Segun Banjo disclosed this during the annual Ministerial Press Briefing to mark the third year in office of Governor Ambode’s administration.

Giving a breakdown of the figures, the Commissioner said the budget performance for the first quarter has a pro-rata size of N261.530billion and in absolute term, it had performed N163.491bn, compared with N120.206billion reported for the same period in Y2017.

Mr Banjo said that the sum of N141billion (63 percent) was generated as Total Revenue against N124.141billion (77 percent) achieved in 2017, adding that this year’s first quarter performance was N17.816billion higher than the previous year’s performance in absolute terms.

He said out of the total revenue of N141billion the State internally generated N103.476billion representing 57 percent, as against N96.7billion in the previous year, thereby accounting for 73 percent of the total revenue for the current fiscal year.

The Commissioner explained further that the Lagos Internal Revenue Service (LIRS) generated N84.1bilion in the first quarter, which accounted for 81 percent of the total revenue generated, a feat, he attributed to proper planning and research by the government.

“What we have said now is that in the first quarter which we just concluded of 2018, LIRS generated a total of N84 billion compared to the N74billion that was generated in 2017. Due to the research and the planning done, LIRS has been able to improve their performance and we are very glad about it,” he said.

Mr Banjo, however, noted that the N84billion generated by LIRS was excluding revenue from Land Use Charge (LUC), noting that it was from the strict application of taxes from Pay As You Earn (PAYE), withholding taxes, direct assessment and other taxes.

He said that Federal transfers for the first quarter Y2018 contributed N38.481billion (87 percent) compared to a performance of N27.364billion out of which Statutory Allocation contributed N13.868billion and N24.4billion from the VAT for the same period in 2017.

“Under Capital Expenditure, Quarter 1 performance stood at N93billion (53 percent) as against N46.7billion (37 percent) as at the same period in Y2017. As at the end of Q1 2018, the Capital: Recurrent ratio closed at 57:43 as against 39:61 recorded same time in Y2017.

“This is a pointer to the fact that all efforts geared towards tighter control of overhead are beginning to yield fruits even though more needs to be done in this area,” he said.

He said the State Government would do everything within its powers to sustain the budget performance in the second quarter, adding that the ultimate goal was to meet the target of a Capital: Recurrent expenditure ratio of 67:33 throughout the year.

Responding to questions on the reduction in the rates payable by property owners under the Lagos State Land Use Charge Law, vis a vis the 2018 budget and its effects on the plans by the government to deliver all ongoing projects in the State, the Commissioner allayed fears, adding that the present administration had already fashioned out strategies to ensure prompt delivery of critical projects this year.

“Definitely we have made a projection but because this is a very responsive government, we have decided to give rebates and when you give rebates, automatically the revenue will go down, the expectation might not be there in terms of what we intended in the first instance. But we can assure you that whatever we lose from the rebate we would get it somewhere else because we would continue to up our game,” Banjo said. (Channelstv Report)

Source News Express

Posted 25/04/2018 04:03:30 AM

 

 

CLASSIFIED ADS

 

You may also like...
Update on Lagos plane crash: Official death toll...

Agbaje pleads for release of journalist's abducted wife...

Atiku’s wife showers gifts on orphans

Young Professionals hail Bukola Saraki at 55, say...

Omisore’s gov ambition not known to Osun SDP...

Saraki’s appeal stalled

Governor el-Rufai has done tremendously well — Prof....

Collapsed church building: Akwa Ibom Governor declares 2...

Retired police chief accuses Senator Shehu Sani of...

Bitcoin hits fresh all-time high of $6,000

Bishop Kukah writes Buhari, says Nigeria collapsing under...

South Africa set to quit International Criminal Court...

 

Latest News Bayelsa PDP stalwart drags party to court over N85m unpaid rent Governor Okowa’s 4 years a blessing to Deltans — Aide Five Unizik law students bag scholarships Elumelu dismisses allegations of sexual harassment, attempted wife snatching Pastor demands justice over killing of son allegedly ordered by Abuja socialite How to make visa applications successful — Envoy Killings: Military chiefs storm Katsina on Buhari’s order 14.4m Nigerians take hard drugs — UN Okorocha laments as EFCC freezes Imo Government accounts REVEALED: How Yahya Jammeh ordered illegal execution of nine Nigerians in Gambia — Falana FG seeks help of Nigeria Shippers Council, Nigeria Ports Authority to tackle Apapa gridlock Outrage over parade of children for adoption in shopping centre

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (481,985 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (420,146 views) Shameless Genevieve Nnaji exposes breasts in public (358,699 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (307,111 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (270,972 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (241,628 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (229,674 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (211,459 views) 10 cars more expensive than Jets (203,640 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (200,810 views) Lagos plane crash: Journalist releases victims’ names (181,588 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (181,568 views)

 

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (91) Business & Economy (4,277) Business Verdict (71) Columnists (1,035) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (615) Features (754) Global Business Monitor (366) ICT Monitor (44) International (3,479) Interview (179) Live Commentary (29) Love Matters (161) Maggie's Blog (276) News (46,506) Opinion (1,243) Pidgin (17) Politics (10,817) Religion (1,008) Sports (2,012) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera