Government records N101.69bn revenue in first quarter of 2016

Lagos State generated N101.69bn as revenue in the first quarter of 2016, the state Government said on Monday, May 9, 2016.

According to the Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, the figure is N4.4bn higher than the N97.28 billion it recorded in the same period of 2015.

In statement by Mr. Habib Aruna, the Chief Press Secretary to Governor Akinwunmi Ambode, Ashade made the disclosure at the ongoing ministerial press briefing to mark the current administration’s first year in office.

The Commissioner explained that with the implementation of multiple revenue collection channels and broadening of the revenue base, the state government would achieve tremendous progress in its revenue drive.

“Over the course of the first quarter of 2016, Federal transfers contributed N25.64bn (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 N7.48bn while VAT contributed N18.16bn,” Ashade said.

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He said the government expended N48.88 billion on capital projects in the period under review, which is 51 per cent more than the N15.08 billion of the first quarter of 2015.

An optimistic Ashade stated that capital expenditure performance would improve in the second quarter of 2016 based on the projections and expectations of revenue inflows.