ADVERTISEMENT

LIRS targets N500bn contribution toward 2020 budget implementation

The Lagos State Internal Revenue Service (LIRS) is to generate N500 billion toward the implementation of the 2020 budget, the state Commissioner for Economic Planning and Budget, Mr Sam Egube, has said.

From Left, Commissioner for Finance, Mr Rabiu Olowo, Commissioner for Economic Planning and Budget, Mr Sam Egube; Commissioner for Information and Strategy, Mr Gbenga Omotoso and Chairman House Committee on Economic Planning and Budget, Lagos House of Assembly, Mr Gbolahan Yishau during a news conference on Appropriation Law Analysis  Budget of Awakening in Lagos on Tuesday (07/01/20). [NAN]

”A significant percentage of the projected Total Internally Generated Revenue (TIGR) of N500 billion is expected to be contributed by LIRS.

”We shall achieve this by expanding the tax net through the deployment of technology, amongst other initiatives, which include massive investments in technology and other facilities to improve the efficiency in operations of all revenue generating agencies.

”We believe that there are huge revenue generating opportunities in the informal sector, including real estates, transportation, markets, for which Lagos State is known for,” the commissioner said.

ADVERTISEMENT

Egube said that included in the Capital Receipt was a balance of N175 billion brought forward that comprised of proceeds from Year 2019 Loan and Bond issuance of N100 billion and N75 billion respectively.

He said the balance gave the administration a significant head-start in the implementation of major capital projects this year.

The commissioner said that the deficit of N97.53 billion was projected to be funded by a combination of internal and external loans.

He said that government had maintained a conservative posture in its projection for Federal Transfers/Receipts in view of the production challenges within the oil sector.

Egube said that the 2020 budget of N1.16 trillion was made up of N711.03 billion for Capital Expenditure and N457.52 billion for Recurrent Expenditure, giving a 61:39 Capital to Recurrent expenditure.

ADVERTISEMENT

Under recurrent expenditure, the Total Personnel Costs would account for N167.90 billion; the Total Overhead Costs N249.93 billion, while the Debt Charges would be N39.69 billion.

”The recurrent expenditure is moderated at a level of 39 per cent of the Total Expenditure, out of which the personnel cost is N167 billion, representing 14.4 per cent of the Total Expenditure, which is well within the fiscal sustainability ratio of 25 per cent.

”This budgetary provision for personnel cost takes into consideration, the new minimum wage.

”Capital expenditure accounts for 61 per cent of the total budget size. This is a demonstration of the administration’s commitment to massive infrastructure renewal and development toward actualising a ‘Greater Lagos’.

ADVERTISEMENT

”I want to assure you that this administration will leave no stone unturned in ensuring the full implementation of this budget.

”May I also use this opportunity to make a passionate appeal to all the citizens of Lagos to fulfil their civic responsibilities; such as pay their taxes as and when due in order to ensure the optimal performance of this budget,” the commissioner said.

The News Agency of Nigeria (NAN) reports that the Education sector has the highest allocation of N136.10 billion, which is N70.40 billion higher than year 2019 provision of N65.69 billion.

It was followed by Roads and Other infrastructure with a budgetary provision of N117.24 billion and Health sector with N111.77 billion.

Others are, Science and Technology N10.62 billion, Environment N66.58 billion, Tourism N7.48 billion, Sports Development N7.74 billion, Housing and Community Amenities N48.55 billion, Agriculture and Food Security N4.84 billion.

ADVERTISEMENT

Also, Commerce and Industry got N3.92 billion, Wealth Creation and Employment N8.40 billion, Women Affairs N2.92 billion, Youth and Social Development N3.71 billion and Security and Governance N39.26 billion.

NAN also reports that the year 2020 proposed Appropriation Bill, tagged: ”Budget of Awakening” was on Friday, Nov. 8, 2019, presented to the Lagos State House of Assembly by Gov. Babajide Sanwo-Olu for consideration and assent.

The bill was subsequently passed on Monday, Dec. 30, 2019 by the state House of Assembly and it was signed into law by Sanwo-Olu on Dec. 31, 2019.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Lagos lawmaker begins road construction in Yaba to ease residents' plights

Over 100 inmates in Kano seek mercy, review of death sentences

Over 100 inmates in Kano seek mercy, review of death sentences

FG shuts KFC outlet that 'humiliated' Gbenga Daniel's wheelchair-bound son

FG shuts KFC outlet that 'humiliated' Gbenga Daniel's wheelchair-bound son

Reps vow to retrieve sold Govt helicopters, summon aviation ministers

Reps vow to retrieve sold Govt helicopters, summon aviation ministers

Distress of abducted Kuriga school children led to successful rescue - DHQ

Distress of abducted Kuriga school children led to successful rescue - DHQ

Reps halt NASU's strike to resolve dispute between FG, universities

Reps halt NASU's strike to resolve dispute between FG, universities

Lagos VIS seizes 50 unroadworthy vehicles in enforcement operation

Lagos VIS seizes 50 unroadworthy vehicles in enforcement operation

Aiyedatiwa sends 12 commissioner nominees to Ondo Assembly for confirmation

Aiyedatiwa sends 12 commissioner nominees to Ondo Assembly for confirmation

Woman saves animal from the streets — then she finds out it is something else

Woman saves animal from the streets — then she finds out it is something else

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT