Lagos Targets N289.7b IGR

Lagos State Government is targeting an Internally Generated Revenue, IGR, of N289.7 billion this year.

With this figure, the government plans to generate N24.1 billion IGR every month but the target is being threatened as the government has lost N3.9 billion in five days to the strike embarked upon by labour over the removal of fuel subsidy by the Federal Government.

Ministries, parastatals and agencies have been allocated the total sum to generate according to their capabilities.

According to the state government budget breakdown, the government is to get N57.66 billion as statutory allocation from the Federation Account, while Value Added Tax, VAT, will account for N52.496 billion.

However, the state government claimed it recorded 75 percent budget performance last year, saying it achieved this feat despite the economic hardship.

The 75 percent performance translates to N338.96 billion out of the N450.775 billion it budgeted for 2011.