The Lagos state government has disclosed its plan that it is targetting an N60.318 billion Internally Generated Revenue (IGR) monthly for the 2021 fiscal year.
This was disclosed by the Commissioner for Economic Planning and Budget, Sam Egube during a media briefing on the analysis of the 2021 budget at Alausa, Ikeja.
The commissioner explained that the monthly Internally Generated Revenue targets were necessary to fund the 2021 budget of the state.
Egube said: “The total budget size is N1.164 trillion and will be funded from a total revenue estimate of N971.028 billion, comprising Total Internally Generated Revenue (TIGR) of N723. 817 billion, capital Receipts of N71.811 billion and Federal Transfer of N175.400 billion.
“We shall achieve this by expanding the tax net, simplifying the tax process, improving our transaction taxes and the appropriate use of technology in addition to improving the work environment, training and tools of our tax administration personnel. This will improve the efficiency in operations of all revenue-generating agencies.
“We believe that there are huge revenue-generating opportunities in the state: including real estates, transportation sectors and our markets generally, among others. We will continue to use data and intelligence to unravel revenue opportunities and leakages.”
Egube, however, called on all residents of Lagos State to be persistent in fulfilling their civic responsibilities such as paying their taxes as and when due, in order to ensure the optimal performance of the budget.