The Lagos State government is targeting N73.836 billion monthly Internally Generated Revenue (IGR) as part of funding for the 2020 Appropriation of its N1.168 trillion, tagged ‘Budget of Awakening’.
The Commissioner for Economic Planning and Budget, Samuel Egube, who stated this at a briefing, said the state is projecting N886 billion from IGR, comprising N500 billion from the Lagos Internal Revenue Service (LIRS), N232 billion from Capital Receipts and N184 billion from Federal Government’ transfers.
Egube also said Lagos State would pay N35,000 minimum wage, as against the national limit of N30,000, saying this was a sign that the government will always prioritise the interest of its workforce.
He said the total revenue estimate amounting to N1.071trillion, and the deficit of N97.53billion would be financed by a combination of external and internal loans within the state’s fiscal sustainability benchmark, assuring that the state was still below its borrowing benchmark. He said the government hopes to achieve the IGR target through the expansion of the tax net and the deployment of technology and other initiatives. “We believe that there are huge revenue generating opportunities in the informal sector, including real estates and transportation for which Lagos State is known for,” he said.