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The Lagos State Government says it generated N101.69bn as revenue in the first quarter of 2016.
It stated that the sum was a surplus of N4.85bn over the N97.28bn it made during the same period in 2015, adding that the government had earlier expected a deficit of N29.92bn in the first quarter.
The Commissioner for Economic Planning and Budget, Akinyemi Ashade, stated this at a ministerial press briefing in Alausa, Ikeja, adding that with the implementation of multiple revenue collection channels and broadening of the revenue base, the government would achieve more progress in its revenue drive.
Giving a breakdown of the budget performance, the commissioner said N76.06bn was the Internally Generated Revenue of the state in the first quarter representing 72 per cent of the estimate for the quarter and 75 per cent of the total revenue, as against the N67.21bn generated in the first quarter of 2015, representing 74 per cent of the estimate and 69 per cent of the total revenue in the corresponding period for last year.
He said the Lagos Internal Revenue Service revenue for the first quarter of 2016 stood at N67.25bn representing 90 per cent estimate for the quarter and 88 per cent of the total IGR and 66.12 per cent of the total revenue.
“In the first quarter of 2016, federal transfers contributed N25.64bn or 83 per cent of the estimate for the quarter and accounted for 25.21 per cent of the total revenue. Further breakdown showed that statutory allocations contributed N7.48bn while Value Added Tax contributed N18.16bn,” Ashade added.
The commissioner explained that the government expended N48.88bn on capital projects in three months, which represented a 51 per cent performance.
He added that as of the end of the first quarter of 2016, the ratio of capital expenditure to recurrent expenditure closed at 50:50.
Ashade said the government had partnered the Japanese International Cooperation Agency to invest in a monorail project that would link Marina to Oniru on Victoria Island and Ikoyi, and would subsequently connect to the Lekki Rail Line project.
The commissioner said the government, in partnership with the Agence Francaise De Development, would soon embark on the upgrade of slums in Amukoko in the Ajeromi/Ifelodun Local Government Area and Ilaje-Bariga, in the Bariga Local Council Development Area of the state, as well as the provision of a modern waste disposal facility in Epe.