Lagos State Government said yesterday that it has recorded an unprecedented revenue increase from a monthly average of N18.9 billion in 2008 to N29.0 billion in 2012
Commissioner for Finance, Mr. Adetokunbo Abiru, who made the revelation today in Lagos, attributed the increment to an average yearly growth of 10.7 percent over a period of five years, adding that Internally Generated Revenue (IGR) accounted for over 65 per cent of total revenue accruing to the state.
Abiru said the state has continued to rely more on IGR rather than revenue receipts from the Federal Government. He noted that while efforts will be made to raise the IGR of the state , government will also ensure that funds generated through taxes and other sources are judiciously used in providing developmental programmes for residents of Lagos, adding “the budgeting process of maintaining a funding preference for capital expenditure more than overhead expenditure already adopted by this administration will be sustained in the 2013 budget”, he said.
He said that government will not only intensity efforts to complete all ongoing projects in the state but will also accelerate economic growth and funding of physical and qualitative capital projects.He implored members of the public to be alive to their civic responsibilities by making sure that they pay their taxes as and when due.