By Olasunkanmi Akoni
lagos—Inspite of the economic recession in the country, Lagos State Government, yesterday, said N312.820 billion was realized in 2016 from Internally Generated Revenue, IGR, a N64, 874 billion increase above 2015 income.
This came as the state government said that plans have been concluded to invest $500 million (N200 billion), for the completion of the Ilubirin Housing Scheme on Lagos Island.
Commissioner for Finance, Mr. Akinyemi Ashade and his Housing counterpart, Mr. Gbolahan Lawal disclosed these yesterday, separately during the ongoing 2017 ministerial press briefings on their activities in the last two years.
A breakdown of the total IGR by the state revealed that N26 billion was generated monthly on the average by the government within the year under review.
Ashade disclosed that 420, 000 additional adults were captured into the state tax net, increasing the number of tax payers to five million and that N3.99 billion was already generated from Land Use Charge, LUC, in the first quarter of 2017.
According to him, “Total IGR for the year 2016 was N312.820 billion which represents 75 percent of the projection and 72 percent of total revenue, compared with N247.946 billion representing 80 percent of the projection and 69 percent of total revenue for year 2015.
“N436 billion represents total revenue for the state in 2016 as against N399 billion realized in 2015.”
Explaining part of the revenue source for the State, Ashade stated: “N7.156 billion was realized from LUC as against N6. 244 billion generated in 2015.”
He noted that public awareness campaigns embarked upon by the government contributed to the increase in revenue generation last year.
Lawal said that the $500 million (N200 billion) would be spread across five years to actualize the set goal for the housing scheme.
According to the commissioner, the aim of government was to scale the project, which was commenced by the previous administration, and make it a live, play and work environment.