The Lagos State Commissioner for Economic Planning and Budget, Sam Egube, said on Tuesday the State Internal Revenue Service (LIRS) would generate N500 billion towards the implementation of the 2020 budget.
Egube, who gave a Detailed Analysis of the Lagos 2020 Budget in Ikeja, said the budget of N1.16 trillion would be funded from a total revenue estimate of N1.07 trillion.
He said: “A significant percentage of the projected Total Internally Generated Revenue (TIGR) of N500 billion is expected to be contributed by LIRS.
“We shall achieve this by expanding the tax net through the deployment of technology, amongst other initiatives, which include massive investments in technology and other facilities to improve the efficiency in operations of all revenue-generating agencies.
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”We believe that there are huge revenue-generating opportunities in the informal sector, including real estates, transportation, markets, for which Lagos State is known for.”
Egube said included in the capital receipt was a balance of N175 billion brought forward that comprised of proceeds from 2019 Loan and Bond issuance of N100 billion and N75 billion respectively.
He said the balance gave the administration a significant head-start in the implementation of major capital projects this year.
The commissioner said the deficit of N97.53 billion was projected to be funded by a combination of internal and external loans.
He said the government had maintained a conservative posture in its projection for Federal transfers/receipts in view of the production challenges within the oil sector.
Egube said the 2020 budget of N1.16 trillion was made up of N711.03 billion for capital expenditure and N457.52 billion for recurrent expenditure, giving a 61:39 capital to recurrent expenditure.
Under recurrent expenditure, the total personnel costs would account for N167.90 billion; the total overhead costs N249.93 billion, while the debt charges would be N39.69 billion. (NAN)