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 particular Lagos 2020 Budget in Ikeja, stated the budget of N1. 16 trillion might be funded from the total revenue estimate associated with N1. 07 trillion.
He said: “A significant percentage of the projected Total Internally Generated Revenue (TIGR) regarding N500 billion is expected to be contributed by LIRS.
“We shall achieve this by expanding the tax net through the deployment involving technology, amongst other initiatives, which include massive investments in technology and other facilities to improve typically the efficiency within operations of all revenue-generating agencies.
”We believe that there are huge revenue-generating opportunities inside the informal sector, including real estates, transportation, markets, for which Lagos State is known for. ”
Egube said included in this capital receipt was a balance of N175 billion brought forward that comprised of proceeds from 2019 Loan plus Bond issuance of N100 billion in addition to N75 billion dollars respectively.
This individual said the balance gave often the administration a significant head-start in the implementation connected with major capital projects this year.
The commissioner said your deficit with N97. 53 billion was projected to be funded by a combination for internal and external loans.
He mentioned the government had maintained a new conservative posture in its projection for Federal transfers/receipts throughout view about the production challenges within the oil sector.
Egube said the exact 2020 spending budget of N1. 16 trillion was made up of N711. 03 million for funds expenditure and even N457. 52 billion with regard to recurrent expenditure, giving some sort of 61: 39 capital in order to recurrent costs.
Under recurrent expenditure, the very total personnel costs would certainly account regarding N167. 90 billion; a total overhead costs N249. 93 billion, while the debt charges would become N39. 69 billion. (NAN)