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Monday 24 April 2017

See the Staggering Amount Lagos State Generated as Its Internal Revenue

Lagos state
The Lagos state government has made significant improvement as it has revealed details of its internally generated funds amounting to billions of naira. The Lagos State Government generated N436.3bn internal revenue in 2016 from the N399.4bn realised in 2015. The state realised N7bn from Land Use Charge in 2016 against N6bn in 2015.
The state Commissioner, Ministry of Finance, Mr Akinyemi Ashade, made the disclosure at the ministry’s 2017 Ministerial Press Briefing to mark Gov. Akinwunmi Ambode’s two years in office.
Ashade said that the increase was due to the introduction of innovative ideas and continued public sensitisation. He said one of the innovations was the opening of more payment channels to cater for the large numbers of people that needed to pay the LUC. Ashade reminded property owners that the LUC was an annual obligation to enable the state government to carry out its obligations.
He also urged those aggrieved by the charges to use the Land Use Charge Assessment Appeal Tribunal to resolve issues rather than go to regular courts. He said that the tribunal handled 500 cases and amicably resolved 195 with payments made immediately by the property owners.
Ashade said, “Governor Akinwunmi Ambode provided a conducive, safe and secured enabling environment for businesses to thrive.

“We equally embarked on massive infrastructure development with strong patronage of indigenous contractors which helped to boost the state’s Gross Domestic Product,” he said.
Ashade said that the Lagos State Internal Revenue Service alone generated N247.022bn, representing 80 percent of the estimate. He said that LIRS was able to achieve this feat due to some strategic revenue reforms. Ashade said that 420, 000 residents were included in the state’s tax net in 2016 to raise those in the tax net to over five million from 4.6 million in 2015.
He appealed to residents to pay their taxes to enable the government to provide more laudable projects.

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