Sunday, May 17, 2009

Lagos IGR hits N14bn monthly. Eko O Ni Baje Lai Lai.....

LAGOS — The Lagos State Government has beefed up its internally generated revenue from N10 billion to a monthly average of N14 billion.

Written by Jude Njoku
Wednesday, 13 May 2009

The State Commissioner for Finance, Mr Rotimi Oyekan, who disclosed this at a press briefing to mark the second year of Governor Babatunde Fashola’s administration, attributed the increase to the restructuring of the former Lagos State Board of Internal Revenue (BIR) as an autonomous Lagos Internal Revenue Services (LIRS) and the resultant increase in the number of tax paying adults in the state.

The Commissioner explained that the revenue potentials of the state were being extended to reduce the number of tax evaders in the professional and informal sectors of the economy, adding that government’s target is to internally generate N15 billion monthly within the next one year.

Noting that the revenue increase came solely through the enforcement of existing tax laws, Mr Oyekan urged all Lagos residents to pay their taxes promptly to enhance the accelerated implementation of the 2009 budget.

“The financial stability being enjoyed by this government is as a result of this visionary step of developing a finance model for the state.

Against all shocks and disorder being witnessed by every nation as part of the current global financial crisis, Lagos State has been able to weather the storm due to the foresight of putting in place, a financial model which would assist the government to manage its financial risk profile of the state and afford the input of any other shock in the financial system and absorb most eventful financial disorders,” he said.