BREAKING NEWS, Business Briefs
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THE Lagos State Government has recorded total revenue of N101.69 billion in the first quarter of Y2016 budget with a surplus of N4.85billion as against an expected deficit of N29.92billion.
Akinyemi Ashade, commissioner for economic planning and budget, at the Bagauda Kaltho Press Centre, Alausa, Ikeja, during the 2016 annual Ministerial Press Briefing of the State Government in commemoration of the first year in office of Governor Akinwunmi Ambode, stated that the performance was N4.40 billion more in absolute terms compared to Y2015 despite the dwindling statutory allocations from the federal government.
According to him “It is our belief that with the implementation of multiple revenue collection channels and broadening of our revenue base, we should achieve tremendous progress in our revenue drive.”
While comparing the year 2015 budget with that of the current year, Ashade said that the capital expenditure at the end of first quarter of year 2016 is N48.88bn (51%), which was better than N15.08bn (24%) in the same period last year.
Similarly, the commissioner noted that the recurrent expenditure for the current year stands at N47.96 billion as against N57.50billion in the 2015.
On Internally Generated Revenue through the State Revenue Service, the Commissioner declared that the Agency generated the sum of N67.25bn in the first quarter of Y2016, amounting to 90 percent of the estimate for the quarter and representing 88 percent of the total IGR and 66.12 percent of the total revenue, compared to N60.58bn (87 percent) of the estimate for the same period in year 2015. This represents 90 percent of total IGR and 62 percent of total revenue in year 2015.
He stated further that this performance was N6.67bn more in absolute terms compared to corresponding period last year which is due largely to more participatory structure and systemic re-engineering.
The commissioner emphasized that State Government relies heavily on statistical data provided by the Ministry in taking informed decisions regarding resource mobilisation and allocation, as well as measurement of the impact of its policies, programmes and projects.
Consequently, the Lagos Bureau of Statistics, LBS, within the Ministry is responsible for generating high quality, relevant and reliable data for planning purpose in the State.
It would be recalled that the Y2016 Budget of N662.588 billion was signed into Law by the Lagos State Governor, Akinwunmi Ambode on Wednesday, January 4, 2016 and has N386.933bn and N275.655bn as capital and recurrent expenditure, respectively.
— May 9, 2016 @ 15:00 GMT
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