25 July 2016, Lagos – The Lagos State Government has disclosed that its annual budget would not be less than N1trillion from the 2018 fiscal year.
The state government alsorevealed that it was determined to increase the Internally Generated Revenue (IGR) to N30billion monthly in 2017 and N50billion monthly in 2018.
The communique, which was co-signed by the Commissioner for Information and Strategy, Mr. Steve Ayorinde and his Economic Planning and Budget counterpart, Mr Akinyemi Ashade, said the state government was ready to massively reduce its dependence on federal allocation.
The communique added that the state government it had resolved to scale up and run efficient revenue collection machinery through the convergence of the Ministries, Departments and Agencies (MDAs) operations and utilisation of cutting edge technologies.
It said participants intensively deliberated on the six pillars of Lagos State Development Plan (LSDP) which are infrastructural development, sustainable environment, finance, economic development, social development and security and governance.
On the budget plan, the communique said though the target was ambitious, but that appropriate measures were being adopted “to achieve the plan. It is ambitious. It requires thinking and what we are going to do differently is to ensure that we use technology to drive it in terms of automation and collection.
“What we are also going to ensure is that the whole reform around consumption taxes is really taken to another level. The land administration system will support this our initiative.
“With the automation of the processes, the reform in the consumption tax administration in the state and blocking all loopholes, we believe we will have the right funding to finance all these plans and we will not forget one critical fact which is that all is about Public Private Partnership because we are also going to use that to drive implementation of our plan.”
The communique said participants reaffirmed the vision of the state governor, Mr. Akinwunmi Ambode, to make life better and more meaningful for the people, thereby expressing resolve to create the enabling environment for everybody and businesses to promote and advance the wellbeing of Lagos residents
It said aside the fact that participants agreed to achieve 100 percent budget performance with a 58 per cent to 42 per cent ratio for capital and recurrent expenditure, they resolved that efforts should be redoubled at reducing cost and blocking leakages, while MDAs not yet integrated into the Treasury Single Account (TSA) be brought in before the end of third quarter of 2016.
It said: “Participants pledged to ensure timely preparation of the 2017 Budget and its passage into law by the end of October. This will facilitate implementation of the budget from 1st January, 2017.
“As a government of inclusion, participants identified the need for partnership with persons and organisations that would create positive value to enhance the quality of life and standard of living of Lagos residents.”
Participants, also, agreed on the need to benchmark and set roadmap for social development and security in view of its impact on the people, as well as the need for a comprehensive inter-modal public transportation system as obtainable in other developed economy.
On Badagry, Ayorinde recalled the town hall meeting and the State Executive Council meeting which held in Badagry the previous week as well as the tour of government projects in the historic town, saying that it was a demonstrable evidence of the readiness of the Ambode administration to develop all parts of the state
He said: “Nearly all parts of Badagry are well lit courtesy of the Light Up Lagos Project, roads have been fixed, development projects have been identified and Badagry has been declared as the hub for tourism not only in Nigeria but in the whole of Africa.
“So, this shows the government is fulfilling its promise of running a government of inclusion and more importantly the governor and the entire cabinet of the state finds every area of the State save and secure enough for them to stay for a whole four days. This is remarkable, commendable and it will continue as part of the features and characteristics of this administration.”
- This Day