Lagos state govt. generates N436bn internal revenue in 2016

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The Lagos State Government generated N436.3 billion internal revenue in 2016 from the N399.4 billion realised in 2015.

The state realised N7 billion from Land Use Charge (LUC) in 2016 against N6 billion in 2015.

Mr Akinyemi Ashade, the state Commissioner, Ministry of Finance, 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 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 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 (LIRS) alone generated N247.022 billion, representing 80 per cent 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 provide more laudable projects.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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