The Lagos State Government has said it is expanding its tax net to meet a target of N60.31bn monthly internally generated revenue.
The state also earmarked N15bn for the Rebuild Lagos Project due to the #EndSARS protest that resulted in the destruction of both public and private facilities.
A statement on Thursday said the state Commissioner for Economic Planning and Budget, Sam Egube, disclosed these while giving a breakdown of the 2021 budget.
According to the statement, the total IGR for 2021 is N723.817bn, with N60.31bn to be generated monthly.
Egube said a significant percentage of the projected IGR of N512bn would be contributed by the Lagos Internal Revenue Service.
“We shall achieve this by expanding the tax net and simplifying the tax process, improving our transaction taxes and the appropriate use of technology in addition to improving the work environment, training and tools of our tax administration personnel. This will improve the efficiency in operations of all revenue generating agencies.
“We believe that there are huge revenue generating opportunities in the state, including real estates, transportation sectors and our markets generally. We will continue to use data and intelligence to unravel revenue opportunities and leakages,” he added.
The commissioner said the state government would continue to maintain a conservative posture in its projection for federal transfers/receipts in view of the production challenges in the oil sector by keeping expectation at N175bn.
He disclosed that the deficit of N192.494bn was projected to be funded by a combination of internal and external loans.
On science and technology, Egube said the sum of N23.502bn had been budgeted for building and upgrading of IT infrastructure statewide, e-GIS land automation system, single billing system and ease of tax payment, levies and other revenue enhancement initiatives.
