Thursday, 26 April 2018

Lagos Records 63% Revenue Growth to N141.96b in Q1 2018

Against the N124.14 billion achieved in the corresponding period of 2017, Lagos State Government has declared a 63 per cent growth in revenue at N141.96 billion for the first quarter of 2018.

Mr Olusegun Banjo, Lagos State Commissioner for Economic Planning and Budget said on Tuesday at the ongoing ministerial briefing to mark Governor Akinwunmi Ambode’s third year in office at Alausa, Lagos that the budget also recorded an increase of N17.82 billion over the 2017 figure.

Banjo said the state recorded N103.48 billion in absolute Terms and Internally Generated Revenue (TIGR) in 2018, representing an increase of 73 per cent over N96.78 recorded in 2017.

Banjo noted that the Lagos Internal Revenue Service (LIRS) generated N84.19 billion in the first quarter of 2018, which accounted for 81 per cent of TIRG and 59 per cent in total revenue compared to N74.55 billion in 2017.

According to him, the figure translated to 77 per cent of TIGR and 60 per cent of total revenue while it recorded N9.65 billion in absolute terms during the first quarter of 2018.

Under Capital expenditure, Banjo said the state’s performance in the first quarter stood at N93.01 billion in 2018 as against N46.72 billion recorded in same period in 2017.

Banjo said that at the end of the first quarter of 2018, the capital to recurrent ratio closed at 57 to 43 as against 39 to 61 recorded in the corresponding period of 2017.

Similarly, under the recurrent expenditure, the commissioner said the state recorded personnel costs performance of N24.69 billion higher than N23.96 billion during the same period in 2017 which represented an increase of 88 per cent.

The commissioner said the total overhead cost stood at N39.57 billion in first quarter of 2018 as the N43.92 billion recorded in same period in 2017.

According to him, this is a pointer that all efforts geared toward tighter control of overheads are beginning to yield results, even though more needs to be done in this area.

On project monitoring and evaluation, the commissioner said the ministry would not relent in its efforts to monitor and evaluate government programmes as well as carry out performance management report across the state.

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