The Lagos State Government has unveiled its strategy to broaden the tax net as part of its plan to achieve the ambitious budget target of N2.267 trillion for the year 2024.
The Commissioner for Economic Planning and Budget, Ope George, shared this information during the budget analysis session at the Bagauda Kaltho Press Centre in Alausa, Ikeja. The initiative will leverage technology, economic intelligence, and robust data gathering and analysis.
The total budget size of N2.267 trillion is slated to be funded through a comprehensive revenue estimate of N1.880 trillion. This includes Internally Generated Revenue (IGR) amounting to 1.189 trillion, capital receipts totaling 94.605 billion, and federal transfers contributing 596.629 billion.
The Lagos Internal Revenue Service (LIRS) is expected to play a pivotal role, contributing 63% (N750 billion), of the projected IGR. Additionally, other government Ministries, Departments, and Agencies (MDAs), are anticipated to generate around 23% (N283.567 billion), to support the budget.
A projected deficit of N387.125 billion is expected to be covered through a combination of internal sources, external loans, and bond issuance. The government aims to strike a balance in financing the budget while considering various funding avenues to meet its ambitious fiscal targets.
The deployment of technology and economic intelligence is seen as a strategic move to enhance efficiency and effectiveness in revenue collection, ensuring a more inclusive tax net for sustainable economic growth in Lagos State.
