Lagos State government said it has targeted a total of N73.836bn monthly as Internally Generated Revenue (IGR) in 2020 as part of the funding for the year’s budget which stands at N1.168trn. The total revenue the state expects to generate for the year to fund the budget tagged: ‘Budget of Awakening’ is N886.041bn, with other revenue projections, including capital receipts put at N232.29bn and Federal transfers of N184.988bn. According to him, about N500bn would be raised by Lagos State Internal Revenue Service (LIRS), assuring that there were huge revenue-generating opportunities in the informal sector, including real estates and transportation in the state. “We believe that there are huge revenue-generating opportunities in the informal sector, including real estates, transportation for which Lagos State is known for,” he said. “This budget has taken into consideration the present economic realities in the World, Nation and Lagos State in particular,” Egube said.

Source: Nigerian Tribune January 07, 2020 16:05 UTC