Akinwunmi Ambode, Lagos State Governor |
The Lagos
Sate Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, who disclosed this during a briefing at
Alausa, Ikeja, to commemorate the first year in office of Governor Akinwunmi Ambode, added that the performance was N4.40
billion more in absolute terms compared to Y2015 despite the dwindling
statutory allocations from the federal government.
According to
him, “It is our belief that with the implementation of
multiple revenue collection channels and broadening of our revenue base, we
should achieve tremendous progress in our revenue drive.”
While
comparing the year 2015 budget with that of the current year, Ashade said that
the capital expenditure at the end of first quarter of year 2016 is N48.88bn
(51%), which was better than N15.08bn (24%) in the same period last year.
In the same
vein, the Commissioner noted that the recurrent expenditure for the current
year stands at N47.96 billion as against N57.50bn in the 2015. On Internally
Generated Revenue (IGR) through the State Revenue Service, the Commissioner
declared that the Agency generated the sum of N67.25bn in the first quarter of
Y2016, amounting to 90% of the estimate for the quarter and representing 88% of
the total IGR and 66.12% of the total revenue, compared to N60.58bn (87%) of
the estimate for the same period in year 2015. This represents 90% of total IGR
and 62% of total revenue in year 2015.
He stated
further that this performance was N6.67bn more in absolute terms compared to
corresponding period last year which is due largely to more participatory
structure and systemic re-engineering.
The
commissioner emphasized that the state government relies heavily on statistical
data provided by the Ministry in taking informed decisions regarding resource
mobilisation and allocation, as well as measurement of the impact of its
policies, programmes and projects. Consequently, the Lagos Bureau of Statistics (LBS) within the Ministry is responsible
for generating high quality, relevant and reliable data for planning purpose in
the State.
It would be
recalled that the Y2016 Budget of N662.588 billion was signed into Law by the
Lagos State Governor, Mr. Akinwunmi Ambode, on Wednesday, 4th January, 2016 and
has N386.933bn and N275.655bn as capital and recurrent expenditure
respectively. {PMNews}
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