Lagos State declares N101.69 billion revenue for Q1 2016

09 May 2016
Financial Nigeria


Lagos State’s Internally Generated Revenue rose to N76.06 billion in first quarter of 2016.

Lagos State Governor, Akinwunmi Ambode

The Lagos State government generated total revenue of N101.69 billion in the first quarter of 2016, up 4.5 percent from a similar quarter of last year, the Commissioner for Economic Planning and Budget, Akinyemi Ashade, said on Monday.

Speaking during a ceremony to commemorate Governor Akinwunmi Abode’s first year in office, Ashade said the revenue for Q1 2016 was higher than the N97.28 billion recorded in Q1 of last year.

The commissioner said the state recorded a surplus of N4.85 billion in the period under review as against an expected deficit of N29.92 billion.

Lagos State’s Internally Generated Revenue (IGR) rose to N76.06 billion in Q1 2016 compared with N67.21 billion recorded in the first quarter of last year. The Lagos Internal Revenue Service (LIRS) contributed N67.25 billion to IGR in Q1 2016 as against N60.58 billion it contributed in a similar quarter of last year.

“This performance was N6.67bn more in absolute terms compared to corresponding period in Y2015 and due largely to more participatory structural and systemic re-engineering,” the commissioner said.

Ashade said the state’s revenue grew despite the diminishing statutory allocation from the Federation Account in the period under review. Federal allocations – comprising statutory transfers and value added tax – stood at N25.64 billion in Q1 2016, accounting for 25.21 percent of total revenue.

Lagos state is the 7th largest economy in Africa and remains the economic capital of Nigeria. The state has a population of over 20 million people with a GDP of $90 billion and generates the highest IGR among the 36 states of the federation.

Last month, Lagos State restructured about N167.5 billion worth of its bonds, potentially saving the state about N40 billion over the next five years.

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