The Lagos State Government has recorded total revenue of N101.69 billion in the first quarter of Y2016 budget with a surplus of N4.85bn as against an expected deficit of N29.92bn.
Speaking today at the Bagauda Kaltho Press Centre, Alausa Ikeja, during the 2016 annual Ministerial Press Briefing of the State Government in Commemoration of the first year in office of Governor Akinwunmi Ambode, the Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade stated 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 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 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.