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Business & Finance

Lagos Declares N101bn Revenue For First Quarter

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The Lagos State Government on Monday said it generated N101.69bn as revenue in the first quarter of 2016, N4.4bn higher than the N97.28bn it recorded in the same period of 2015.

The Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, was quoted as saying the state realised a surplus of N4.85bn as against an expected N29.92bn deficit.

A statement by the Chief Press Secretary to Governor Akinwunmi Ambode, Mr. Habib Aruna, quoted Ashade as saying this at the ongoing ministerial press briefing to mark the current administration’s first year in office.

Ashade explained that with the implementation of multiple revenue collection channels and broadening of the revenue base, the state government would achieve tremendous progress in its revenue drive.

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“Over the course of the first quarter of 2016, Federal transfers contributed N25.64bn (83 per cent of the estimate for the quarter) and accounted for 25.21 per cent of total revenue. Further breakdown showed that statutory allocations contributed N7.48bn while VAT contributed N18.16bn,” Ashade said.

In the period under review, the commissioner said the government expended N48.88bn on capital projects, 51 per cent more than the N15.08bn of the first quarter of 2015.

He expressed optimism that capital expenditure performance would improve in the second quarter of 2016 based on the projections and expectations of revenue inflows.

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