The Lagos State Government generated a total revenue of N101.69bn in the first quarter of 2016 out of which a surplus of N4.85bn was realized as against an expected N29.92bn deficit, the State’s Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade said on Monday.


Speaking at the ongoing Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, Ikeja to commemorate Governor Akinwunmi Ambode’s first year in office, Ashade said the generated revenue was above that of 2015 which stood at N97.28bn in the first quarter, adding that in absolute terms, the revenue performance was N4.4bn more than comparative period of 2015.


Ashade said the remarkable feat was achieved despite the diminishing statutory allocation from the federation account, adding that same was due to Governor Ambode’s purposeful and visionary leadership.


He expressed optimism 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.


Giving a detailed breakdown of the budget performance, the Commissioner said N76.06bn was the Internally Generated Revenue (IGR) of the State in the first quarter representing 72 percent of the estimate for the quarter and 75 percent of the total revenue, as against the N67.21bn generated in first quarter of 2015 representing 74 percent of the estimate and 69 percent of the total revenue in the corresponding period for last year.


He said the Lagos Internal Revenue Service (LIRS) revenue for the first quarter of 2016 stood at N67.25bn representing 90 percent estimate for the quarter and 88 percent of the total IGR and 66.12 percent of the total revenue, compared to N60.58bn (87 percent of the estimate for Q1 Y2015), representing 90 percent of total IGR and 62 percent of total revenue in 2015.


“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.


“Over the course of the first quarter of Y2016, Federal transfers contributed N25.64bn (83 percent of the estimate for the quarter) and accounted for 25.21 percent of total revenue. Further breakdown showed that statutory allocations contributed N7.48bn while VAT contributed N18.16bn,” Ashade said.


Speaking on performance of capital expenditures for the period under review, the Commissioner explained that in the regard, the government expended N48.88bn on capital projects which represented a 51 percent better performance of N15.08bn (24 percent) as at the first quarter of 2015.




He also revealed that as at the end of first quarter of 2016, the ratio of capital expenditures to recurrent expenditures closed at 50:50, better than a ratio of 21:79 recorded for the same period in 2015 but short of the ratio of 58:42 projected for 2016.


He, however, expressed optimism that capital expenditure performance would experience significant improvement in the second quarter of 2016 based on the projections and expectations of revenue inflows.


Ashade, whose Ministry is also responsible for managing the State’s existing relationships with development partners as well as identify new potential ones to drive further development, disclosed that the State Government has gone into partnership with the Japanese International Cooperation Agency (JICA) to invest in a possible monorail project that will link Marina to Oniru in Victoria Island and Ikoyi, and later connect to the Lekki Rail Line project which is also in the works.


He clarified that the monorail project is an urban mass transportation project different from the ongoing Blue Line Rail project that will connect Mile 12 to CMS, and the Red Line Rail Project.


According to him: “A detailed feasibility study has been commissioned on the monorail project to validate the initial survey, which will eventually lead to an investment of US$1billion (about N300billion) in the project if the results of the feasibility study are positive, amongst other conditions.”



Ashade further disclosed that under the Eko Urban Project, the State Government, in partnership with the Agence Francaise De Development (AFD) would soon embark on the upgrade of slums in Amukoko in Ajeromi/Ifelodun Local Government Area of the State and Ilaje-Bariga in Bariga Local Council Development Area of the State, as well as the provision of modern waste disposal facility in Epe.


He said projects would soon take off as the AFD has already committed a US$100m loan for the projects, while the State Executive Council has equally approved the upgrade of the slums.



SIGNED
HABIB ARUNA
CHIEF PRESS SECRETARY
MAY 09, 2016

http://www.metronaija.com/2016/05/lagos-state-generates-over-n101-billion.html

Now that's wassup.

Lagos pride of nigeria,we the sophissticated west keep winning,while some people keep beating chest,they don beat chest sotey there chest flat,they cum dy beat there land now there land is un-productive hahaha

Ftc soon,it remains small

That's wow.
Eko oni baje o

More than some state's yearly budget....



Eko o ni baje o.

Imagine that kind of revenue a state is generating in a first quarter. This shows that lasgidi can be a state on its own without federal allocation. If other states can generate as much as this imagine how developed Nigeria could be.

This will be very sad news to a particular section of the country.

If I was them, I will be envious too.

ridwanayo:
Lagos pride of nigeria,we the sophissticated west keep winning,while some people keep beating chest,they don beat chest sotey there chest flat,they cum dy beat there land now there land is un-productive hahaha

Ftc soon,it remains small

Those Chest beaters made Lagos what it is today?
Those Chest Beaters controls over 50% of Lagos inflow and Outflow
Those Chest Beaters dominates 60% of Lagos Populations.
Those Chest Beaters owns majority of the landing Properties in Lagos
Those Chest Beaters are coming into political power in Lagos by winning 6 House of Representatives.

Continue to make noise while Chest Beaters continue to win and win even in your own lands

Good for the no man's land.

Johnpaul2k2:


Those Chest beaters made Lagos what it is today?
Those Chest Beaters controls over 50% of Lagos inflow and Outflow
Those Chest Beaters dominates 60% of Lagos Populations.
Those Chest Beaters owns majority of the landing Properties in Lagos
Those Chest Beaters are coming into political power in Lagos by winning 6 House of Representatives.

Continue to make noise while Chest Beaters continue to win and win even in your own lands

Chest beating as usual,I even heard that when ojukwu ran to abidjan to seek refuge,he bleeped a prostitute,now the son of the prostitute is the wan developin libya,
U control lagos economy but u cannot control the economy of ur region,stop beating ur chest it would only make ur chest flat like an aids patient

Johnpaul2k2:


Those Chest beaters made Lagos what it is today?
Those Chest Beaters controls over 50% of Lagos inflow and Outflow
Those Chest Beaters dominates 60% of Lagos Populations.
Those Chest Beaters owns majority of the landing Properties in Lagos
Those Chest Beaters are coming into political power in Lagos by winning 6 House of Representatives.

Continue to make noise while Chest Beaters continue to win and win even in your own lands

Poppycock! Those chest beaters didn't do shyt. If they are so super how come they aren't replicating such feat in their region? Ogun state last IGR figures was higher than the two top states in your region's combined so you are a joker.

ridwanayo:


Chest beating as usual,I even heard that when ojukwu ran to abidjan to seek refuge,he bleeped a prostitute,now the son of the prostitute is the wan developin libya,
U control lagos economy but u cannot control the economy of ur region,stop beating ur chest it would only make ur chest flat like an aids patient

Forget the guy. He's living on Mars.

good!

Johnpaul2k2:


Those Chest beaters made Lagos what it is today?
Those Chest Beaters controls over 50% of Lagos inflow and Outflow
Those Chest Beaters dominates 60% of Lagos Populations.
Those Chest Beaters owns majority of the landing Properties in Lagos
Those Chest Beaters are coming into political power in Lagos by winning 6 House of Representatives.

Continue to make noise while Chest Beaters continue to win and win even in your own lands

Willie is working......in Lagos State.

In as much as i appreciate Ambode's managerial skill, i sincerely do not think their's any aggressive drive in infrastructural development in his first year in office...It has been more of road patching and construction of local govt size roads... I may be wrong though as i am open to learn from better informed Lagosians...

Eko o ni baje oo..

Johnpaul2k2:


Those Chest beaters made Lagos what it is today?
Those Chest Beaters controls over 50% of Lagos inflow and Outflow
Those Chest Beaters dominates 60% of Lagos Populations.
Those Chest Beaters owns majority of the landing Properties in Lagos
Those Chest Beaters are coming into political power in Lagos by winning 6 House of Representatives.

Continue to make noise while Chest Beaters continue to win and win even in your own lands

Where is the sense and wisdom in bragging that you paid for nails, roof and cement to build my own house with your money while you have no house and at the end of the day, my house is never going to be yours...?


If you are going to beat your flat and empty chest, at least do it with some common sense..m

nice one ambode and his crew. wey that nonsense arresa guy that will always insult everyone against apc like chukwudi is to saraki? will you compare this administration to fashola's? go to remote villages of lagos now to ask about ambode's governance, people are blessing him daily with his transparency and good democratic values, he isn't seen as an elitist.
I remembered someone who told us as lagosians that he never promised low-cost housing but affordable housing.
Ambode, God bless you front and back in doing greater things.
^^^^^ see am for my top. I dey feel like to fire am catapult.

Good, every state should follow suit, please don't turn this into a Yoruba/Igbo fray.

Really quite an impressive performance after the 1st quarter. It's obvious why there havent been massive developmental projects going by the 50:50 ratio shared by the capital and recurrent expenditure.

Hopefully, that'll change in the next quarter when most of these MoU's that have been signed on infrastructural projects begin.

I really want to see Ambode outdo Fashola in all ramifications. He just needs to ween himself off Tinubu a bit.

olatunji21:
In as much as i appreciate Ambode's managerial skill, i sincerely do not think their's any aggressive drive in infrastructural development in his first year in office...It has been more of road patching and construction of local govt size roads... I may be wrong though as i am open to learn from better informed Lagosians...

Eko o ni baje oo..

Actually, that man is working than many people can imagine.
He's construction major roads in the suburbs- something the elitist Fash couldn't do.
I give it to Ambo.

Where all the generated revenue dey enter?

How the revenue don epp we the tax payers?

Lagos is a country

Johnpaul2k2:


[s]Those Chest beaters made Lagos what it is today?
Those Chest Beaters controls over 50% of Lagos inflow and Outflow
Those Chest Beaters dominates 60% of Lagos Populations.
Those Chest Beaters owns majority of the landing Properties in Lagos
Those Chest Beaters are coming into political power in Lagos by winning 6 House of Representatives.

Continue to make noise while Chest Beaters continue to win and win even in your own lands[/s]

When you have facts, you can comment.
For now keep typing probably you will be wise.

All these money Lagos generates should make that city better than its current state. The slums are still covering a larger area than the brushed up places.

Eko ile...ile aromi sa legbe legbe..


@ ridwanayo

@ arresa

die die, e ma lo ni oku eyan lorun ooo...

Let every state manage their resource period.

Renovation tinz,..he's a sharp man n't bubu