N120bn Generated from Tax in Six Months in Lagos State

According to the Lagos State Internal Revenue Service (LIRS), more than N120bn was generated from taxation in the state between January and June 2014.

This came as the Ogun State Government has equally disclosed that its monthly Internally Generated Revenue (IGR) has increased to N5 billion from N3.2 billion

The Executive Chairman of the service, Mr. Tunde Fowler, disclosed to reporters on Sunday, July 4, that 90% of the taxes were generated from the organised private sector and civil servants.

He stated that the 10% that remained were taxes from the informal sector, mostly market women, artisans, commercial drivers and taxable individuals in the state.

Fowler said the Internally Generated Revenue (IGR) have been relied upon by the state to implement its budget following the declining statutory allocations.

According to the chairman, continuous mobilisation and tax education in the state led to the increase in the IGR to N237bn in 2013 from N15bn in 1999.

He said, “In 1999, Lagos state generated N15bn from IGR but last year, it announced to N237bn, an increase of N222bn within 14 years. There has been a steady growth in tax payment in the state.”

The Chairman added that the IGR would further bridge the statutory allocation from the federal government, as any development would require money. He proposed that the IGR for this year would increase compared to that of the previous year.

“Any transformation will require money and you can’t transform without funding. Now that the allocation fro m the federal government is reducing due to drop in oil revenue, we must look elsewhere to meet up with our budget,” he said.

Fowler said the generated revenue would be used to ensure the state had good roads, improved health services and adequate security. Assuring the residents of the state the 200 roads in the state would be repaired before the 2015 administrative tenure expires.

Residents were urged by the chairman to endeavour to pay their taxes regularly, adding that the money was being used to implement the state’s budget.

 

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