Nigeria’s economic capital- Lagos has recorded a revenue surplus of 4.85 billion naira in the first quarter of this year.
This is reflected in the first quarter of year 2016 total revenue, which is put at 101.69 billion naira as against 97.28 billion naira.
The Commissioner for Economic Planning and Budget, Mr Akinyemi Ashade gave these figures during a press briefing of the Ministry of Economic Planning and Budget.
Mr Ashade who said that the feat was achieved despite dwindling revenues from the Nigerian Government; maintained that with the broadening of revenue base, tremendous progress would be achieved in this year’s budget.
“A surplus of N4.85bn as against an expected N29.92bn deficit, a total revenue of N101.69bn compared to N97.28bn achieved Q1 Y2015. In absolute terms, the revenue performance was N4.42bn more than comparative period of 2015. This level of performance was achieved despite the diminishing statutory allocations from the federation account. 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.’’
Total Internally Generated Revenue (“IGR”) in Q1 Y2016 was N76.06bn (72% of the estimate for the quarter) and 75% of total revenue, as against N67.21bn (74% of the estimate for Q1 Y2015) and 69% of total revenue in the corresponding period for 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.
Over the course of the first quarter of Y2016, Federal transfers contributed N25.64bn (83% of the estimate for the quarter) and accounted for 25.21% of total revenue. Further breakdown showed that statutory allocations contributed N7.48bn while VAT contributed N18.16bn,” he highlighted.
The Commissioner added that Lagos had also got the commitment of Japanese International Cooperation Agency on a Mass Rapid Transit (MRT) monorail investment worth one billion US dollars.
“Traditionally, the Japanese International Cooperation Agency (“JICA”) has supported the State with interventions targeted at areas relating to health. However, over the past year, JICA signified its intention to provide interventions in areas other than health, including urban mass transportation.” according to Ashade.
He concluded with hints that Agence Francaise De Development (AFD) had granted the state a loan of 100 million US dollars to actualize the Eko Urban Project aimed at improving living conditions of vulnerable citizens.