Lagos State Commissioner for Economic Planning and Budget, Mr Olusegun Banjo, has revealed that the state has recorded a revenue of N141.96 billion in the first quarter of 2018.
The Commissioner made this known during a ministerial briefing to commensurate Gov. Akinwunmi Ambode’s third year in office at Alausa, Lagos on Tuesday.
Banjo said the figure represented an increase of 63 per cent against the N124.14 billion achieved in the corresponding period of 2017.
according to him, the new earning represent an increase of 63 per cent against the N124.14 billion achieved in the corresponding period of 2017.
NAN reports that
Banjo said the state recorded N103.48 billion in absolute Terms and Internally Generated Revenue (TIGR) in 2018, representing an increase of 73 per cent over N96.78 recorded in 2017.
Banjo noted that the Lagos Internal Revenue Service (LIRS) generated N84.19 billion in the first quarter of 2018, which accounted for 81 per cent of TIRG and 59 per cent in total revenue compared to N74.55 billion in 2017.
He said the figure translated to 77 per cent of TIGR and 60 per cent of total revenue while it recorded N9.65 billion in absolute terms during the first quarter of 2018.
He stated that at the close of the first quarter of 2018, the capital to recurrent ratio closed at 57 to 43 as against 39 to 61 recorded in the corresponding period of 2017.
According to his, the total overhead cost stood at N39.57 billion in first quarter of 2018 as the N43.92 billion recorded in same period in 2017.
he stated that this is a pointer that all efforts geared toward tighter control of overheads are beginning to yield results, even though more needs to be done in this area.
On project monitoring and evaluation, the commissioner said the ministry would not relent in its efforts to monitor and evaluate government programmes as well as carry out performance management report across the state. (NAN)