The Lagos State Government is mapping out strategies to reduce dependence on federal allocation and increase its Internally Generated Revenue (IGR) to N30bn monthly in 2017 and N50bn monthly in 2018 as well as a yearly budget size of N1 trillion by 2018.
This was part of the resolutions reached at the end of a four-day retreat for members of the State Executive Council, Body of Permanent Secretaries and heads of government agencies and parastatals held at the VIP Chalets in Badagry, which had its theme as “Reflect, Reappraise, Restrategise: Raising the Bar of Governance.”
The government said on Sunday that efforts are being made to scale up and run efficient revenue collection machinery through the convergence of the Ministries, Departments and Agencies (MDAs’) operations and utilization of cutting edge technologies.
In a communiqué issued at the end of the retreat and jointly read to journalists by the State’s Commissioner for Information and Strategy, Mr Steve Ayorinde; Commissioner for Economic Planning and Budget, Mr Akinyemi Ashade and the Permanent Secretary in the Ministry of Information, Mr. Fola Adeyemi, the government said participants intensively deliberated on the six pillars of Lagos State Development Plan (LSDP) which are infrastructural development, sustainable environment, finance, economic development, social development and security and governance.
Speaking on the budget plan, Ashade said though the target was ambitious, but that appropriate measures were being adopted to achieve the plan.
The State’s 2016 budget size was N662.588billion, the highest so far since 1999