Lagos gets N34bn monthly IGR –Commissioner Moshood Adebayo

Lagos gets N34bn monthly IGR –Commissioner
Moshood Adebayo
Lagos State Government has said it has so far achieved an average monthly Internally Generated Revenue (IGR) of N34 billion in 2018, compared to monthly averages of the last three years.
Commissioner for Finance, Mr. Akinyemi Ashade, who disclosed this, yesterday, at the ongoing annual ministerial press briefing, to mark the third anniversary of Governor Akinwunmi Ambode’s administration, held at Bagauda Kaltho Press Centre, in Alausa, attributed the gradual improvement to the impact of the ongoing reforms and growth in the state’s economy.
He said: “Based on our first quarter results, Lagos state has, so far, achieved an average monthly IGR of N34 billion in 2018, compared to monthly averages of N22 billion, N24 billion and N30 billion, in 2015, 2016 and 2017, respectively.”
The commissioner expressed optimism that the IGR will continue to rise as the state continues to implement the various reforms, driven by wider technology adoption and innovation, adding that the target to grow the IGR to N50 billion by next year is well on course.
“The target we set for ourselves is N50 billion, but, we all know the kind of push backs we have experienced, including people going to court. Our commitment is not for now, its for the future of Lagos. We know it is a marathon; we would win some and lose some, but, we are very committed towards ensuring that we meet the target. If we don’t meet it this year, definitely, there would be another year; but, we believe we will succeed in the target we set for ourselves,” Ashade said.
On federal transfers, he said since Lagos joined the league of oil producing states, the government has received N327 million revenue, comprising N197 million and N130 million received in 2017, and first quarter of 2018, respectively.
“Furthermore, we are have ongoing discussions with the Federal Government towards obtaining a refund for expenditure totalling N51 billion, which was incurred by the state government on behalf of the federal government for infrastructure development projects in the state. We are optimistic of successful discussions which will result in the approval and payment of the amount owed the state government by the federal government,” he said.
Giving an update on the state’s debt profile, Ashade said the government’s debt stock, comprising 48 percent local debt and 52 percent foreign debt currently stands at N874.38 billion as at the end of 2017, while the debt service charge to total revenue ratio, stands at 17.61 percent, which he said is still within the World Bank threshold of 30 percent.

Comments

Cyber hacker defrauds car dealer of N28m

A hacker , Michael Williams, 28 , has been arrested by the Lagos State Police Command for allegedly defrauding a car dealer , Abiogun Adewale , of N28 m . He was said to have paid the sum for a Porsche car through a fake electronic transfer. The suspect , who was arrested in the Lekki area of Lagos , was paraded at the command headquarters , Ikeja , on Monday by the state Commissioner of Police , Edgal Imohimi. Imohimi said the police received a petition against the suspect , who he described as a “ professional hacker . ” He said , “ My office received a complaint that there is a syndicate that buys exotic cars and configures a computer programme that sends a fake payment alert to the seller . “ The seller , upon receiving this alert, verifies the alert either through ATM or through Internet banking and then releases the car to the syndicate . “ In this case , when the car dealer went to his bank for his statement of account , it was discovered that the alert and transfer of...

IKA TRIBE IN DELTA STATE NIGERIA . NewsPay Nigeria

A brief Walk into the lives of the Ika Tribe, Ethnic Group in Delta State 4,870 Comments / Lifestyle / By Chidera Ikemefuna / December 11, 2018 - 7:43 AM The Ika people, often confused as Igbo, are native to Delta and Edo states of Southern Nigeria. Often confused with Igbos because of the language similarities, the Ika people are one of the tribes in the Delta and Edo states. The Ika tribe is not Igbo or Benin, but shares similarities with them. For instance, the Ika language is very similar to Igbo, as even their names bear the same semblance. Ika people also share so much in terms of culture and lifestyle with the Benin people as most of the Ika communities were discovered by Benin Prince’s and chiefs. Brief background Ika marriage ceremony (Farabale Africa) The Ika people do not trace their ancestry to common origin. The various clans that make up Ika have many origins. Similarities of the language with Igbo suggests there might be Igbo connections but oral accounts and cult...

OKOROCHA IGNORS FIRST IMO APC STAKEHOLDERS MEETING IN OWERRI

The Governor of Imo State, Rochas Okorocha , is missing at the ongoing first Imo All Progressives Congress stakeholders’ meeting in Owerri , the state capital . The meeting, which has in attendance the APC national organising secretary , Senator Osita Izunaso, senators Benjamin Uwajumogu , Ifeanyi Araraume , and Okorocha’ s deputy governor Eze Madumere , is being presided over by the state chairman , Hillary Eke. Others at the meeting which is going on at Concorde Hotel, Owerri , are the chairman of TETFUND, Emeka Nwajiuba; chairman of Nigeria Insurance Trustfund , Jasper Azuatalam; former secretary to the state government, Jude Ejiogu ; Okorocha ’s son -in-law, Uche Nwosu , and others. A source said the governor boycotted the all-important stakeholders’ meeting because the APC chairman in the state refused to have the meeting hosted at Imo Government House as suggested by Okorocha . A source at the meeting told our correspondent that the poor way the governor is funding the party ...

Afrofield forum

Search This Blog