Lagos targets N1t budget in 2018

Lagos State Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, on Tuesday, said Lagos’ budget for 2018 might hit N1 trillion.

The Commissioner stated this at the ongoing ministerial briefing to celebrate the second year in office of Governor Akinwunmi Ambode.

Mr. Ashade said to achieve the N1 trillion budget for 2018, the government will adopt strategies such as aggressive growth in IGR through taxes and non-tax revenues.

He said other strategies would include full deployment of Oracle Business Solutions to eliminate revenue leakages, sustainable fiscal balance with appropriate level of public sector borrowing and acceptable aggregate public debt.

Ashade said the ministry had continued to support the administration by evolving clear planning parameters to achieve the agenda of the government as adopted in the Lagos State Development Plan 2012-2025.

He said during the period under review, the ministry was able to manage the economy of the State through prudent and stringent management of available resources to meet the revenue projection of N30 billion monthly in 2017 and N50 billion monthly in 2018.

Lagos State budget for 2017 is N812.998 billion, while that of 2016 was N662.588 billion.

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