Why Lagos IGR’ll continue to soar, records N301.19bn between 2015, 2016
A new report by the Nigeria Extractive Industries Transparency Initiative (NEITI), has revealed that apart from raking in close to N301.19 billion, a rise of N32.99 billion in one year from internally generated revenue (IGR), the state is still growing in potentials capable of making more money if well harnessed.
The total yearly collection according to NEITI statistics shows further that the total IGR from 33 states of the federation, excluding Delta, Ogun and Rivers states which stood at N299 billion cannot beat Lagos earnings after all.
For example, states like Delta, Ogun and Rivers raked in N44.89 billion, N56.30 billion and N82.10 billion respectively.
The report however, disclosed that Lagos has the potentials of increasing its IGR if emerging reforms are implemented according to specifications.
Apart from tenement rates, the way and manner Lagos has structured tax system provided a huge room for the capture of several residents into the deep pocket tax basket.
A source from the Vehicles Inspectorate Operations (VIO) hinted that a sizable chunk of Lagos earnings come from vehicles related fines especially penalties generated by VIOs and LASTMA.
NEITI said “IGR is very low in most states and it is only in two states – Lagos and Ogun – that IGR is higher than FAAC allocations. The figure shows that total revenue by itself cannot fund
