Industry

LASG to fund 77 per cent budget through IGR

Lagos State Governor, Akinwunmi Ambode

By Donatus Akwarandu
The Lagos state government has said though over 77 per cent of its budget is going to be generated through Internally Generated Revenue (IGR), it has harmonized its tax structure to avoid

Lagos State Governor, Akinwunmi Ambode

Lagos State Governor, Akinwunmi Ambode

excessive taxation.
The State Commissioner for Commerce, Industry and Cooperative, Mr. Rotimi Ogunleye, stated this in an interview with Nigerian NewsDirect recently in Lagos.
According to him, Lagos State 2016 budget is a deficit budget of which 109,704bn will be deployed to develop the state economically.
He said the harmonized structure in place will eliminate multiple taxation.
“There has been complain in the pass about levies, that is why this government has come up with a harmonized structure to reduce the levy. So, the issue is now eliminated and addressed.”
However, he frowns at how companies finds it hard to remit taxes.
“You know many of these companies don’t remit taxes which is their statutory duty,they cheat staff, government, and the environment.
“The government needs tax to be able to provide services. The population of Lagos state is estimated to be 31 billion. People are coming in everyday. There is a lot of pressure on infrastructure and the government must use these taxes to service the infrastructure continually so that the people operating in the state can do their businesses. The security, roads must be taken care of, he stated.

1 Comment

1 Comment

  1. Amber

    February 10, 2016 at 5:56 am

    Grade A stuff. I’m unqslutionabey in your debt.

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