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Lagos govt plans to expand tax net

Lagos State Government plans to add a minimum of one million additional tax payers on an annual basis to its tax net to boost its finances.

This is aimed at mapping the informal sector clusters and grow the State Internal Revenue Service, LIRS, e-tax portal to enhance integration of tax payers database and revenue collection within 90 days.

Briefing newsmen in Alausa, Ikeja as part of activities marking the two years anniversary of the current administration in the State, the Commissioner for Finance, Mr Rabiu Olowo said the State was also targeting a year-on-year minimum increase of 25-30% of the IGR base.

Mr Olowo said the State internally generated revenue increased to one hundred and twenty seven billion naira in the first quarter of this year against six hundred and fifty eight billion naira generated at the peak of the ongoing COVID-19 pandemic last year.

Commissioner for Finance said that disciplinary measures were meted out on some revenue collecting officers involved in fraud during the year under review.

Mr Olowo assured that the state government would continue to block leakages and cut cost of governance to ensure rapid and even development across the State.

Mr Olowo announced that Lagos has qualified for the States Fiscal Transparency Accountability and Sustainability programme of the World bank.

According to the Commissioner, the State retained it B+ (Bplus) ratings with Fitch, an international credit ratings organization, while another agency, GCR & AUGUSTO has accorded the State at A+  and rated all the State’s Bond instruments at AA+.

Our correspondent quotes, Mr Rabiu Olowo as saying that in the last two years, Lagos has recovered about one point two billion naira in excess bank charges over the period of 6years.

Omolara Omosanya

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