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Lagos Targets N1Tn Budget By 2019

Posted: Oct 16, 2016 at 8:55 pm   /   by   /   comments (0)

The Lagos State Government plans to ?further reduce its dependence on federal allocations, following which stakeholders at the end weekend agreed on the need to target Internally Generated Revenue (IGR) of N30 billion monthly next year and N50 billion by 2018.

The stakeholders who concluded an intensive three-day retreat for members of the State Executive Council and legislators from the Senate, House of Representatives and State House of Assembly, with the theme, “Good Governance In A Recession”,? agreed on the need to raise the annual budget of Lagos to N1 trillion, beginning from 2019.

In a communiqué issued at the end of the retreat,  read by Senator representing Lagos West Senatorial District, Olamilekan Solomon Adeola, said   participants agreed on the need to evolve a better approach to financing the State’s budget as against the traditional methods.

?Adeola said participants agreed that the State Government must work towards increasing its tax base rather than increase in the tax rate.

He said participants also recognised the role of government as an ‘enabler’ and to create frameworks and strategies to further accelerate the growth of the State’s economy.

“Participants also reaffirmed the vision of this administration to make life better and more meaningful for the people of Lagos and also enshrine the doctrine of ‘inclusive governance’ in the government of the State and foster collaboration amongst the three arms of government,” Adeola said.

?Participants, he continued, also resolved to evolve a robust Youth Policy that would include active Private Sector Partnership and also fast-track the development of a Senior Citizens’ Policy, both of which would be implemented from January 2017.

Participants also agreed to begin total upgrade of schools especially those in slums, as well as evolve a robust Youth and Senior Citizens’ Policy by January 2017.

The government said there was need to upgrade the quality of schools through training and re-training of teachers, as well as improving the infrastructure.

The retreat participants were unanimous in their resolution to improve the standard of education across the State, particularly in slum areas.