THE Lagos State economy keeps dazzling under the Governor Akinwunmi Ambode’s administration, as the half year performance of the 2016 budget has hit 70 percent, Commissioner for Economic Planning and Budget Mr. Akinyemi Ashade said yesterday.
He said while the macroeconomic indicators continues to fluctuate, with the Gross Domestic Product (GDP) put at 0.35 per cent, Lagos’ GDP sustained its 4.49 per cent growth.
Ashade spoke at the City Hall, Lagos, at the Year 2017 Budget consultative forum with stakeholders of Lagos Central.
He said while this year’s budget, which was signed on January 4, has already hit 70 per cent – a seven-point improvement from 63 per centof last year’s.
The commissioner added that total revenue had already hit N198.78 billion, a 73% improvement compared to N188.411 billion posted last year.
“In absolute terms, half year 2016 was N10.370 billion better than half year 2015”, he said.
Ashade, who said the ministry would go round the three senatorial districts to get citizen’s inputs into the coming year’s budget in line with the governor’s commitment to make the budget demand-driven, said the government was determined to push the Internally Generated Revenue (IGR) to N30 billion monthly and further push this to N50 billion each month by 2018.
He said the tight expenditure control introduced by the government as
part of its wide range reforms have continued to influence positive
ratings by local and international credit rating agencies such as
Fitch, which rated the state as BB-, Bode Agusto A+ and Global Credit
Rating (GCR) A+, a development which has continued to strengthen the
confidence of lenders and investors in the economy.
Ashade said the administration would continue to pursue a stricter revenue
drive in the new year, with focal areas being the advancement in its
electronic geographic information system (E-GIS) on land reforms.
According to him, it would enable more people to acquire title deeds on their
properties, leads to aggressive expansion of the consumption tax net and
expansion of the tax payers from five million to about 8 million over the next two years.
Government, he added, would also be deploying more payment channels to easepayments of all taxes and levies and improve on its single billing
system, which has plugged the loopholes in the system.
The commissioner noted that while the government would be waiting to collate inputs of focal areas from the people of the senatorial district, the 2017 budget would continue to consolidate on nine areas, including infrastructure
development, security, job creation, education, social welfare, good
governance, justice, health and sports.
The government added that for the rest of the year, it would aggressively pursue rehabilitation of all public schools, general hospitals and sustain the “Light Up Lagos initiative” aimed at promoting security and kick-starting the 24-hour economy vision of thegovernment.
The Permanent Secretary in the Ministry of Economic Planning
and Budget, Mr.AbayomiKadri, said the state is confronted with making
tough choices following the prevailing economic challenges caused
by sharp fall in crude oil prices and low foreign exchange earnings.
He said the forum, a confidence-building mechanism in budget execution,
was organised to ensure that the zone come up with projects that are
of priority to them to improve their welfare.
Among other eminent personalities at the forum are: the Iyaloja General
of Nigeria Chief (Mrs.)FolashadeTinubu-Ojo, who was represented by the
Iyaloja of Ojuwoye Market, Chief (Mrs.)JosephineOnwudiwe, Sole
Administrators of Apapa Local Area Mr.LukmanAlao, Apapa-Iganmu Local
Council Development Area (LCDA) OlumideOlawole, Ikate LCDA Mrs.Samiat
Raji, Eti-Osa LCDA GokeOlawale, and Coker-Aguda LCDA, Temitope Yusuf.
Others are Chairman Association of Master Bakers and Caterers of
Nigeria Prince Jacob Adejorin and other executives of trade unions,
artisans and workmen, government officials and youth groups.