The Lagos State Government on Sunday said it will reduce dependence on federal allocation by increasing its Internally Generated Revenue (IGR) to a monthly target of N30 billion in 2017.
It also said that it would increase the IGR to N50 billion monthly in 2018 and as it targeted a yearly budget of N1 trillion by 2018.
This is contained in a communique issued at the end of a four-day retreat for members of the State Executive Council, Body of Permanent Secretaries and Heads of Government Agencies and Parastatals in Badagry.
The communiqué said the retreat had the theme “Reflect, Reappraise, Restrategise: Raising the Bar of Governance”.
On the budget plan, it said the Commissioner for Economic Planning and Budget, Akinyemi Ashade, described the target as ambitious, adding that appropriate measures were being adopted to achieve the plan.
“Yes, it is ambitious, it requires thinking and what we are going to do differently is to ensure that we use technology to drive it in terms of automation and collection. What we are also going to ensure is that the whole reform around consumption taxes is really taken to another level. The land administration system will support this initiative,” the communiqué quoted Ashade as saying.
It said that the government had resolved to scale up and run efficient revenue collection machinery through the convergence of the Ministries, Departments and Agencies operations and utilisation of cutting edge technologies.
It also said the Commissioner for Information and Strategy, Steve Ayorinde, noted that participants agreed to achieve 100 per cent budget performance with a 58 per cent to 42 per cent ratio for capital and recurrent expenditure.
It added that it was also resolved that efforts should be redoubled at reducing cost and blocking leakages.
“Meanwhile, it was resolved that those MDAs who are not yet integrated into the Treasury Single Account be brought in before the end of third quarter of 2016. Participants pledged to ensure timely preparation of the 2017 budget and its passage into law by the end of October 2016. This will facilitate the implementation of the budget from January 1, 2017,” it quoted Ayorinde as saying.
The communiqué said that participants deliberated on the six pillars of Lagos State Development Plan which included infrastructure development, sustainable environment, finance, economic development, social development and security and governance.
“As a government of inclusion, participants identified the need for partnership with persons and organisations that will create positive value to enhance the quality of life and standard of living of residents,” it said.
The communiqué said other conclusions included the need to improve on the performance of Lagos Water Corporation in the production of water and collection of water tariff.
It said that participants resolved to also encourage private sector investment in production and supply of portable water and mapping out strategies toward food security.
On tourism, the communique said that participants acknowledged the imperative and need to invest more in the sector.
It said that they emphasised the need to improve on the technological capacity of the Lottery Board to create jobs and increase revenue generation.
The communiqué said the government also urged individuals and corporate organisations to take ownership of its Tree Planting initiative to mitigate the effect of climate change by nurturing and ensuring survival of trees.