How Lagos plans to fund N1trn budget by 2019
Lagos, the commercial nerve centre of West Africa and Nigeria’s economic capital, says it will ascertain its annual budget hits N1 Trillion (about $2.5billion) come 2019.
To achieve this feat the state government says it will push up its monthly internally Generated Revenue (IGR) to N30billion every month from 2017 and N50billion a year later.
With enhanced revenue, the state says it will immediately commence the upgrade of schools located in slum communities.
Other areas where the state council says it will better the lots of its residents are investments in Tourism and hospitality sectors for job creation, transport and health among others.
These are contained in a communiqué issued at the end of a three-day retreat held in Lagos for members of the State’s Executive Council and legislators from the state.
“Private investments towards accelerating growth in the Tourism and Hospitality sector for sustainable job creation and increased revenue generation would also be encouraged. Aggressive priority to integrated transportation system and sustainable solid waste management system by overhauling and re-branding the sectors in collaboration with the private sector,’’ it said.
On the health sector, it resolved to fast-track the implementation of the recently passed Lagos State Health Insurance Law to provide the necessary financial resources for development of health infrastructure.
The communiqué said that with the health infrastructure, government could as well as promote medical tourism in the State.
