Lagos Would Spend N659 Billion On Overhead And Employees In 2023.
The Lagos State Government has disclosed that debt servicing would cost N88.8 billion of the N1.76 trillion budget for 2023, while expenditure on staff and overhead will consume N659 billion.
This was mentioned Wednesday during a briefing on the 2023 budget by Sam Egube, the commissioner for economic planning and budget.
Egube claims that recurring expenses, which include salaries, benefits, and debt payments, account for 42% of the total budget, while capital expenses account for 58%.
The commissioner said that of the N913b estimated Internally Generated Revenue (IGR), the Lagos State Internal Revenue Service (LIRS) is scheduled to contribute N682.9 billion (65%), while other Ministries, Departments and Agencies (MDAs) are expected to produce N241.8 billion (23%) of the IGR.
Through the use of technology, economic intelligence, data collection, cooperation, and analytical tools, among other activities, we will be able to deepen the revenue and widen the tax net.
“We think that the commerce, transportation, and real estate industries have enormous revenue-generating prospects. We will better organize ourselves to collect more suitable taxes and revenue from our capital investments and human capital development if we actively manage our assets, the commissioner said.
However, he said that the state was able to produce 69% of its IGR goal for 2022 of N980.654 billion. This suggests that the state’s IGR for 2022 was N676 billion.
Egube said that a mix of internal, external loans, and bond issuance is expected to cover the N350.411 billion gap.