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Lagos targets informal sector in fresh tax drive to fund N2.2trn budget

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Lagos targets informal sector in fresh tax drive to fund N2.2trn budget

The government of Lagos State says it will pay attention to the informal sector as it strives to widen tax net in order to achieve its total budget size of N2.267 trillion for the year 2024.

Ope George, the state Commissioner for Economic Planning and Budget disclosed this during the state’s 2024 budget analysis at the Bagauda Kaltho Press Centre in Alausa, Ikeja on Wednesday.

George said this would be achieved through the deployment of technology, economic intelligence, data gathering, analysis, among other initiatives.

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According to the commissioner, the total budget size of N2.267trn would be funded from a total revenue estimate of N1.880trn comprising of Internally Generated Revenue (IGR) 1.189trn, capital receipts – 94.605bn and federal transfer – 596.629bn, adding that the Lagos Internal Revenue Service (LIRS) was expected to contribute 63 per cent (N750bn) of the projected IGR, while about 23 per cent (N283.567bn) was expected to be generated by other MDAs of government.

George said a deficit of N387.125bn was projected to be funded by a combination of internal, external loans and bond issuance.

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