Index to Nigerian Newspapers

Lagos State's Internally Generated Revenue (IGR) for 2021 may have suffered a N180 billion shortfall at the end of the year due to an average N15 billion monthly deficit. The state had projected an average of N60 billion monthly to finance the budget signed into law by Governor Babajide Sanwo-Olu, but only generated an average of N45 billion monthly. NBS statistics revealed that the state generated N127 billion and N267.23 billion in quarter one and half year respectively. Lagos State has not met its monthly IGR target by about N183 billion. Capital expenditure may have borne the brunt of the shortfall, with the state spending N241 billion in 2019, N555.6 billion in 2020, and N386.5 billion in 2021. Tax consultant Prof. Godwin Oyedokun noted that budget and expected revenue are based on assumptions, which may not be achieved or not.