Governor Ambode Signs Year 2016 Appropriation Bill into Law
He said the Lagos Internal Revenue Service is expected to generate N300billion equivalent to 78 percent of the total IGR, however adding that while the state government does not intend to introduce new taxes, efforts will be made towards bringing more citizens into the tax net especially the informal sector as well as through the adoption of an automated process to block leakages. According to Ashade, the year's budget was carefully prepared taking into consideration recent developments in the Global and National Economy Spheres, adding that although the State Government adopted the National Crude Oil projection of $38 per barrel, the budget will be largely driven by IGR made up of taxes, rates and levies. He said the underlying principles of the budget include planned and systematic maintenance of existing/new infrastructural facilities, completion of ongoing projects, payment of outstanding liabilities, sustenance of the goals of job creation, poverty eradication and wealt...