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The Lagos State Government says it has recovered 1.2 billion naira in excess bank charge over the period of six years and generated 127 billion naira Internally Generated Revenue in the first quarter of the year 2021.
The Commissioner for Finance, Mister Rabiu Olowo made this known at the state ministerial briefing ahead of Governor Babajide Sanwo-Olu’s two years anniversary.
Mr. Olowo says the year 2020 ended with 88 percent budget performance, with a capital recurrent expenditure of 56:44%.
The expenditure performance for the first quarter of the year 2021 stands at 69% with a Capital Expenditure Ratio of 42:58%.
To achieve efficiency and reduced Cost of Fund, the commissioner also says the State successfully re-negotiated its existing debt obligation from 19% to 14% and further down to 12% which brought about N8.9bn savings.
The institute stressed this during its 44th induction ceremony of 286 associate members.
President of CITN, Glady Simplice, in her address, referred to the harm COVID-19 has caused to the global economy, including Nigeria’s, whereby taxation has become a major policy instrument needed for stability post COVID-19.
To this end, the CITN boss recognised the need for aggressive tax awareness in order to boost tax education among citizens.
“More than ever before, there is a compelling need to reinvigorate our enlightenment and education mechanisms. For this reason, the National Orientation Agency (NOA) must wake up to its statutory responsibilities.
“The CITN Council has approved District Societies as part of our concerted plan of action to change the part of its responsibilities. The continuous engagement in regular education and enlightenment programmes at the national level and through our District Societies, is required to change the narrative of poor tax awareness among the