Lagos To Borrow N97.55b To Fund 2020 Budget

The Lagos State Government is to borrow N97.533 billion to fund the 2020 budget of N1.169 trillion.

As at last year, Lagos’ total debt profile rose to N1.04 trillion, according to report from the National Bureau of Statistics, NBS, PM News reports.

According to the report, Lagos’ domestic debt profile stood at N519.37 billion while its total foreign debt stood at $1,451,639,937.86 (N522.59 billion).

Of the $1,451,639,937.86 foreign debt, multilateral debt accounted for $1,307,809,937.86 and bilateral debt, $143,830,000.00.

However, giving a breakdown of the 2020 budget on Tuesday, Sam Egube, Commissioner for Economic Planning and Budget at a news conference in Ikeja, Lagos, Southwest Nigeria, said the 2020 Budget was consistent with the T.H.E.M.E.S agenda and designed to give priority to the completion of inherited on-going projects.

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He said the total budget size of ₦1.168 trillion would be funded from a total revenue estimate of ₦1.071 trillion, comprising Total Internally Generated Revenue (TIGR) of N886.041bn; Capital Receipts of N232.29bn and Federal Transfer of N184.988bn.

“A significant percentage of the projected TIGR of N500bn is expected to be contributed by LIRS. We shall achieve this by expanding the tax net through the deployment of technology, among other initiatives, which includes massive investments in technology and other facilities to improve the efficiency in operations of all revenue-generating agencies.

“We believe that there are huge revenue-generating opportunities in the informal sector, including real estates, transportation etc. for which Lagos State is known for.

“Included in the Capital Receipt is a brought forward balance of N175bn, that comprise of proceeds from 2019 Loan and Bond issuance of ₦100bn & ₦75bn respectively. This balance gives the administration a significant head-start in the implementation of major capital projects this year.