LBW

Thursday, 31 July 2014

LAGOS GENERATES N120 BILLION IN SIX MONTHS!


The Lagos State Internal Revenue Service (LIRS) on Thursday said it generated more than N120 billion from taxation between January and June this year.

The Executive Chairman of the service, Mr Tunde Fowler, told the News Agency of Nigeria (NAN) in Lagos that 90 per cent of the taxes were generated from the organised private sector and civil servants.

Fowler said that the remaining 10 per cent came from the informal sector, mostly market women, artisans, commercial drivers and taxable individuals in the state.

He said the state had relied on the Internally Generated Revenue (IGR) to implement its budget following the dwindling statutory allocations.

The chairman said the increase in the IGR to N237 billion in 2013 from N15 billion in 1999 were the fallouts of sustained mobilisation and tax education in the state.

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