The Lagos State government has unveiled an ambitious plan to generate N200 billion annually by expanding its income tax base to include remote workers and leveraging digital solutions for enhanced revenue collection, Nairametrics is reporting.
According to the synopsis document for the EKO Revenue Plus Summit, which is expected to hold on September 25th and 26th, 2024, with the theme “Unlocking New Revenue Streams for Lagos State”, this southwest state plans to raise N5 trillion internally generated revenue (IGR) from four major sectors.
One of such sectors is the digital economy, through which Lagos State plans to introduce a Resident Global Digital Citizen Tax Management System, targeting remote workers, foreign firms, and digital influencers. This system will also involve accreditation and licensing of digital economy operators, supported by a robust platform including e-Portal, Market Place, and a Recovery Platform.
According to the synopsis document, the initiative’s estimated budget is N250 million, covering portal construction, data mining, partnerships, stakeholder engagements, and communications. The southwest state aims to generate N200 billion annually from about two million people in this area.
With the EKO Revenue Plus Summit happening in September, Lagos State plans to hit N5 trillion in internally generated revenue (IGR) under the current governorship of Babajide Sanwo-Olu. A part of the document read: “Increasing Lagos State IGR to 5 Trillion Naira in the life of the current administration requires a comprehensive and innovative approach that leverages technology, strengthens tax administration, expands the tax base and explores new revenue stream options, especially in the non-tax areas, while optimizing the existing processes.”
The Lagos State government has set an ambitious target to significantly boost its internally generated revenue (IGR) as part of the Lagos New Money Initiatives. The plan aims to propel the IGR to a staggering N5 trillion by unlocking an additional N2.73 trillion stream of revenue. This initiative is designed to build upon the existing IGR framework target of N1.25 trillion, thus creating a substantial financial foundation for the state.
The Lagos State government has identified four core sub-sectors of the state’s economy as key areas for additional revenue generation, aiming to achieve an incremental IGR of approximately N2.73 trillion. These sub-sectors, which include the Property Industry, Digital Economy, Informal Sector, and Circular Economy, are each poised to contribute significantly to the state’s financial growth.
The Property Industry alone is expected to generate N1.5 trillion, while the Digital Economy is projected to add N750 billion. The Informal Sector is anticipated to bring in N460 billion, and the Circular Economy is expected to contribute N20 billion.
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