The Lagos State government has launched an ambitious plan to generate an additional N200 billion annually by broadening its income tax base and employing advanced digital solutions to enhance revenue collection.
This initiative is set to be a central topic at the upcoming EKO Revenue Plus Summit, scheduled for September 25-26, 2024, under the theme “Unlocking New Revenue Streams for Lagos State.”
According to the summit’s synopsis, Lagos aims to achieve a staggering N5 trillion in internally generated revenue by focusing on four key sectors, with a particular emphasis on the digital economy. The state’s new strategy includes the implementation of a Resident Global Digital Citizen Tax Management System. This system will target remote workers, foreign firms, and digital influencers.
As part of the Lagos New Money Initiatives, the government aims to increase its IGR to N5 trillion, adding an extra N2.73 trillion in revenue. The plan builds on the existing IGR framework, which targets N1.25 trillion, and focuses on four main economic sub-sectors: Property Industry, Digital Economy, Informal Sector, and Circular Economy.
Projected contributions include N1.5 trillion from the Property Industry, N750 billion from the Digital Economy, N460 billion from the Informal Sector, and N20 billion from the Circular Economy.
This comprehensive strategy reflects Lagos State’s commitment to leveraging technology and expanding its tax base to secure a robust financial future.
