Lagos State Government said it is targeting N50billion internally generated revenue (IGR), annually, through the adoption of Oracle applications.
Abdulahmed Mustapha, director general, Lagos State Financial Systems Management Bureau, hinted on this while speaking at Oracle Storage Summit in Lagos on Tuesday, adding that the State, strategically, is tackling loopholes in its internal revenue generation processes.
According to him, the State has made exponential growth in terms of revenue generation from N600million to N3Billion monthly, but stands at little above N20Billion presently, since the adoption of financial and audit management solutions provided by Oracle in 2005.
He added that the processes are in phases, adding that the Governor Babatunde Raji Fashola led government is mulling a biometric processes that will help fish out unserious civil servants, while other programmes that residents registration will aid the government in updating its tax payers base, currently at three million out of (estimated) 21 million residents.
He sought public understanding on Tax Payers’ Identity, maintaining that the process will benefit all residents in due course, while the government gears up the infrastructural developments in the state.