Lagos State Government says it has recorded a revenue increase from a monthly average of N18.9bn in 2008 to N29bn in 2012.
The Commissioner for Finance, Mr. Adetokunbo Abiru, who said this at a press briefing of the ministry on Wednesday, said the figure was the total of Internally Generated Revenue and federal receipts of the state.
He said the increase amounted to an average yearly growth of 10.7 per cent over the five-year period.
The commissioner said the Internally Generated Revenue of the state had in the last five years accounted for over 65 per cent of the total revenue of the State.
Abiru said, "This development has further reflected the stable nature of the state's fiscal revenue which has continued to rely more on IGR rather than revenue receipts from the Federal Government subject to external shocks and dictates of oil prices in the international market."
He said the government would eventually focus more on IGR by consolidating on all sources of taxation with a view to providing developmental programmes for the state.
He said the state government had prioritised funding of capital projects as against overhead expenditure, adding that, "the budgeting process of maintaining a funding preference for capital expenditure more than overhead expenditure will be sustained in the 2013 budget".
Abiru said efforts would not be spared to encourage and ensure that other revenue generating agencies of government performed at their optimum to make sure all the ongoing projects of the state government were successfully completed as soon as possible.
He urged residents of the state to willingly perform their civic responsibilities by paying their taxes promptly. He also admonished those paying regularly and voluntarily not to relent in their support for the government.
The Punch