TITLE:
INTERNALLY GENERATED REVENUE AND BUDGET IMPLEMENTATION IN LAGOS STATE NIGERIA
AUTHORS:
Abolade Francis AKINTOLA, Ruth Tolulope OMOSEBI, Oluwafemi Oluwatosin ADEFALA, Oluwatoyosi Tolulope OLURIN, Shituru Nkechinyere ALU
Page: 23-45 Vol: 19 Issue: 12 Year: 2024
ABSTRACT
Revenue generation in Nigeria has been a topical issues. The government’s interest in finding non-oil revenue streams has increased in response to the sporadic decline in crude oil prices. The focus has always been on increasing domestic income generation to reduce reliance on oil and other state-mandated statutory allocations. There is also a widespread notion that a state with substantial domestic income generation is able to meet its inhabitants’ requirements for infrastructure and social services. Therefore, this study examined the effect of internally generated revenue and budget implementation in Lagos State. The research adopted ex-post facto research design. The population of this study was Lagos State which is also the sample size. Data for the purpose of this research work were obtained from the Lagos State Internal Revenue Service and the Lagos State Ministry of Economic Planning and Budgeting from 2007 to 2022. Data collected were analyzed using Ordinary Least Square (OLS) method and simple linear regression. The findings of the research showed that domestically produced revenue significantly and favorably affects capital, ongoing, and overall expenditures. The study’s recommendations were based on its findings, which included strengthening the Lagos State Internal Revenue Service to serve as a one-stop shop for tax collection and improving other revenue streams including stamp duties, levies, and fees that the state government collects. Additionally, the Lagos State government has to make sure that the budget is implemented effectively by converting the allocated funds into material assets.
Keywords:
Budget implementation, Capital expenditure, Internally generated revenue, Recurrent expenditure, Total expenditure
Received: 02 November 2024
Accepted: 19 November 2024
Published: 07 December 2024
