Gov. Sanwo-Olu raises revenue target for LASTMA to N2.5 billion
Governor Babajide Sanwo-Olu’s administration has set N2.5 billion revenue generation target for officials of the Lagos State Traffic Management Authority (LASTMA) for 2024 to be paid into the state government coffers.
According to the approved budget of the state by the governor for 2024, the N2.5 billion target set for LASTMA is out of the N52.48 billion cumulative expected revenue set for the ministry of transportation and agencies under its watch to generate this year.
Between January and September 2023, LASTMA was said to have generated N703.486 million out of the N2.35 billion revenue target set for it.
While the ministry itself, according to the budget, was directed to generate N11.28 billion, the Lagos State Metropolitan Area Transport Authority (LAMATA) is to cough out N10.3 billion.
In the same vein, the state government set N17.059 billion revenue target for the Motor Vehicle Administration Agency (MVAA), who between January and September 2023, generated N7.196 billion out of the N16.399 billion target set for it.
Additionally, out of the N52.48 billion revenue target for all agencies in the ministry combined in 2024, the Lagos State Parking Authority, who in 2023, generated N450.9 million between January and September out of the N1.75 billion the state government targeted for it, is expected to generate N4.1 billion this year.
Finally, the budget also showed that the state government has increased the revenue generation target for the Lagos State Number Plate and Production Authority for this year to N6.2 billion, from the N5.23 billion set for it in 2023.
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