EXCLUSIVE: Lagos sets humongous N2.5bn revenue generation target for LASTMA
Motorists in Lagos, Southwest Nigeria who are fond of breaking road traffic laws should be warned because officials of the Lagos State Traffic Management Authority (LASTMA) have been given the target to generate N2.5 billion into government ‘s coffer this year.
This is contained in the approved budget of the Lagos State Government for 2024 and signed into law by Governor Babajide Sanwo-Olu.
In the budget, the Ministry of Transportation is to generate N52.48 billion this year, out of which LASTMA is to rake in N2,505,000,000.
In the 2023 budget, LASTMA was given N2.35 billion as revenue target. The Authority raked in N703.486 million between January and September, 2023. The revenue generation in the last three months (October-December) was not captured in the budget.
Asides LASTMA, the Ministry of Transportation is to cough out N11.28 billion, while the Lagos State Metropolitan Area Transport Authority (LAMATA) is to generate N10.3 billion.
The Motor Vehicle Administration Agency (MVAA) was given a budget of N17.059 billion revenue target. In the previous year, out of the N16.399 billion revenue target, MVAA generated N7.196 billion between January and September 2023.
Also, the Lagos State Parking Authority is to generate N4.1 billion this year. In the previous year, the agency posted N450.9 million between January and September 2023 out of the N1.75 billion it was given in that year.
The Lagos State Number Plate and Production Authority has a revenue generation target of N6.2 billion, which is more that the N5.23 billion revenue target the previous year.
Credit: PM News
