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  • News - South West - Lagos
  • Updated: June 18, 2024

Sanwo-Olu sets N2.5 billion revenue target for LASTMA

Sanwo-Olu sets N2.5 billion revenue target for LASTMA

Governor Babajide Sanwo-Olu’s administration has set a revenue generation target of N2.5 billion for the Lagos State Traffic Management Authority, LASTMA, for 2024, to be paid into the state government’s coffers.

According to the approved 2024 budget, the N2.5 billion target for LASTMA is part of the N52.48 billion cumulative expected revenue for the Ministry of Transportation and its agencies.

Between January and September 2023, LASTMA generated N703.486 million of its N2.35 billion target.

The Ministry of Transportation itself is tasked with generating N11.28 billion, while the Lagos State Metropolitan Area Transport Authority is expected to contribute N10.3 billion.

Similarly, the state government has set a revenue target of N17.059 billion for the Motor Vehicle Administration Agency, which generated N7.196 billion of its N16.399 billion target between January and September 2023.

Also, the Lagos State Parking Authority, which generated N450.9 million between January and September 2023 against a target of N1.75 billion, is expected to generate N4.1 billion in 2024.

The budget also reveals that the revenue generation target for the Lagos State Number Plate and Production Authority has been increased to N6.2 billion for 2024, up from the N5.23 billion target set for 2023.

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