Lagos State Governor, Babajide Sanwo-Olu, has revealed that the state generated approximately ₦1.3 trillion in internally generated revenue (IGR) in 2024, attributing the milestone to sustained reforms in tax administration and digital innovation.
Speaking at the 159th meeting of the Joint Revenue Board in Lagos, the governor described the revenue figure as modest but impactful, noting that IGR now contributes over 60 per cent of the state’s total budget.
According to him, the growth represents a 45 per cent increase compared to the previous year, driven by deliberate investments in digital tax systems, expansion of the tax net, and improved public trust in the system.
Sanwo-Olu highlighted Lagos’ central role in Nigeria’s economy, stating that the state accounts for roughly one-third of the nation’s GDP. He also pointed to the strategic importance of key maritime hubs such as the Apapa Port Complex and Tin Can Island Port, which together handle over 70 per cent of Nigeria’s seaborne trade.
He disclosed that in the first quarter of 2025 alone, Apapa Port processed exports valued at ₦17 trillion, representing 86 per cent of the country’s total export throughput.
The governor further noted that ongoing infrastructure projects—including the Lagos-Badagry Expressway expansion and development of trade corridors—are designed to boost economic activities and enhance revenue generation.
Also speaking at the event, Zacch Adedeji commended the Lagos State Internal Revenue Service (LIRS) for its consistent performance, crediting reforms initiated during the tenure of Bola Tinubu for laying the foundation of the state’s revenue growth.
Adedeji noted that Lagos’ IGR has grown significantly from less than ₦94 billion in 2007 to over ₦1.7 trillion in 2025, reflecting sustained institutional reforms and improved revenue systems.
He encouraged other states to adopt similar strategies, emphasizing the importance of innovation, data-driven policies, and collaboration in strengthening revenue generation across Nigeria.
