Lagos IGR Surpasses ₦1.7 Trillion in 2025, Now Funds 60% of State Budget — Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu has announced that the state generated over N1.7 trillion in internally generated revenue in 2025, a 39 per cent increase from the N1.2 trillion recorded the previous year.

Speaking at the 159th meeting of the Joint Revenue Board at the State House in Marina on Wednesday, Sanwo-Olu said IGR now accounts for over 60 per cent of the state budget, reducing dependence on federal allocations.

Revenue Surge Driven by Reforms

Sanwo-Olu credited the growth to deliberate policies granting the Lagos State Internal Revenue Service operational independence, sustained investment in digital tax systems, and expansion of the tax base.

“It is only when you give revenue agencies what they need and allow them to work independently that you can fully harness their expertise,” the governor told fellow state leaders at the meeting.

He said Lagos had fully aligned with the new national tax framework and was ready to share its experience with other states to strengthen revenue administration nationwide.

Adedeji Commends Lagos Model

JRB Chairman Zacch Adedeji, who is also the Executive Chairman of the Nigeria Revenue Service, commended Lagos for its performance. He noted that the state’s annual internal revenue has grown from less than N94 billion to over N1.7 trillion over the years.

LIRS Chairman Ayodele Subair said Lagos hosting the JRB meeting again after five years reflects the state’s economic importance as Nigeria’s commercial hub.

Call for Revenue Agency Autonomy

Sanwo-Olu used the platform to urge other governors to give revenue agencies clear space and full tenure to work. He said disrupting the tenure of revenue agency chairmen undermines taxpayer confidence.

“Governors need to give revenue agencies clear space to work. They need to give them that independence. They need to give them full tenure to do their work,” he said.

The Joint Revenue Board comprises the Nigeria Revenue Service chairman, all 36 State Internal Revenue Service chairmen, the FCT chairman, and representatives from the Federal Ministry of Finance, National Identity Management Commission, Nigeria Customs Service, Nigeria Immigration Service, and the Federal Road Safety Corps.

Sources: Business Post, Channels TV, Adequate Times