Lagos generated ₦1.3trn in 2024, says Sanwo-Olu.
Glamtush reports that Lagos State Governor, Babajide Sanwo-Olu, has said that the state generated about ₦1.3 trillion in internally generated revenue in 2024, attributing the growth to sustained investments in digital tax systems and expanded tax administration.
Governor Sanwo-Olu disclosed this at the opening ceremony of the 159th meeting of the Joint Revenue Board in Lagos.
He described the figure as modest but significant, noting that IGR now accounts for over 60 per cent of the state’s budget.
Sanwo-Olu emphasised that 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.
“In 2024, Lagos generated ₦1.3 trillion in internally generated revenue, a 45 per cent jump on the previous year, and IGR now finances over 60 per cent of our budget.
“That has not happened by luck. It is the result of years of investment in digital tax systems, expanding our tax net, and building trust with our taxpayers,” he said.
The governor further explained that Lagos accounted for roughly a third of Nigeria’s GDP.
Lagos is home to the two busiest seaports in the federation — the Apapa Port Complex and Tin Can Island Port — which together handle over 70 per cent of the country’s maritime trade.
“In Q1 2025 alone, Apapa Port processed ₦17 trillion worth of exports, 86 per cent of Nigeria’s national export throughput,” the governor said.
In March 2026, the Federal Government entered an agreement worth £746 million with the United Kingdom to modernise both ports, further cementing Lagos’s position as West Africa’s premier maritime gateway.
Governor Sanwo-Olu added that all ongoing investments in infrastructure, including the expansion of the Lagos-Badagry Expressway and the development of regional trade corridors, were aimed at boosting economic activities and revenue generation.
He also reaffirmed Lagos’ commitment to national development through collaboration, data sharing, and policy alignment.
Also speaking at the event, the chairman of the Joint Revenue Board, Mr. Zacch Adedeji, said that the Lagos State Internal Revenue Service (LIRS), under the leadership of Mr. Ayodele Subair, remains the leading sub-national revenue authority in Nigeria.
“The remarkable performance of LIRS is rooted in the visionary reforms initiated by President Bola Tinubu during his administration as Executive Governor of Lagos State.
“Prior to these reforms, whose implementation commenced in 2007, the State’s annual Internally Generated Revenue (IGR) was less than ₦94 billion,” Adedeji said.
He said today, Lagos State generates over ₦1.7 trillion annually, reflecting a sustained commitment to reform and institutional strengthening.
Adedeji noted that on a year-on-year basis, Lagos State recorded over ₦1.7 trillion in IGR in 2025, representing a 39 per cent increase compared to the ₦1.2 trillion generated in 2024.
He urged participants to explore Lagos and witness ongoing developmental projects across the state, and build upon it to strengthen revenue generation across Nigeria.
