Governor Babajide Olusola Sanwo-Olu has reaffirmed Lagos State’s commitment to building a sustainable and transparent fiscal system, as he hosted the 159th meeting of the Joint Revenue Board at Lagos House, Marina.
Speaking at the meeting, the governor said Lagos remains aligned with national revenue frameworks while pursuing practical reforms aimed at strengthening internally generated revenue (IGR) and improving public trust.
Sanwo-Olu disclosed that the state generated ₦1.3 trillion in IGR in 2024, representing a 45 per cent increase from the previous year, adding that the revenue now accounts for over 60 per cent of the state’s total budget.
According to him, the state government is focused on developing a revenue system that is fair, efficient, and easy for citizens and businesses to engage with, while ensuring that collections translate into tangible improvements in infrastructure and public services.
He emphasised that ongoing reforms are designed not only to boost revenue generation but also to enhance transparency and accountability in public finance management.
“As a key driver of national growth, Lagos understands the importance of a revenue system that people can trust and clearly see how their contributions are being utilised,” the governor said.
Sanwo-Olu further assured citizens that the state would continue to collaborate with stakeholders to align policies and strengthen revenue administration in a way that supports economic growth and improves the quality of life for residents.
The Joint Revenue Board meeting brought together key stakeholders in revenue administration to deliberate on strategies for enhancing fiscal sustainability and intergovernmental cooperation.