Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state generated about N1.3 trillion in Internally Generated Revenue (IGR) in 2024, attributing the growth to sustained investment in digital tax systems and expanded revenue administration.
The Governor made this known while declaring open the 159th meeting of the Joint Revenue Board in Lagos, describing the figure as “modest but significant,” and noting that IGR now accounts for over 60 per cent of the state’s budget.
Sanwo-Olu 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. He added that ongoing investments in infrastructure, including the expansion of the Lagos-Badagry Expressway and the development of regional trade corridors, were designed to boost economic activities and drive higher revenue generation.
Reaffirming Lagos State’s commitment to national development, the Governor emphasised collaboration, data sharing, and policy alignment, while urging participants at the meeting to explore the state and witness ongoing projects firsthand. He expressed optimism that the outcomes of the meeting would further strengthen revenue generation across the country.
Meanwhile, Sanwo-Olu projected that the Red Line Rail would move up to 500,000 passengers daily upon full operation, significantly improving transportation across the metropolis.
Speaking with journalists at Lagos House, Marina, he revealed that the state had taken delivery of new rolling stock for the Red Line from Dalian, China, noting that the trains, with eight coaches, would be twice the size of those currently operating on the Blue Line.
The Governor explained that the Red Line corridor, running from Oyingbo to Agbado, would ease commuter movement and reduce pressure on road transport, adding that discussions were ongoing to extend the rail line into neighbouring Ogun State.
He further disclosed that the Omi-Eko water transport project was underway, with high-capacity electric boats expected by next year to boost ferry services as part of the state’s multimodal transport system.
Sanwo-Olu maintained that improved infrastructure would ultimately enhance revenue generation, as more residents are encouraged to comply with tax obligations, linking economic growth directly to efficient service delivery.