Legislators in Lagos State have commended the Lagos State Internal Revenue Service (LIRS) for achieving an unprecedented milestone in revenue generation, surpassing N1 trillion. This landmark accomplishment positions LIRS as the first sub-national revenue agency in Nigeria to attain such a feat, reflecting its professionalism, efficiency, and commitment to transparent tax administration.

Former Chairman of the House Committee on Economic Planning and Budgeting, Hon. Lukman Sa?ad Olumoh, alongside Hon. Femi Saheed, former Chairman of the House Committee on Finance, lauded LIRS and its Executive Chairman, Mr. Ayodele Subair, for their exemplary leadership and dedication to enhancing the state?s revenue performance.

In a recent interview, Hon. Lukman Sa?ad Olumoh described the achievement as a testament to the dedication and expertise of the LIRS team. He emphasized that Lagos State has set a benchmark in revenue collection, serving as a model for other states to emulate. Representing the Ajeromi-Ifelodun Constituency 01 in the Lagos State House of Assembly, he praised Mr. Subair for fostering a culture of efficiency and innovation within the agency, which has significantly contributed to its success.

Speaking during the 2024 budget signing ceremony, Hon. Lukman Sa?ad Olumoh conveyed to Governor Babajide Sanwo-Olu that Lagos State has reached an exceptional level in revenue generation. He acknowledged LIRS?s historic achievement of surpassing the N1 trillion mark and expressed confidence in the agency?s ability to exceed future targets. He further urged the state government to sustain its support for LIRS, emphasizing that continued improvements in revenue collection could reduce reliance on external borrowing.

?You cannot expect remarkable results without placing the right people in key positions. LIRS is managed by a team of highly skilled professionals. While it operates as a government agency, its structure and operations reflect global best practices. The agency has evolved into a world-class institution, moving from Good Shepherd?s House to the state-of-the-art Revenue House. A visit to its facilities will reveal an environment that fosters excellence. Under the leadership of Mr. Ayodele Subair, a visionary and dedicated professional, LIRS has achieved remarkable success. The agency?s work culture and improved operational environment have been instrumental in reaching this milestone,? Hon. Lukman Sa?ad Olumoh stated.

Looking ahead, Hon. Lukman Sa?ad Olumoh noted that based on LIRS?s consistent performance, the revenue target for 2025 has been set at N1.4 trillion. He assured that as Lagos?s economy continues to expand and more employment opportunities are created, this growth in revenue collection would not impose additional burdens on residents but rather result from enhanced tax compliance and structured reforms.

?LIRS has demonstrated steady growth over the past five years. We have set a revenue target of N1.4 trillion for 2025, and I am confident that the agency can surpass this goal. Lagos State has the capacity to generate over N4 trillion in internal revenue without negatively impacting its residents,? he added.

He also highlighted the role of upcoming tax reforms at the federal level, noting that the Joint Tax Board (JTB) would ensure a well-structured tax administration system. He reassured the public that no adverse fiscal policies would be introduced, emphasizing that the focus remains on improving compliance and fostering a positive tax culture.

In a formal congratulatory letter addressed to Mr. Subair, Hon. Femi Saheed, who represents Kosofe II Constituency, commended the LIRS team for their dedication, resilience, and strategic approach to revenue collection. He reiterated the Lagos State House of Assembly?s commitment to providing the necessary legislative support to enable the agency to achieve even greater success.

?I extend my heartfelt congratulations to you and your forward-thinking management team for surpassing the N1 trillion revenue mark in 2024. My colleagues and I commend your resilience, transparency, and commitment to excellence. Your achievements bring immense pride to Lagos State, and I am confident that 2025 will be even more rewarding. As a key revenue agency, we remain dedicated to supporting your efforts in achieving greater milestones,? the letter stated.

With this historic achievement, LIRS continues to reinforce its position as a leader in revenue generation, setting new standards for tax administration in Nigeria.

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