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Members of the Lagos State House of Assembly have praised the Lagos State Internal Revenue Service (LIRS) for exceeding N1 trillion in revenue for 2024.
“This remarkable achievement positions LIRS as Nigeria's first sub-national revenue agency to reach this milestone, showcasing its professionalism, efficiency, and dedication to transparent tax administration,” the lawmakers stated.
The former chairman of the House Committee on Economic Planning and Budgeting, Lukman Sa’ad Olumoh, along with the former chairman of the House Committee on Finance, Femi Saheed, commended LIRS and its executive chairman, Ayodele Subair, for their leadership and commitment to boosting the state's revenue.
In a recent interview, Sa’ad praised the expertise of the LIRS team and noted that the attainment of N1 trillion revenue sets a benchmark for other states to follow. At the 2025 budget signing event, he informed Lagos Governor Babajide Sanwo-Olu that the state had “achieved an extraordinary level in revenue generation.”
Encouraging the state government to continue supporting the revenue service, he expressed confidence that LIRS would surpass future targets, reducing the need for external borrowing. “Although it functions as a government agency, its structure and operations follow global best practices. The agency has transformed into a world-class institution, moving from Good Shepherd’s House to the modern Revenue House,” Sa’ad explained.
He revealed that the agency is targeting N1.4 trillion for 2025, assuring that revenue collection would not create an extra burden on residents. “LIRS has shown consistent growth over the last five years. We have set a revenue goal of N1.4 trillion for 2025, and I am confident that the agency can exceed this target. Lagos State has the potential to generate over N4 trillion in internal revenue without negatively affecting its residents,” he stated.
Additionally, commenting on President Bola Tinubu’s tax reforms, Sa’ad emphasized that the Joint Tax Board (JTB) would establish a “well-organized tax administration system.”
In his congratulatory message to the LIRS chairman, Saheed, representing Kosofe II Constituency, praised the team's dedication to revenue collection and reaffirmed the assembly’s commitment to supporting the service.
Saheed remarked, “My colleagues and I commend your resilience, transparency, and commitment to excellence. Your achievements instill great pride in Lagos State, and I believe 2025 will be even more fruitful.”
