Lagos State Governor, Babajide Sanwo-Olu, says the state generated about ₦1.3 trillion in internally generated revenue (IGR) in 2024, attributing the growth to sustained investments in digital tax systems and expanded tax administration.
Sanwo-Olu made this known at the opening of the 159th meeting of the Joint Revenue Board in Lagos, describing the figure as modest but significant.
He noted that IGR now accounts for over 60 per cent of the state’s budget.
According to the governor, the revenue growth reflects years of reforms, including the expansion of the tax net, deployment of digital systems, and efforts to build trust with taxpayers.
He added that Lagos contributes roughly a third of Nigeria’s Gross Domestic Product (GDP), reinforcing its position as the country’s economic hub.
Sanwo-Olu highlighted the strategic importance of the state’s maritime infrastructure, noting that Apapa Port Complex and Tin Can Island Port handle over 70 per cent of Nigeria’s maritime trade.
He revealed that in the first quarter of 2025 alone, Apapa Port processed goods worth ₦17 trillion, representing 86 per cent of the country’s export throughput.
The governor also disclosed that the Federal Government recently signed a £746 million agreement with the United Kingdom to modernise both ports, a move expected to strengthen Lagos’ position as West Africa’s leading maritime gateway.
He added that ongoing infrastructure projects, including the expansion of the Lagos-Badagry Expressway and development of regional trade corridors, are aimed at boosting economic activities and enhancing revenue generation.
Sanwo-Olu reaffirmed Lagos State’s commitment to supporting national development through collaboration, policy alignment, and data sharing.
