Lagos State Governor Babajide Sanwo-Olu yesterday said Internally Generated Revenue (IGR) now formed 60 per cent of the state’s annual budget. According to him, the state government generated about N1.3 trillion internally in 2024.

The governor made the disclosure at the State House, Marina, while hosting members of the Joint Revenue Board (JRB) for its 159th meeting, which began on April 20.

Recall that the Joint Revenue Board (JRB) formerly known as the Joint Tax Board (JTB), is made up of the Executive Chairman of the Nigeria Revenue Service (NRS), chairmen of the 36 State Internal Revenue Services and the Chairman of the Federal Capital Territory (FCT), as well as representatives of key agencies.

These agencies include the Federal Ministry of Finance, National Identity Management Commission (NIMC), Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Nigeria Customs Service (NCS), Nigeria Immigration Service (NIS) and the Federal Road Safety Corps (FRSC) among others.

Speaking further, the governor attributed the feat to sustained investments in digital tax systems, expanded tax net and building trust with taxpayers. Sanwo-Olu said: “We generated N1.3 trillion in IGR in 2024, which, as modest as it may seem, represents about 45 per cent growth in our revenue efforts.

“Our IGR today forms well over 60 per cent of our budget, and this is not by chance. “It is the result of years of deliberate investment in digital tax systems, expansion of the tax net, and building trust with taxpayers.”