LIRS surpasses ₦1 trillion revenue milestone, setting national record

LIRS makes history by surpassing ₦1 trillion in revenue, earning praise for efficiency and professionalism in tax administration

[dropcap]T[/dropcap]he Lagos State Internal Revenue Service (LIRS) has achieved a historic milestone, surpassing ₦1 trillion in revenue collection—an unprecedented feat for any sub-national revenue agency in Nigeria.

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This accomplishment underscores LIRS’s efficiency, professionalism, and commitment to transparent tax administration.

Lagos State legislators have commended the agency for this landmark achievement, recognizing its role in strengthening the state’s financial independence.

Former Chairman of the House Committee on Economic Planning and Budgeting, Hon. Lukman Sa’ad Olumoh, along with Hon. Femi Saheed, former Chairman of the House Committee on Finance, praised LIRS and its Executive Chairman, Mr. Ayodele Subair, for their leadership and dedication.

Hon. Olumoh described the revenue milestone as proof of LIRS’s effectiveness, noting that Lagos has set a benchmark for other states to follow.

Speaking at the 2024 budget signing ceremony, he assured Governor Babajide Sanwo-Olu that Lagos’s revenue capacity continues to grow, reducing reliance on external borrowing.

“You cannot expect remarkable results without placing the right people in key positions. LIRS is managed by highly skilled professionals and operates in line with global best practices.

Under Mr. Subair’s visionary leadership, the agency has transformed into a world-class institution,” he stated.

Looking ahead, LIRS has set a revenue target of ₦1.4 trillion for 2025. Hon. Olumoh expressed confidence in the agency’s ability to meet and exceed this goal, emphasizing that increased revenue will result from improved tax compliance rather than additional financial burdens on residents.

Hon. Femi Saheed, in a formal congratulatory letter to Mr. Subair, reaffirmed the Lagos State House of Assembly’s support for LIRS’s ongoing success.

“Your achievements bring immense pride to Lagos State, and I am confident that 2025 will be even more rewarding,” he wrote.

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With this historic revenue milestone, LIRS solidifies its reputation as a leader in tax administration, setting new standards for Nigeria’s financial sustainability.