Lagos Assembly sets LIRS 2025 revenue target at N1.4tr, lauds N1tr milestone

The Lagos State House of Assembly has set a revenue target of N1.4 trillion for the Lagos State Internal Revenue Service (LIRS) in 2025, emphasising that sustained improvements in revenue collection could reduce reliance on external borrowing.

Former Chairman of the House Committee on Economic Planning and Budgeting, Lukman Sa’ad Olumoh, and former Chairman of the House Committee on Finance, Femi Saheed, commended LIRS and its Executive Chairman, Ayodele Subair, for achieving an unprecedented milestone, surpassing N1 trillion in revenue generation and significantly enhancing the state’s financial performance.

Olumoh noted that Lagos State has set an exceptional benchmark in revenue collection, serving as a model for other states. He expressed confidence in LIRS’s ability to exceed future targets and urged the state government to continue supporting the agency.

Representing Ajeromi-Ifelodun Constituency 01 in the Lagos State House of Assembly, Olumoh praised the LIRS leadership in fostering a culture of efficiency and innovation, which has been instrumental in the agency’s success.

He assured that as Lagos’s economy expands and more job opportunities emerge, revenue growth would come primarily from enhanced tax compliance and structured reforms, rather than imposing additional burdens on residents.

“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 Ayodele Subair, a visionary and dedicated professional, LIRS has achieved remarkable success,” he said.Olumoh added that the agency’s work culture and improved operational environment have been instrumental in reaching this milestone.