Members of the Lagos State House of Assembly have commended the Lagos State Internal Revenue Service (LIRS) for surpassing N1 trillion naira revenue in 2024.

“This landmark accomplishment positions LIRS as the first sub-national revenue agency in Nigeria to attain such a feat, reflecting its professionalism, efficiency, and commitment to transparent tax administration,” the lawmakers said.

Former chairman of the House Committee on Economic Planning and Budgeting, Lukman Sa’ad Olumoh, and Femi Saheed, a former chairman of the House Committee on Finance, lauded the LIRS and its executive chairman, Ayodele Subair’s leadership and dedication towards enhancing the state’s revenue.

Mr Sa’ad, in a recent interview, lauded the LIRS team’s expertise and said that with the N1 trillion revenue feat, Lagos had set a standard for other states to emulate.

At the 2025 budget signing ceremony, Mr Sa’ad, who represents Ajeromi-Ifelodun Constituency 01, told Lagos Governor Babajide Sanwo-Olu that the state had “reached an exceptional level in revenue generation.”

Urging the state government to continue supporting the revenue service, the lawmaker expressed optimism that the LIRS would exceed future targets, which would reduce external borrowing.

“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,” said Mr Sa’ad.

He disclosed that the service was eyeing N1.4 trillion in 2025, assuring that revenue collection would not impose an additional burden on residents.

“LIRS has demonstrated steady growth over the past five years. We have set a revenue target of N1.4 trillion for 2025, and I am confident that the agency can surpass this goal.

“Lagos State has the capacity to generate over N4 trillion in internal revenue without negatively impacting its residents,” he stated.

Also speaking on President Bola Tinubu’s tax reforms, Mr Sa’ad stressed that the Joint Tax Board (JTB) would ensure a “well-structured tax administration system.”

In his congratulatory message to the LIRS boss, Mr Saheed, representing Kosofe II Constituency, applauded the team’s dedication to revenue collection and restated the assembly’s commitment to supporting the service.

Mr Saheed partly stated, “My colleagues and I commend your resilience, transparency, and commitment to excellence. Your achievements bring immense pride to Lagos State, and I am confident that 2025 will be even more rewarding.”