‘Lagos Can Generate More Revenue’ — Sanwo-Olu Seeks Overhaul Of National Tax Policies

Eko Hot Blog reports that Lagos State Governor, Babajide Sanwo-Olu, has called on the Presidential Committee on Fiscal Policy and Tax Reforms to identify and eliminate bottlenecks hindering Lagos’ full revenue potential.

The Lagos governor made the charge on Monday when he received Taiwo Oyedele, a tax expert and chairman of the presidential panel.

Sanwo-Olu lamented that Lagos revenue potential remains untapped due to constraints in existing tax laws.

He emphasized that “current limitations imposed by national tax policies” have hindered the state’s capacity to generate more revenue.

The governor, who disclosed that Lagos is aiming for a yearly budget of over N7 trillion to meet its infrastructure needs, called on the presidential panel on tax reforms to facilitate practical reforms that enhance revenue generation and fiscal sustainability.

“Improved tax collection stands as one of the pillars transforming Lagos. Our revenue potential remains untapped due to constraints in tax laws. I emphasized this during discussions with the Presidential Committee on Fiscal Policy and Tax Reforms led by renowned tax expert and Chairman of the Committee, Taiwo Oyedele today at the State House,” Sanwo-Olu wrote on social media.

“In our meeting, I highlighted Lagos’ capacity to generate more revenue, surpassing the current limitations imposed by national tax policies. We’re aiming for a yearly budget of over N7 trillion to meet our infrastructure needs, currently constricted by revenue constraints.

“We’re committed to practical reforms that enhance revenue generation and fiscal sustainability. I urged the committee to identify and eliminate bottlenecks hindering Lagos’ full revenue potential. Collaboration is key in achieving monumental changes in our revenue projection.

“A big thank you to the committee for recognizing Lagos as a model in tax reform. We’re pushing for a transformational shift not just in revenue generation but also in quality spending. Together, we aim to address revenue challenges and ensure efficient utilization of generated income.”

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