Lagos State Assembly Sets N1.4 Trillion Tax Target for LIRS in 2025
- The Lagos State Internal Revenue Service (LIRS) has gotten a higher tax revenue target for 2025 after hitting N1 trillion in 2024
- The state House of Assembly expressed confidence in the tax board to achieve the new target set for the year
- The honourable members also explained why they think the LIRS can achieve the set target for 2025
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Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
After hitting a N1 trillion revenue in 2024, the Lagos State Internal Revenue Service (LIRS) now has a revenue target of N1.4 trillion in 2025.
The State House of Assembly gave the tax body this revenue, urging it to sustain strategies it applied in the past year to hit the new target.
The House of Assembly also encouraged the LIRS team to achieve the said target and bring in more money in 2025 so that the government can cut down on borrowing.
Source: Getty Images
Recall that Governor Babajide Sanwo-Olu has signed the state’s 2025 budget of N3.366 trillion into law, with a target of getting N2.342 trillion from total Internally Generated Revenue.
Lagos Assembly sets new tax target
Honorable Lukman Sa’ad Olumoh, the former Chairman of the House Committee on Economic Planning and Budgeting commended the state tax administrator on hitting the N1 trillion milestone in 2024.
Olumoh also expressed confidence in the LIRS's ability to achieve the new target set before it, adding that the agency has helped Lagos state set a tax revenue benchmark for other states to imitate, the GUARDIAN reports.
He also commended the LIRS leadership for the efficiency and innovation introduced in tax collection, adding that they had indeed played their role as skilled professionals.
Olumoh, who sits as the representative of the Ajeromi-Ifelodun Constituency 01 said;
“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.”
Similarly, the former Chairman of the House Committee on Finance, Femi Saheed, commended the tax body and its leadership for the improved work culture and milestones hit.
Lagos state reviews traffic fines
Recall that the Lagos state government recently reviewed the fines attached to several traffic offences in the state.
Source: Getty Images
The government also implemented 24-hour monitoring technology across strategic routes in the states, to reduce road accidents and catch defaulters.
Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi detailed the routes where the technology will first be used.
The state government is also set to receive six new trains from China, to be incorporated into the Blue Rail and Red Rail system in the state.
These trains will convey more commuters in the state, generating revenue for the government and easing pressure on the roads.
Lagos state warns Employers to file tax returns before deadline
In related news, the Lagos State Government announced a new deadline for employers in the state to file tax returns or risk penalties.
The state government has announced plans to penalise employers, warning of statutory sanctions for non-compliance.
The move aims to boost revenue and fund state infrastructure as the state government plans to spend N3.366 trillion in its 2025 budget.
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Source: Legit.ng
