General News
Lagos Lawmakers Commend LIRS on Historic N1 Trillion Revenue Milestone
Legislators in Lagos State have commended the Lagos State Internal Revenue Service (LIRS) for achieving an unprecedented milestone in revenue generation, surpassing ₦1 trillion.
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.
Former Chairman of the House Committee on Economic Planning and Budgeting, Hon. Lukman Sa’ad Olumoh, alongside Hon. Femi Saheed, former Chairman of the House Committee on Finance, lauded LIRS and its Executive Chairman, Mr. Ayodele Subair, for their exemplary leadership and dedication to enhancing the state’s revenue performance.
In a recent interview, Hon. Lukman Sa’ad Olumoh described the achievement as a testament to the dedication and expertise of the LIRS team. He emphasized that Lagos State has set a benchmark in revenue collection, serving as a model for other states to emulate. Representing the Ajeromi-Ifelodun Constituency 01 in the Lagos State House of Assembly, he praised Mr. Subair for fostering a culture of efficiency and innovation within the agency, which has significantly contributed to its success.
Speaking during the 2024 budget signing ceremony, Hon. Lukman Sa’ad Olumoh conveyed to Governor Babajide Sanwo-Olu that Lagos State has reached an exceptional level in revenue generation.
He acknowledged LIRS’s historic achievement of surpassing the N1 trillion mark and expressed confidence in the agency’s ability to exceed future targets.
He further urged the state government to sustain its support for LIRS, emphasizing that continued improvements in revenue collection could reduce reliance on external borrowing.
“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 Mr. Ayodele Subair, a visionary and dedicated professional, LIRS has achieved remarkable success. The agency’s work culture and improved operational environment have been instrumental in reaching this milestone,” Hon. Lukman Sa’ad Olumoh stated.
Looking ahead, Hon. Lukman Sa’ad Olumoh noted that based on LIRS’s consistent performance, the revenue target for 2025 has been set at N1.4 trillion.
He assured that as Lagos’s economy continues to expand and more employment opportunities are created, this growth in revenue collection would not impose additional burdens on residents but rather result from enhanced tax compliance and structured reforms.
“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 added.
He also highlighted the role of upcoming tax reforms at the federal level, noting that the Joint Tax Board (JTB) would ensure a well-structured tax administration system.
He reassured the public that no adverse fiscal policies would be introduced, emphasizing that the focus remains on improving compliance and fostering a positive tax culture.
In a formal congratulatory letter addressed to Mr. Subair, Hon. Femi Saheed, who represents Kosofe II Constituency, commended the LIRS team for their dedication, resilience, and strategic approach to revenue collection.
He reiterated the Lagos State House of Assembly’s commitment to providing the necessary legislative support to enable the agency to achieve even greater success.
“I extend my heartfelt congratulations to you and your forward-thinking management team for surpassing the N1 trillion revenue mark in 2024.
“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.
“As a key revenue agency, we remain dedicated to supporting your efforts in achieving greater milestones,” the letter stated.
With this historic achievement, LIRS continues to reinforce its position as a leader in revenue generation, setting new standards for tax administration in Nigeria.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
Federal government will next month launch Nigeria’s first national organized crime strategy to strengthen the country’s response to terrorism, cybercrime, human and drug trafficking, kidnapping, illicit financial flows, and other forms of organized crime.
Major General Adamu Laka, national coordinator of the National Counter Terrorism Centre under the Office of the National Security Adviser, disclosed this in Abuja during the validation of the strategy document.
He said the strategy provides a coordinated national framework for tackling organized crime through improved intelligence sharing, stronger collaboration among security agencies, and closer cooperation with the criminal justice system, civil society organizations, and international partners.
Major General Laka explained that the document was developed through a partnership involving the Federal Government, the United Nations Office on Drugs and Crime (UNODC), the United States Government, and other stakeholders.
Speaking at the event, Cheikh Toure, UNODC representative, said the strategy would strengthen Nigeria’s capacity to combat transnational crimes, including drug trafficking, cybercrime, human trafficking, kidnapping, and illicit financial flows.
Also speaking, Douglas Grane, acting director of the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, reaffirmed the U.S. government’s support for Nigeria’s efforts to tackle organized crime through stronger inter-agency and international cooperation.
Representatives of the National Institute for Strategic Studies, the Nigeria Financial Intelligence Unit, and the National Cyber Security Centre also endorsed the initiative, describing it as a major step towards improving Nigeria’s fight against organized crime.
FATE Foundation, with funding from the Citi Foundation, has launched the Youth Entrepreneurship Incubation Programme to equip young people in Nigeria with financial literacy and entrepreneurship skills.
Delivered through free, safe, and accessible platforms, the programme supports the incubation and scaling of youth-led enterprises, enabling income generation and job creation.
In October 2025, FATE Foundation was selected as a recipient of Citi Foundation’s 2025 Global Innovation Challenge to Accelerate Youth Employability. Joining the cohort of 50 organisations globally, the Foundation will receive $500,000 over two years to advance its youth employability initiative.
“We are excited to be selected for Citi Foundation’s 2025 Global Innovation Challenge,” said Ayomide Akindolie-Igwe, Executive Director of FATE Foundation.
“This support enables us to equip young entrepreneurs in Nigeria with the financial literacy and skills needed to build and scale sustainable businesses.”
The programme addresses youth employability by tackling Africa’s growing jobs crisis. By 2030, the African continent will be home to 40% of the world’s youth, and with one in three under 35 already unemployed, this initiative will support Nigerian youth with a two-phase approach. It begins with financial literacy training before progressing to entrepreneurship development, incubation support, and access to tools needed to build viable, job-creating businesses.
“Through this innovative initiative, FATE Foundation is supporting low-income Nigerian youth to develop essential financial and entrepreneurial skills using accessible platforms.
“This support is not just helping individuals to succeed; it is building a solid foundation for sustainable enterprises that will drive job creation and contribute significantly to our nation’s economic vitality. This initiative is empowering and investing in the future of Nigeria, one youth at a time,” said Nneka Enwereji, MD/CEO Citibank Nigeria Limited.
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