The Executive Governor of Lagos State, has come out to clarify that Improved tax collection stands as one of the pillars transforming Lagos.
He emphasized this during discussions with the Presidential Committee on Fiscal Policy and Tax Reforms led by renowed tax expert and Chairman of the Committee, Taiwo Oyedele today at the State House.
He further said that revenue potential remains untapped due to constraints in tax laws.
In his meeting with stakeholders, he highlighted Lagos’ capacity to generate more revenue, surpassing the current limitations imposed by national tax policies.
His speech further reads, “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”.
