By Dipo Olowookere

Governor Babajide Sanwo-Olu of Lagos State has revealed that the annual budget of the state is now being funded largely by Internally Generated Revenue (IGR).

Speaking on Wednesday at the State House in Marina, Lagos, the Governor said revenue generated in the state from taxes specifically accounts for over 60 per cent of the appropriation act.

He also disclosed that in 2024, Lagos State earned over N1.3 trillion from IGR, allowing the government to provide basic amenities and others to residents.

Governor Sanwo-Olu attributed this achievement to the stable leadership at the Lagos State Inland Revenue Service (LIRS), charging his colleagues to emulate this.

“Governors need to give revenue agencies clear space to work. They need to give them that independence. They need to give them full tenure to do their work.

“It should not be a situation where a governor comes and wants to disrupt the tenure of the chairman. It is only when they do all of this that the confidence of taxpayers, the confidence of workers and subordinates in the system will be enhanced.

“I will be pushing my brother governors again for them to understand and appreciate that it is only when they give you what you need to work that they can get the benefits of the expertise that you all have,” Mr Sanwo-Olu said at the 159th meeting of the Joint Revenue Board (JRB) in the state.

The JRB, formerly known as the Joint Tax Board (JTB), is made up of the chairman of the Nigeria Revenue Service (NRS), chairmen of the 36 State Internal Revenue Services and the Chairman of the Federal Capital Territory (FCT), as well as representatives of key agencies including the Federal Ministry of Finance, National Identity Management Commission, Revenue Mobilisation, Allocation and Fiscal Commission, Nigeria Customs Service, Nigeria Immigration Service and the Federal Road Safety Corps.

Speaking further, the Governor said the 45 per cent increase in the IGR for 2024 was driven by reforms spearheaded by the LIRS, sustained investment in digital tax systems, expansion of the tax base, and improved engagement with taxpayers.

“We can say that our internally generated revenues now account for well over 60 per cent of our budget. It has not happened by sheer luck. It is the result of years of investment in digital tax systems, a push to expand our tax net, and building trust with our taxpayers,” he stated.

“For us, it is really about our citizens. It is about the people who have given us the trust to believe in us and to pay these taxes. My deputy and I are consistently committed to ensuring that we leave this place a lot better than we met it,” he added.

The chairman of LIRS, Mr Ayodele Subair, noted that Lagos’ hosting of the meeting again after five years reflected its economic importance.

“After a five-year interval, Lagos State is once again honoured to host this important gathering. This reflects the state’s leadership as Nigeria’s economic nerve centre,” he said.

On his part, the chairman of JRB, Mr Zacch Adedeji, represented by the Executive Secretary of JRB, Mr Olusegun Adesokan, commended Lagos for its revenue performance and governance reforms, noting that, “Prior to this, the state’s annual internal revenue was less than N94 billion. But today, Lagos generates over N1.7 trillion annually.”

“These achievements clearly demonstrate how strong revenue performance, when effectively managed, translates into tangible development outcomes for citizens,” he added.

By Adedapo Adesanya

Oil prices increased by ​more than $3 on Wednesday on fresh attacks on ‌at least three container ships in the Strait of Hormuz amid a lack of progress in peace talks between the US and Iran.

Brent crude futures gained $3.43 or 3.48 per cent to trade at $101.91 a barrel, while the US West Texas Intermediate (WTI) crude futures appreciated by $3.29 or 3.67 per cent to $92.96 per barrel.

At least three container ships were hit by gunfire in the Strait of Hormuz on Wednesday.

Iran’s Revolutionary Guards Navy (IGRC) seized two vessels for what it described as maritime violations and transferred them to Iranian shores. The two ships – the Panama-flagged MSC Francesca and Liberia-flagged Epaminondas – were seized for “attempting to exit the Strait of Hormuz covertly”.

Iran and the US have imposed restrictions on ships using the strait, which carried about ​20 per cent of global oil and liquefied natural gas supplies until the war began at the end of February. The standoff over the strait has raised doubts about whether stalled peace negotiations will resume.

The seizures mark the first time Iran has taken control of ships since the beginning of the war, which started on February 28, and come after the US fired on and seized an Iranian cargo vessel and boarded an Iranian oil tanker in the Indian Ocean.

In the latest in a series of about-turns, President Donald Trump threatened violence on Tuesday, hours before announcing he was unilaterally extending a ceasefire.

Previously, the American President Trump said he ​would indefinitely extend the ceasefire with Iran, hours before it was due to expire. Neither side showed up for peace talks in Pakistan.

Countries in Asia that are dependent on Gulf oil have been badly hit, with shortages of fuel, fertiliser and other raw materials that pass through the strait. While the West is better insulated, it is not immune, with Germany, Europe’s largest economy, slashing its 2026 growth forecast to 0.5 per cent on Wednesday, while Greece announced €500 million in extra aid for households and farmers.

Crude oil inventories in the US increased by 1.9 million barrels during the week ending April 17, according to new data from the U.S Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 465.7 million barrels according to government data.

The EIA’s data release follows figures by the American Petroleum Institute (API) that were released on Tuesday, which reported that crude oil inventories saw a draw of 4.4 million barrels in the period.

By Dipo Olowookere

Weakened market activity and bearish investor sentiment were not enough to bind the Nigerian Exchange (NGX) to the Philistines on Wednesday as it rallied by 0.61 per cent.

The sterling performance put up by the major sectors of the bourse ensured that the upward trajectory was maintained, with the news of the removal of Mr Wale Edun as Finance Minister not causing panic among traders, ostensibly because his replacement, Mr Taiwo Oyedele, a tax expert, is known to the capital market.

Business Post reports that the banking segment grew by 2.03 per cent, the insurance counter firmed up by 1.07 per cent, the consumer goods sector appreciated by 0.45 per cent, the industrial goods space improved by 0.15 per cent, and the energy industry expanded by 0.02 per cent.

As a result, the All-Share Index (ASI) surged by 1,336.39 points to 219,586.20 points from 218,249.81 points, and the market capitalisation soared by N861 billion to N141.384 trillion from N140.523 trillion.

The market breadth index remained negative after Customs Street ended with 33 price losers and 28 price gainers, led by the quintet of UAC Nigeria, CAP, Vitafoam Nigeria, Transcorp Hotel, and Trans-Nationwide Express, which gained 10.00 per cent each to sell for N121.00, N110.00, N143.00, N223.30, and N7.92, respectively.

Neimeth ended the session on top of the losers’ chart after it shed 10.00 per cent to quote at N9.00. Abbey Mortgage Bank lost 9.85 per cent to settle at N5.95, Living Trust Mortgage Bank declined by 8.94 per cent to N3.36, ABC Transport crashed by 8.65 per cent to N5.70, and Haldane McCall tumbled by 6.23 per cent to N3.61.

A total of 683.7 million stocks valued at N36.2 billion were traded in 51,694 deals yesterday versus the 842.5 million stocks worth N44.9 billion transacted in 61,617 deals a day earlier, representing a drop in the trading volume, value, and number of deals by 18.85 per cent, 19.38 per cent, and 16.10 per cent, respectively.

The activity chart was led by First Holdco, which transacted 76.6 million shares worth N5.8 billion, UBA exchanged 55.3 million stocks valued at N2.8 billion, Access Holdings traded 52.4 million equities for N1.6 billion, GTCO sold 37.4 million shares worth N4.9 billion, and Japaul exchanged 30.2 million equities valued at N94.4 million.