Economy
70% of Lagos IGR Comes from Taxes—LIRS Chairman
By Dipo Olowookere
The executive chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has said about 70 per cent of the state’s Internally Generated Revenue (IGR) comes from taxes paid by individuals and organisations doing business in the metropolis.
Mr Subair made this disclosure when he received the Managing Director of New Telegraph Newspapers, Mr Ayodele Aminu, and the Daily Editor of the media platform, Ms Juliet Bumah, in his office in Alausa, recently.
The management of the Daily Telegraph Publishing Company Limited, publishers of New Telegraph Newspapers, visited the LIRS chief to inform him of the decision to honour him with an award of leadership excellence at a ceremony to be held later in the year.
Mr Aminu said the LIRS boss was chosen because of his remarkable contributions to the development of the state and the country, especially in the tax sector.
But Mr Subair attributed the tax revolution in Lagos State to the former Governor of the state and presidential candidate of the All Progressives Congress (APC) in the 2023 general elections, Mr Bola Tinubu, saying he contributed to the significant boost to the Lagos IGR.
“He is the father of this tax revolution in Lagos State. So, we must always give him that credit. Since he made the LIRS board autonomous, the numbers have been leaping in bounds, and we hope to continue on that trajectory because we have to provide the funding for the state.
“The incumbent Governor (Babajide Sanwo-Olu) has been very supportive of our innovations and fresh ideas in tax administration in Lagos State,” he said.
The LIRS leader said Mr Tinubu must be commended for having the vision to “create some independent agencies like the LIRS and making the state less reliant on the federal government’s allocation.”
Speaking on the award, Mr Subair noted, “The joy is when there is a bit of recognition, then you feel justified, you feel happy that you have spent all those long hours burning candles at night and so forth justifiably. I’m very pleased that you have deemed it fit to honour the agency and me. I assure you that management would be well represented at the award ceremony, God’s willing.”
“It is a moment like this that we feel very glad we have put ourselves at the service of our dear state. We usually don’t get any recognition internally or externally; rather, it is you can always do better. But in our world, our numbers speak for themselves.
“In your letter, you said we almost doubled our internal revenue generation since the inception of our tenure, but in fact, it’s more than double,” he added.
While commending the staff of the LIRS for their dedication and steadfastness, the LIRS boss said, “We are delighted that we have been able to achieve all those things. It’s all from dedicated leadership and followership.
“The staff plays a very big role in making our numbers rise. Management directs and formulates the policies and all the various processes that generate such income, but at the same time, we need to commend the foot soldiers; they are the ones out in the field who help us to advocate for taxpayers to try and be tax compliant, to respect the social contracts, and to understand that if they want the state to improve in terms of provision of infrastructure and quality services, they also need to contribute.”
Mr Subair advised Nigerians, especially Lagos residents, not to relent in their duties by paying their taxes regularly and diligently as it would help the government provide infrastructure and social amenities as attainable in developed countries.
“Everybody goes to the UK, U.S and they are all marvelled at the level of their infrastructure, good road network, free education, electricity and all other things. All these are made possible because the people are highly tax-compliant in that clime. Nobody is chasing anyone about paying taxes.
“If you don’t pay tax, the sanctions are there. People go to jail. There are no two ways about it. But unfortunately, in Africa, extending to Nigeria and Lagos, people don’t want to pay taxes.
“Yes, globally, people don’t want to pay; if they could avoid it, they would avoid it, So it makes our job very difficult and trickier,” he noted.
The LIRS chairman said while tax is the most sustainable revenue, it took the federal government so long to start looking inward as tax is funding the operations of the federal government right now.
“The federal government is not getting much from the oil industry like before. So it is just what FIRS is doing that is helping. Likewise, in Lagos, all the federal receipts have gone down considerably, so it’s mostly what we are generating here and some other revenue-generating agencies,” he said.
By Adedapo Adesanya
The Managing Director of Lekki Port LFTZ Enterprise Limited, Mr Wang Qiang, says the port has reached half of its designed operational capacity, with steady growth in container throughput since September 2025, reflecting increasing confidence by shipping lines and cargo owners in Nigeria’s first deep seaport.
“We already reached 50 per cent of our capacity now, almost 50 per cent of the port capacity.
“There is consistent improvement in the number of 20ft equivalent units (TEUs) handled monthly,” he said.
Mr Qiang explained further that efficient multimodal connectivity remains critical to sustaining and accelerating growth at the port.
According to him, barge operations have become an important evacuation channel and currently account for about 10 per cent of cargo movement from the port.
Mr Qiang mentioned that the ongoing Lagos–Calabar Coastal Road project would help ease congestion and improve access to the port.
He said that rail connectivity remained essential, particularly given the scale of industrial activities emerging within the Lekki corridor.
He said that Nigeria Government was concerned about the cargoes moving through rail and that the development would enhance more cargoes distribution outside the port.
Mr Qiang reiterated that Lekki port was a fully automated terminal, noting that delays may persist until all stakeholders, including government agencies, fully aligned with end-to-end digital processes.
He explained that customs procedures, particularly physical cargo examinations, and other port services should be fully digitalised to significantly reduce cargo dwell time.
“We must work together very closely with customers and all categories of operations for automation to yield results.
“Integration between the customs system, the terminal operating system and customers is already part of an agreed implementation schedule.
“For automation to work efficiently, all players must be ready — customers, government and every stakeholder. Only then can we have a fantastic system,” Mr Qiang said.
He also stressed that improved connectivity would allow the port to effectively double capacity through performance optimisation without expanding its physical footprint.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
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