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 Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
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