In a groundbreaking move to elevate Lagos State’s financial landscape, Governor Babajide Sanwo-Olu met with the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by renowned tax expert Taiwo Oyedele, at the State House.
The governor underscored the untapped potential in tax revenue and stressed the need for transformative changes in existing tax laws.
During the meeting, Governor Sanwo-Olu highlighted Lagos’ ability to exceed current revenue limitations imposed by national tax policies.
The objective is to propel the state’s annual budget beyond N7 trillion, a crucial step towards addressing infrastructure needs currently constrained by revenue limitations.
Expressing commitment to practical reforms, the governor urged the committee to identify and eliminate bottlenecks obstructing Lagos’ full revenue potential. Emphasizing the significance of collaboration, he asserted that monumental changes in revenue projection require a united effort.
Governor Sanwo-Olu expressed gratitude to the committee for acknowledging Lagos as a model in tax reform.
The focus extends beyond revenue generation, aiming for a transformational shift in quality spending.
The collaborative effort seeks to tackle revenue challenges and ensure the efficient utilization of generated income, marking a significant stride towards fiscal sustainability.