Lagos State Governor Babajide Sanwo-Olu has underscored the pivotal role of improved tax collection as a transformative pillar for the state.
Speaking during discussions with the Presidential Committee on Fiscal Policy and Tax Reforms, led by renowned tax expert Taiwo Oyedele, Sanwo-Olu emphasized the need to address constraints in existing tax laws.
In his engagement with the committee at the State House on Tuesday, Sanwo-Olu pointed out the untapped revenue potential of Lagos, hampered by limitations imposed by national tax policies. The governor expressed his ambition for an annual budget exceeding N7 trillion, aimed at meeting the pressing infrastructure needs currently hindered by revenue constraints.
Committing to practical reforms that enhance revenue generation and fiscal sustainability, Sanwo-Olu urged the committee to identify and eliminate bottlenecks hindering Lagos’ full revenue potential. Emphasizing the importance of collaboration, he highlighted its key role in achieving monumental changes in the state’s revenue projection.
Expressing gratitude to the committee for recognizing Lagos as a model in tax reform, the Governor stated, “We’re pushing for a transformational shift not just in revenue generation but also in quality spending.” The governor outlined a collective effort to address revenue challenges and ensure the efficient utilization of generated income.
Sanwo-Olu’s call for tax reforms resonates with a vision for a more financially resilient Lagos, setting the stage for collaborative efforts to unlock the state’s untapped revenue potential and usher in an era of impactful fiscal transformation.
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