Sanwo-Olu spoke at the State House, Marina, while hosting members of the Joint Revenue Board (JRB) for its 159th meeting, which began on Monday, April 20, 2026.

The Joint Revenue Board (JRB) formerly known as the Joint Tax Board (JTB), is made up of the Executive 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.

The governor said Lagos had continued to record significant growth in internally generated revenue due to deliberate reforms implemented by LIRS, noting that IGR now accounts for over 60 per cent of the state’s annual budget.

Sanwo-Olu disclosed that Lagos generated N1.3tn as internally generated revenue in 2024, representing a 45 per cent increase over the previous year, driven by reforms spearheaded by the LIRS.

He attributed the growth to 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,” the governor said.

The governor, however, stressed that for other states to replicate Lagos’ success, tax agencies must be allowed to operate independently without undue political interference.

He urged state governors to grant full tenure and operational freedom to revenue authorities, warning that frequent disruptions in leadership could undermine efficiency and public confidence.

Sanwo-Olu said, “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.”

The governor also said taxes paid by residents and businesses were being translated into visible infrastructure and social projects across the state, stressing that Lagos had become a model for linking revenue generation with development.

He said, “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 ensure that we leave this place a lot better than we met it.”

Highlighting projects funded through public revenue, the governor cited the Blue and Red Rail Lines, road expansion projects, hospitals and new universities. He said Lagos was building a multi-modal transportation system that would combine rail, water transport and buses to improve movement across the state.

Earlier, Chairman of the Lagos State Internal Revenue Service (LIRS), Ayodele Subair, said the Joint Revenue Board had become central to strengthening Nigeria’s tax system through coordination and reform implementation.

He added that the new tax laws had made coordination even more urgent.

“This meeting comes at a pivotal time following the enactment and implementation of the new tax laws. The JRB is positioning itself to support effective implementation by strengthening coordination across all tiers of government,” he said.

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.

“Speaking on behalf of the Chairman of the Joint Revenue Board, Zacch Adedeji, the Executive Secretary of JRB, Olusegun Adesokan, commended Lagos for its revenue performance and governance reforms.

He said, “It is no surprise that Lagos State Internal Revenue Service remains the leading subnational revenue authority in Nigeria.”

Adesokan added that Lagos’ revenue growth reflected long-term reforms.

“Prior to this, the state’s annual internal revenue was less than N94bn. But today, Lagos generates over N1.7tn annually,” he said.

He noted that the increase represented a 39 per cent rise year-on-year.

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

Adesokan further described Lagos as a benchmark for tax administration in Nigeria.

“Your sustained support for tax administration underscores the high priority you accord effective revenue administration and its critical contribution to sustainable development,” he said.

The Executive Chairman, Akwa Ibom State Internal Revenue Service, Okon Okon, thanked Governor Sanwoolu for hosting the meeting at hehighlights the positive experiences of the JRB members in Lagos, especially the Blurail train ride from Marina to Mile 2 and a visit to the Eko Atlantic City.

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In a statement released on Wednesday, the European Union said the funds are intended to support vulnerable populations across the region as ongoing conflict and climate-related challenges continue to worsen living conditions, especially in North-West Nigeria and the wider Lake Chad Basin.

Under the allocation plan, €75 million will go to the Central Sahel, over €16.6 million to Cameroon, €22 million to the Central African Republic, more than €72 million to Chad, €4.8 million to Mauritania, €33 million to Nigeria, and over €6 million to coastal states. An additional €6.4 million is earmarked for regional-level interventions.

Commissioner for Equality, Preparedness and Crisis Management, Hadja Lahbib, said West and Central Africa are grappling with overlapping humanitarian emergencies driven by insecurity, poverty, hunger, political instability, and climate impacts.

She said: “Last year in Chad, I witnessed the human toll firsthand—families who fled with nothing but what they could carry, having lost their homes and livelihoods.”

“For millions, humanitarian assistance means survival—food, clean water, healthcare, shelter, and access to education. The European Union remains committed to standing with those in crisis as a dependable humanitarian partner, saving lives and restoring hope.”

The EU noted that the region continues to face complex and interconnected crises, with conflict as the main driver, worsened by climate change and challenges linked to governance, population pressures, and access to resources.

It added that the worst-affected areas include the Central Sahel and Lake Chad regions, where insecurity has spilled into coastal countries, triggering large-scale displacement both within and across borders.

The statement also highlighted ongoing crises in North-West Nigeria, North-West and South-West Cameroon, and the Central African Republic, alongside the impact of the Sudan conflict on eastern Chad’s already fragile humanitarian situation.

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In a directive released by the Federal Ministry of Finance and endorsed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, authorities listed 17 categories of products now restricted from being brought in through the nation’s ports. The move is expected to significantly affect importers, freight handlers, and end users.

A key aspect of the directive is the broad limitation placed on pharmaceutical imports. The updated Trade Import Ban list applies specifically to selected goods coming from non-ECOWAS nations.

The directive also introduces an Import Adjustment Levy affecting 192 tariff classifications, with a plan for gradual removal in line with Nigeria’s obligations under the African Continental Free Trade Area (AfCFTA).

According to the statement, beginning January 2027, these levies—except those on items under the AfCFTA’s 3 per cent category—will be reduced yearly until they are completely eliminated by 2036.

Additionally, the government confirmed that excise charges, including an environmental surcharge, will take effect from July 1, 2026, with a 90-day window provided for compliance.

The restricted items include:

1. Poultry, whether alive or processed, including frozen varieties
2. Pork and beef products, including parts such as liver, tongue, and shoulder
3. Eggs, except those intended for breeding and research
4. Processed vegetable oils, excluding certain types like linseed, castor, olive oil, and crude oils
5. Sugar derived from cane or beet, including flavored or colored forms
6. Cocoa-based products such as butter, powder, and cakes
7. Tomatoes in all forms, including paste and concentrates
8. Sweetened or flavored water and other non-alcoholic drinks
9. Cement packaged in bags
10. Various categories of medicines
11. Discarded pharmaceutical products
12. Fertilisers containing nitrogen, phosphorus, and potassium (NPK)
13. Cleaning products such as soaps and detergents
14. Corrugated paper materials including cartons and boxes
15. Glass containers exceeding 0.15 litres in capacity
16. Coated or plated iron and steel sheets measuring 600mm or more in width
17. Ballpoint pens and their components, including ink refills (excluding tips)

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The 2026 budget outlines key spending priorities, including ₦4.799 trillion for statutory transfers and ₦15.8 trillion dedicated to debt servicing. Recurrent expenditure is allocated ₦15.4 trillion, while the largest share—₦32.2 trillion—is assigned to the Development Fund for capital projects.

With capital expenditure accounting for roughly 50% of total spending, the budget signals the administration’s continued focus on infrastructure expansion, economic stability, national security, and inclusive growth. The structure reflects an attempt to balance mandatory obligations, debt repayments, operational costs, and long-term investments aimed at improving productivity and living standards.

The approved extension of the 2025 capital budget implementation is intended to ensure full utilisation of funds, particularly for major infrastructure and development projects already underway. It is also expected to help Ministries, Departments, and Agencies (MDAs) complete ongoing works, improve project delivery rates, and maximise public value from approved spending.

The 2026 Appropriation Act takes effect from April 1, with the Federal Government expected to begin full implementation in line with the administration’s Renewed Hope Agenda. President Tinubu has directed MDAs to prioritise discipline, transparency, and efficiency in the use of public funds, with emphasis on value for money and timely execution of projects.

He also commended the National Assembly for its swift passage of the budget, describing the collaboration between the executive and legislature as crucial to achieving national development goals.

Reaffirming his administration’s fiscal direction, the President pledged continued reforms to boost revenue, strengthen economic growth, create jobs, and expand social protection programmes for Nigerians.

The post What Tinubu’s ₦68.32 Trillion 2026 Budget Means for Nigeria’s Economy appeared first on Business Today NG.

The updated forecast was revealed during the IMF and World Bank Spring Meetings held in Washington, D.C., where officials cautioned that energy and supply chain disruptions caused by the war are weakening economic recovery across the region.

IMF Chief Economist Pierre-Olivier Gourinchas explained that the downgrade highlights the wider challenges confronting countries that rely heavily on imported energy.

“For Sub-Saharan Africa, we are observing a downward revision in growth and a rise in inflation in several countries within the region,” Gourinchas stated. “The effects are largely consistent with what we are witnessing globally, particularly for nations that depend on energy imports.”

He further noted that the Fund is actively engaging with several countries to assess their needs under the current circumstances and is working closely with the International Energy Agency and the World Bank to address disruptions in the energy market.

Also speaking on the issue, Denz Igan, Chief of the IMF Research Department’s World Economic Studies Division, said the 0.3 percentage point reduction reflects multiple economic pressures.

“Higher costs of fuel and fertilizer caused by the war, along with increased shipping expenses, are expected to slow non-oil economic activities in Nigeria,” Igan said. “Although rising oil prices provide some support, the overall outlook points to slower growth in 2026, with a projected improvement in 2027.”

The IMF also forecasts that median inflation across Sub-Saharan Africa will increase from 3.4 percent in 2025 to 5 percent in 2026, driven by elevated oil and fertilizer prices, possible fuel supply shortages, and rising operational costs.

Regarding Nigeria, she emphasized that maintaining a tight monetary policy will be essential for meeting the inflation target set by the central bank.

Additionally, the IMF pointed out that bilateral aid to Sub-Saharan Africa declined by 16 to 20 percent in 2025, removing an important financial cushion at a time when commodity and shipping costs are surging.

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The move comes as Nigeria positions itself to maximise opportunities under the African Continental Free Trade Area (AfCFTA).

Officials of the Ministry of Industry, Trade and Investment paid a working visit to the Ministry of Information and National Orientation in Abuja, where discussions focused on improving coordination and enhancing public communication of key economic initiatives.

During the engagement, both ministries explored areas of collaboration aimed at effectively amplifying government policies and programmes designed to promote trade, attract investment, and accelerate industrial development.

They also emphasised the importance of strategic communication in ensuring that businesses, investors, and the general public are adequately informed about opportunities within Nigeria’s evolving trade and investment landscape.

The strengthened partnership between the two ministries is expected to enhance inter-ministerial cooperation and support Nigeria’s broader economic growth and development agenda.

The post FG Seeks Stronger Communication of Trade, Investment Policies appeared first on Business Today NG.

At  harmonisation session on the proposed bill, key government officials, lawmakers, and private sector stakeholders outlined plans to create a coherent and investor-friendly wealth fund architecture.

The initiative is designed to institutionalise long-term savings, enhance economic diversification, protect public assets, and position Lagos as a leading model for sub-national wealth fund management in Africa.

 LASG Unveils Blueprint for Lagos State Wealth Fund

 The Commissioner for Finance, Mr. Abayomi Oluyomi, spoke about the government’s plan during the Lagos State Wealth Fund (LSWF) Bill Harmonisation Session, themed “Designing a Coherent and Bankable Wealth Fund Architecture for Lagos”, at Four lPoint by Sheraton Hotel, Oniru, Lagos

The session brought together members of the Lagos State Executive Councils and Lagos State House of Assembly, as well as top officials and stakeholders from both public and private sectors, to fine-tune provisions of the LSWF Bill ahead of its consideration by the Lagos State House of Assembly.

Speaking during the one-day retreat organised by the Ministry of Finance to harmonise stakeholders’ input on the proposed Lagos State Wealth Fund Bill, Oluyomi said the bill is aimed at designing a coherent and bankable wealth fund architecture for the State.

He said the retreat was a follow-up to the public hearing held on the Lagos State Wealth Fund Bill on November 12, 2025, which generated extensive feedback. He noted that the harmonisation session was designed to harmonise all comments and recommendations into a unified framework that would strengthen the bill before final legislative action.

Oluyomi commended the economic reform drive of the Lagos State Governor, Mr. Babajide Sanwo-Olu, describing the wealth fund initiative as part of efforts to secure Lagos’ long-term financial stability and development.

He explained that the model draws inspiration from the sovereign investment framework of the Nigerian Sovereign Investment Authority, which manages Nigeria’s Sovereign Wealth Fund established in 2011 and has recorded steady profitability over the years.

Oluyomi noted that the Lagos State Wealth Fund Bill outlines four major investment windows that are to boost infrastructure financing, enhance economic diversification, strengthen fiscal buffers during downturns and build long-term savings for future generations.

He emphasised the need for private sector involvement in shaping the framework, describing it as central to Lagos’ economic strength. “The private sector is the engine that drives economic growth, particularly in an economy as large as Lagos. That is why their participation in this process is very critical.”

Speaking at the event, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, represented by the Chairman House Committee on Finance, Hon. Femi Saheed, said the harmonisation session will assist in formulating a Lagos State Wealth Fund Law for future security, attract investment, build infrastructure, technology and innovation initiatives.

He said: “We are here today to harmonise and get the best law that will set up the Lagos State Wealth Trust Fund. It is going to serve as a form of stabilisation fund in case of emergency, like during the times of COVID. This fund could also be used to finance a budget deficit.

“It is just a system of reducing our risk and creating wealth that will further generate returns for Lagos State. The Governor of Lagos State will want to position and make a landmark fund that will be a fund that will boost Lagos State’s investments and make Lagos State reduce its risk.”

Giving the Executive Summary of the Fund, Lagos State Commissioner for Justice and Attorney General, Mr. Lawal Pedro (SAN), said the unique proposition would be a legacy achievement for Lagos as Africa’s first subnational wealth fund initiative.

Pedro highlighted the broader economic gains of the initiative, noting that the fund would promote revenue maximisation, prudent asset management and economic diversification.

He said that the Fund comes with several benefits, including revenue maximisation and economic diversification, stating that the state needs a strategic approach to managing its commercial assets to meet its growing obligations.

Pedro also described the proposal as a legacy project capable of positioning Lagos as Africa’s first sub-national government to establish a structured wealth fund framework, strengthening its reputation as a leading economic hub.

The Special Adviser to the Governor on Corporate and Finance Strategy, Mr. Akintayo Sanwo-Olu, said: “The Lagos State Wealth Fund represents a bold and visionary step in sub-national financial innovation. By institutionalising long-term savings and channelling capital into strategic infrastructure and economic enablers, the Fund strengthens Lagos’s fiscal resilience while enhancing investor confidence.

“It is not about short-term gains — it is about building sustainable prosperity for future generations, creating jobs, improving public services, and attracting domestic and international capital. As global cities compete for talent and investment, Lagos is positioning itself not just as Nigeria’s economic hub, but as a financially disciplined, forward-looking metropolis with a clear roadmap for inclusive growth.”

Also speaking, some of the stakeholders at the retreat said Lagos State needs a strategic approach to manage its commercial assets to meet its growing obligations. They expressed confidence that the refined structure would position Lagos as a leading model for sub-national wealth fund management in Nigeria.

 The participants expressed optimism that once passed into law, the Lagos State Wealth Fund would serve as a sustainable financial pillar, attracting investments, safeguarding public wealth and ensuring long-term development for Africa’s largest sub-national economy.

The Lagos State Wealth Fund Bill Harmonisation Session featured detailed clause-by-clause reviews of the bill, with extended deliberations aimed at producing a harmonised and investor-friendly wealth fund framework.

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The projection reflects what the NRS described as “sustained progress over the past five years.

Performance Highlights:

-Revenue collections rose more than fourfold between 2021 and 2025.

-In 2025, total collections reached ₦28.3 trillion, exceeding the target of ₦25.2 trillion by 12%, with strong quarterly performances in Q2 and Q3.

-Non-oil revenue remains the main growth driver, projected to increase 37.9% to ₦24.836 trillion in 2026. Company Income Tax, Value Added Tax, and the Development Levy are expected to contribute most to this growth.

-Oil revenue is expected to grow modestly by 1.4%, mainly from petroleum-related taxes.

Key Strategies for 2026
-Strengthened enforcement, broader compliance, and improved operational efficiency under the new NRS framework.

-Automation of Petroleum Profits Tax, Hydrocarbon Tax, and royalty assessments.

-Expanded use of data analytics, e-invoicing, and government contract data to close revenue gaps.
-Collaboration with state governments and federal agencies to enhance VAT and withholding tax collections.

Additionally, royalty revenue has now been fully integrated into the national revenue framework, providing an additional income stream.

Outlook:

The NRS expects positive year-on-year growth, relying on improved compliance, operational efficiency, and digital solutions to achieve the ₦40.7 trillion target.

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This was disclosed in a communiqué issued after the January meeting of the Federation Account Allocation Committee (FAAC).

The total distributable revenue comprised ₦1.084 trillion in statutory revenue, ₦846.507 billion from Value Added Tax (VAT), and ₦38.110 billion from the Electronic Money Transfer Levy (EMTL). FAAC reported that gross revenue of ₦2.585 trillion was available in December, with ₦104.697 billion deducted for collection costs and ₦511.585 billion for transfers, refunds, and savings.

For statutory revenue, the Federal Government received ₦520.807 billion, state governments got ₦264.160 billion, and LGs received ₦203.656 billion. In addition, ₦96.083 billion was shared among oil-producing states as derivation revenue.

From the ₦846.507 billion VAT revenue, the Federal Government received ₦126.976 billion, states ₦423.254 billion, and LGs ₦296.277 billion. The ₦38.110 billion EMTL revenue was shared with the Federal Government getting ₦5.717 billion, states ₦19.055 billion, and LGs ₦13.338 billion.

FAAC said gross statutory revenue of ₦1.631 trillion for December was lower than the ₦1.736 trillion recorded in November 2025. In contrast, VAT revenue rose sharply to ₦913.957 billion in December, up ₦350.915 billion from November.

The communiqué also noted changes in other revenue sources. Companies Income Tax, Import Duty, and VAT collections increased significantly, while Oil and Gas Royalty, CET levies, and fees rose slightly. Excise Duty, Petroleum Profit Tax, and EMTL collections declined during the month.

Overall, the Federal Government received ₦653.500 billion, state governments ₦706.469 billion, and LGs ₦513.272 billion from the December 2025 revenue. FAAC’s release provides a summary of the monthly distribution and highlights trends in Nigeria’s fiscal collections.

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The President also directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

Receiving the Shell delegation led by its Global Chief Executive Officer, Wael Sawan, President Tinubu said the incentives are disciplined, targeted, and globally competitive, designed to attract new capital without undermining government revenues.

“These incentives are not blanket concessions,” the President stated. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.

“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration.”

President Tinubu emphasised that the Bonga South West project is strategic to Nigeria’s economy, with the potential to create thousands of direct and indirect jobs, generate significant foreign-exchange inflows, and deliver sustained government revenues over the life of the project. He added that the project would also deepen Nigerian participation in offshore engineering, fabrication, logistics, and energy services.

The President reaffirmed his administration’s commitment to policy stability, regulatory certainty, and speed, noting that these reforms are critical to restoring investor confidence and positioning Nigeria as a preferred destination for large-scale energy investment.

He further noted that Shell and its partners have invested nearly US$7 billion in Nigeria in the past 13 months, particularly in Bonga North and HI, describing this as a clear sign that Nigeria’s economic and energy-sector reforms are delivering results.

In his remarks, Mr. Sawan said Nigeria’s investment climate has improved remarkably under the Tinubu administration, adding that Shell is increasingly confident in Nigeria as a destination for long-term investment.

Members of the Shell delegation included senior executives from Shell’s global and Nigerian leadership.

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