Governor Babajide Sanwo-Olu of Lagos State has applauded President Bola Ahmed Tinubu for the new tax reforms, which reduced the Federal Government’s share of Value Added Tax (VAT) from 15 percent to 10 percent, describing it as evidence of the administration’s commitment to fiscal decentralisation.
Sanwo-Olu stated this on Wednesday at a one-day public lecture organised by the Arewa Think Tank (ATT) to mark Nigeria’s 65th Independence anniversary. The event, held at the Arewa House in Kaduna, had the theme: “65th Year of Nigeria’s Independence: The Journey So Far with the Renewed Hope Agenda in View.”
“With the new tax laws, States now get 55 percent of VAT while Local Governments receive 35 percent. This is another bold step by the President to ensure that governance is closer to the people,” he noted.
Sanwo-Olu also lauded President Tinubu’s unwavering commitment to local government financial autonomy, recalling the administration’s victory at the Supreme Court that secured historic legal backing for such autonomy.
Governor Sanwo-Olu disclosed that the President’s next major reform focus is on restructuring Nigeria’s security architecture through the creation of State Police, which he described as “long overdue and fundamental.” Citing President Tinubu’s remarks during a meeting with Katsina leaders, Sanwo-Olu quoted: “I am reviewing all aspects of security. I have to create a State Police. We are looking at that holistically. We will defeat insecurity.”
The guest lecture, which brought together political leaders, academics, youth representatives, and other stakeholders to assess Nigeria’s progress and prospects under President Tinubu’s Renewed Hope Agenda, commended the resilience of Nigerians since independence and acknowledged the nation’s enduring strength despite decades of challenges.
Sanmon-Olu stressed that, “the story has changed. Ask any State Governor or Local Government Chairman and they will tell you just how much revenues have surged under the watch of President Bola Ahmed Tinubu. There is now more money to do more that benefits the people of Nigeria”.
He attributed the improvement in fiscal conditions to deliberate policy reforms introduced by President Tinubu, particularly those aimed at strengthening federalism and empowering the states and local governments.
According to him, between 2023 and 2024, federal allocations to state governments increased by about 62 percent, while those to local governments rose by 47 percent.
He said that under the administration of President Tinubu, no state governor or local government chairman can complain of a lack of funds, as federal allocations to subnational governments have significantly increased.
The governor described the Renewed Hope Agenda as a bridge-building framework designed to unite Nigeria’s diverse regions through equity, reform, and inclusive development.
“President Tinubu is a veteran unifier and a bridge-builder. His Renewed Hope Agenda is about connecting Nigeria — bridges of reform, of prosperity, and of national unity,” he said.
Drawing inspiration from Nigeria’s founding fathers, particularly Sir Ahmadu Bello, Sanwo-Olu emphasised that sustainable development must be homegrown and context-specific.
“More than six decades later, the Sardauna’s words still ring true. Our duty is to build on those legacies, planting trees we may not sit under, but ensuring a better Nigeria for future generations,” he stated.
Reaffirming Lagos State’s partnership with the Federal Government, Sanwo-Olu pledged continued collaboration to actualise the Renewed Hope Agenda and build a prosperous, inclusive, and resilient Nigeria.