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MONTHLY IGR IN LAGOS NOW N34BILLION- ASHADE
… Says N50bn Revenue Target By 2019 Still On Course
…Receives N327m From 13% Oil Derivation
The Lagos State Government on Monday said that it has so far achieved an average monthly Internally Generated Revenue (IGR) of N34billion in 2018 compared to monthly averages of the last three years.
Commissioner for Finance, Mr. Akinyemi Ashade who disclosed this at the ongoing annual Ministerial Press Briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration held at Bagauda Kaltho Press Centre in Alausa, attributed the gradual improvement to the impact of the ongoing reforms and growth in the State’s economy.
He said, “Notably, we are recording gradual improvement in our average monthly IGR in 2018 compared to the levels achieved in previous years due to the impact of ongoing reforms and growth in the State’s economy. Based on our first quarter results, Lagos State has so far achieved an average monthly IGR of N34billion in 2018 compared to monthly averages of N22bn, N24bn and N30bn in 2015, 2016 and 2017 respectively.”
The Commissioner expressed optimism that the IGR would continue to rise even further as the State continues to implement the various reforms, driven by wider technology adoption and innovation, adding that the target to grow the State’s IGR to N50bn by next year was well on course.
“The target we set for ourselves is N50billion but we all know the kind of push backs we have experienced including people going to court and all that. Our commitment is not for now, its for the future of Lagos. We know it’s a marathon, we would win some and we would lose some, but we are very committed towards ensuring that we meet the target, but if we don’t meet it this year, definitely there would be another year, but we believe we would succeed in that target we set for ourselves,” Ashade said.
On Federal Transfers, he said since Lagos joined the league of oil producing State, the Government had received a total of N327million revenue, comprising N197million and N130million received in 2017 and first quarter of 2018 respectively.
“Furthermore, we are in ongoing discussions with the Federal Government towards obtaining a refund for expenditure totalling N51billion that was incurred by the State Government on behalf of the Federal Government for infrastructure projects developments in the State. We are optimistic of successful discussions that will result in the approval and payment of the amount owed to the State Government by the Federal Government,” he said.
Giving an update on the State’s Debt Profile, Ashade said the Government’s debt stock, comprising 48 per cent local debt and 52 per cent foreign debt currently stood at N874.38billion at the end of 2017 while the debt service charge to total revenue ratio which stood at 17.61 per cent was still within the World Bank threshold of 30 per cent.
The Commissioner said the State Government has continued to maintain a positive credit rating, however, adding that a downgrade of Nigeria’s sovereign rating would lead to a corresponding action on Lagos’ international drawing rights.
“As Nigeria continues to improve on its credit rating, we would be able to achieve better rating as we currently have because no amount of revenue generation, no amount of employment growth of Lagos State can make us surpass to surpass the sovereign rating,” he said.
He, however, said that the State Government has taken some strategic steps to help Nigeria improve on its ratings including adhering to fiscal discipline, improved revenue generation, reforms in infrastructure development, transport and embedded power.
Giving an update on the revised Land Use Charge (LUC), Ashade said the State Government has continued to engage critical stakeholders in line with its tradition of inclusive governance, adding that a wide range of response have been received.
He said the extensive discussions led to several concessions on Land Use charge for property owners across board, adding that a revised bill to further amend the LUC Law to incorporate the additional concessions was presently before the House of Assembly and would be passed soon.
Besides, the Commissioner said the Government through the LUC Assessment Appeal Tribunal, received a total of 1,503 complaints, out of which 1,113 were successfully resolved administratively and through mediation, adding that an additional 263 property owners/agents had their grievances resolved in the last two weeks and more still ongoing.
Ashade also urged residents to continue to support the government by fulfilling their civic duty of paying their taxes and remitting all taxes collected on behalf of the Government as and when due, assuring that the present administration was committed to maintaining financial accountability and transparency for the overall development and prosperity of the State.
More than ₦3 billion was targeted, but about ₦677 million reached the culprits, with recovery and prosecutions underway, reflecting how banks are responding to more sophisticated fraud risks.
Nigeria’s expanding digital banking sector is facing increasingly sophisticated fraud attempts, as financial institutions adapt to faster transactions and broader online services.
A recent case involving First City Monument Bank (FCMB), linked to fraudulent activity detected in December 2025, has drawn attention to how banks are responding to such incidents, with a focus on limiting exposure, recovering funds and working with law enforcement.
According to findings referenced in proceedings before the Lagos State Special Offences Court, the incident involved unauthorised transactions tied to a digital product. Early reports erroneously suggested more than ₦3 billion was lost. Subsequent clarification shows that over ₦3 billion was targeted, ₦2.4 billion was blocked and recovered, while ₦677 million got into the possession of the culprits. This outcome reflects the bank’s cyber security and monitoring capabilities, as well as improved collaboration among regulated financial institutions and with law enforcement agencies. Several suspects and beneficiaries have been apprehended, while recovery and prosecution efforts are ongoing, led by the Economic and Financial Crimes Commission (EFCC).
Proceedings at the Lagos State Special Offences Court have resulted in convictions, including that of a repeat offender, with restitution orders issued. Related matters are also being handled at the Federal High Court in Lagos, where additional suspects are being tried in connection with the scheme. This process is aimed at ensuring that bad actors are identified and permanently blacklisted from the financial system.
Authorities say recovery efforts are continuing as additional funds are traced.
Analysts note that the pace of legal action reflects closer coordination between financial institutions and enforcement agencies in addressing cyber-related financial crime.
The case comes as banks contend with more complex fraud methods, including social engineering and automated exploitation of system processes.
As digital products and platforms expand, so too does the risk associated with cyber-crime and related fraud.
“The scale of digital banking means risks are evolving alongside the systems,” said a Lagos-based financial analyst. “Institutions are now judged by how they manage these events.”
Observers say the sector is moving toward a stronger focus on response and recovery, rather than prevention alone.
This includes improving monitoring capabilities, strengthening transaction controls and enhancing collaboration with regulators and law enforcement. The FCMB case, with limited exposure relative to the amount targeted and ongoing recovery, reflects that shift.
For customers, the primary concern is the safety of their funds. In this case, there has been no indication of losses affecting customer deposits. Maintaining that level of protection remains central to sustaining trust in the financial system.
Nigeria’s financial sector continues to grow, supported by digital innovation and expanding access to banking services.
However, analysts say fraud attempts are likely to persist as systems become more complex and interconnected.
They say institutions will increasingly be judged not only on their ability to prevent incidents, but on how effectively they respond and recover when they occur.
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Ex-APC Deputy Guber flag bearer, Joshua MacIver backs Tinubu, express fears over implosion in Bayelsa APC
….congratulates new State Party Chairman, Warman Ogoriba
APC Deputy Governorship Candidate in the 2023 general elections in Bayelsa State, Great Joshua MacIver has declared his total commitment to the re-election of President Bola Tinubu come 2027, declaring that the Tinubu re-election project is non-negotiable.
Great Joshua MacIver, in his statement titled ” BAYELSA APC CONGRESSES: GOING FORWARD, A CALL TO LOOK INWARDS” and made available to newsmen in Yenagoa, warned APC leaders in the state to look Inward and take note of certain factors which may hinder or cut short our victory.
According to Great Joshua MacIver, such noticeable pitfalls include the imbalance in the united front being put up by the State Governor,Senator Douye Diri among various political blocs in the state.
In the statement issued at the weekend. Great Joshua MacIver stated that “First, before His Excellency, Senator Douye Diri, joined the APC in the state, there were clearly two political blocs that made up the party, with the approximate population ratios of the blocs standing at 95% to 5%.”
“After the entrance of His Excellency, Senator Douye Diri, ONLY THE SMALLER BLOC IS BEING CARRIED ALONG IN THE AFFAIRS OF THE PARTY, leaving the greater percentage to their fate, and this situation has the potential to build anger and dissatisfaction in our dear party.”
” The consequence of this has been the high level defection we have witnessed in the party recently and we believe more may likely follow, if we do not put our house in order.”
” If we do not pull together as a party, we may witness a situation where we will lose key stakeholders, especially after the State and National Assembly Primaries as well the Gubernatorial Primaries.”
“Finally, while it is very clear that we are the party to beat in the 2027 elections and that our loyalty to Mr. President IS NON-NEGOTIABLE, we must make haste to say that we cannot afford to create situations or loopholes in our unity which will be exploited by other political interests in the state. We cannot afford to under-rate anyone.”
“Our core interest remains the re-election of Mr. President, a project to which we have committed our all. We also pledge our total loyalty to the party as we have no alternative to the APC. However, our concern is that we must, as a party, look inwards and ensure that we do not create loopholes that can impede our common goal.”
Great Joshua MacIver, however congratulated the newly elected State Executives of the APC in Bayelsà State led by Hon. Warman Ogoriba, saying their emergence is welcomed at this critical time in our national history.
At least 23 people were killed in a series of suspected suicide bombings, police in Nigeria’s northeastern city of Maiduguri said on Tuesday.
https://www.stanbicibtcbank.com/nigeriabank/personal/products-and-services/all-loans/stanbic-ibtc-mreif-home-loans
More than 100 other people were injured in the blasts that took place on Monday evening in the capital of Nigeria’s restive Borno state.
No group has claimed responsibility for the suspected attacks.
The deadly blasts come after a military post was attacked overnight Sunday to Monday, which authorities blamed on suspected Islamist militants.
This sad incident is coming barely two weeks after Primate Elijah Ayodele, the Leader of INRI Evangelical Spiritual Church specifically warned against attacks in some states. He mentioned these states while calling on security operatives to pay close attention to them.
These were his words:
“Another attack is coming up in these following states where the military must watch carefully and intelligently; Kano, Kaduna, Zamfara, Kebbi, Niger, Borno, Kwara and Kogi state. They want to do a deadly attack, it’s preventable but it depends on how they will handle it. I have told you about the danger coming up.”
@primateayodele
Unfortunately, some of our military agencies don’t believe spiritual intelligence can save the country from so much danger hence, their neglect of this prophetic warning but now, it has been fulfilled with the miliary losing credibility by the day while Primate Ayodele continues to gain momentum.
Likewise, At least 26 passengers and crew sustained varying degrees of injuries on Monday following an accident involving the Kaduna–Abuja train, according to the Nigerian Railway Corporation (NRC).
Opeifa explained that the train departed Rigasa in Kaduna at 7:15 a.m. and was approaching Asham station around 9:16 a.m. when a loud bang was heard after the power car and trailing locomotive collided with one of the passenger coaches.
In July 2025, Primate Ayodele asked nigerians to pray not to see train mishap on the Kaduna-Abuja route.
@primateayodele #nigeriantiktok🇳🇬 #fulfillment #train #abuja #primateayodele
“Let’s pray not to see train mishap in Abuja-Kaduna, Kaduna-Abuja route.”
This has also been fulfilled.
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