Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, has stated that under President Bola Ahmed Tinubu’s administration, no state governor or local government chairman has reason to complain about a lack of funds, as federal allocations to subnational governments have significantly increased to support development.
Sanwo-Olu made the remarks on Tuesday during a one-day public lecture organised by the Arewa Think Tank (ATT) to commemorate Nigeria’s 65th Independence anniversary at the Arewa House, Kaduna.
The lecture, themed “65th Year of Nigeria’s Independence: The Journey So Far with the Renewed Hope Agenda in View,” brought together political leaders, academics, youth groups, and development stakeholders to evaluate the nation’s progress and prospects under President Tinubu’s Renewed Hope Agenda.
In his keynote address, Sanwo-Olu noted that President Tinubu’s fiscal reforms have transformed the financial outlook of states and local governments.
He said, “Today, that story has changed. Ask any state governor or local government chairman, and they will tell you just how much revenue has surged under the watch of President Bola Ahmed Tinubu. There is now more money to do more that benefits the people of Nigeria,” he said.
According to Sanwo-Olu, between 2023 and 2024, allocations to state governments increased by approximately 62 percent, while local governments recorded a 47 per cent rise.
He also praised the new tax reforms, which reduced the Federal Government’s share of Value Added Tax (VAT) from 15 percent to 10 percent, giving states 55 percent and local governments 35 percent.
“This is another bold step by the President to ensure that governance is closer to the people,” he added.
He described the Renewed Hope Agenda as a “bridge-building framework” designed to unite Nigeria’s diverse regions through equity, reform, and inclusive growth.
“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 stated.
Reaffirming Lagos State’s commitment to partnering with the Federal Government in advancing the Renewed Hope Agenda, the governor declared:
“The task ahead is immense, but together, guided by unity and purpose, we will achieve it.”