How Rabiu Olowo Is Keenly, Passionately Transforming Revenue Base of Lagos State @ 37. By ABUBAKAR YUSUF.

Governor Babajide Sanwo-olu of Lagos state does not only deserve a second term , but more roles after his exit from Lagos Government House, Marina after 2027.


This is owing to the choice of appointees made since the inception of the present administration in 2019, particularly that of his Finance Commissioner, Dr Rabiu Olowo Onaolapo.


The appointment of Olowo Rabiu Onaolapo has not only raised the bar of infrastructural breakthrough, but the performance of government revenues had gone beyond human imagination.


With 1000% performance, far ahead of the standard performance of 100% , it became a distinct display powered by the Hon commissioner for finance, Rabiu Olowo Onaolapo under the leadership of Governor Babajide Sanwo-olu of Lagos state, that raised revenue generation of Lagos state from 600M in 1999, to 40B in 2022.


The success recorded was largely discovered from the crop of members of the state executive council, like the Finance Commissioner, and other commissioner’s in the current administration.


Coming from an organised private sector background with large resume and wealth of experience along with age advantage, Olowo not long after his appointment in August, 2019 settled down to the business of government, with particular attention on how to rejig the revenue outlets of Babajide Sanwo-olu’s administration.


Without hesitation he embarked on both major and minor reforms that moved the revenue base and profile of Lagos state hitherto met at 20B per month to 40B at the end of every month, with potentials to move beyond the current success.


Lagos State revenue profile and collection in the first quarter of 2021 grew beyond the entire revenue generated by the 19 northern states in the year under review, under the current administration as reported by National Bureau of Statstics NBS.


With a stable revenue base and room for improvement, the Federal inland Revenue Service FIRS, FCT -IRS had both commended the Lagos state government on the new feat, with a promise to continue to understudy the revenue generation template of the state.


With the opening up of new area of revenue generation through the daily levy introduced to commercial motorists in the state among others, and yearly budget that had grew to 1 trillion, it is expected that the year 2022 will witnessed an improved revenue generation surge to a trillion naira away from 500B.


Under Sanwo-olu’s leadership and Olowo as Commissioner for Finance, Lagos state had become a stable area for both local and international bond exploration as it emerged as first state in Nigeria to access green bond having attained the Fitch rating of AAA from AA+ in the previous years .


The State during the three years under review had accessed bonds of different amounts totaling over 100B with more opportunities locally and internationally.


The record breaking achievements of Sanwo-olu’s administration with prudent management of the state finances under the youngest member of Lagos governor’s cabinet Olowo Onaolapo Rabiu, there is no doubt that more successes will be recorded in the coming years.


Born to the family of Alhaji Olowo Onaolapo and Hajiya Safuratu Olowo Onaolapo nee Idris Olokooba , Yeye Oba of Labaka Oja in Kwara state on June 14, 1985, Dr Rabiu Olowo Onaolapo, the current Commissioner for Finance of Lagos state clocked 37 years in 2022.


As you marked the commemoration of your birthday for 2022, we pray that Almighty God will continue to grant the wisdom to render your selfless leadership to Lagos state and Nigeria at large.


Congratulations and Happy Birthday, Dr Rabiu Olowo Onaolapo, Hon Commissioner for Finance, Lagos state, wishing you many more years.


Written by ABUBAKAR YUSUF, All inquiries to [email protected].

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