By Lukman Olabiyi
Lagos State Government has announced a significant surge in its Internally Generated Revenue (IGR) raking in N1.3 trillion in 2024, a 45 percent increase from the N895 billion recorded in 2023.
Commissioner for Finance, Abayomi Oluyomi, disclosed it during the ministerial press briefing held in Alausa, Ikeja, as part of events marking Governor Babajide Sanwo-Olu’s second term in office.
Oluyomi revealed that N333 billion has been generated between the start of 2024 and the present date. He attributed this success to reforms in tax administration and intensified property enumeration campaigns, which have added over 800,000 properties to the state’s tax database.
The commissioner noted that more than N14 billion was collected from the Land Use Charge (LUC), representing a 37 percent increase in property tax revenue. He also highlighted incentives introduced to encourage compliance, including a 15 percent LUC discount for early payments and multiple digital payment options to ease collection.
While highlighting Lagos’ economic strength, Oluyomi pointed out that the state’s GDP by Purchasing Power Parity (PPP) is estimated at $259 billion, making it one of Africa’s largest sub-national economies. He stressed that the state remains sensitive to national and global economic shifts, with inflation and exchange rate volatility continuing to pressure businesses and households.
As Nigeria’s overall economic recovery remains cautious with GDP growth projected at 3.0 to 3.6 percent in 2025, Oluyomi said Lagos State has adopted strategic financial measures to shield its economy from external shocks.
He added that despite strong IGR performance, the state is not relying solely on revenue to fund major infrastructure projects.
To bridge funding gaps, the commissioner announced plans to convert idle state-owned assets worth an estimated N3 trillion into viable investments.
“The Lagos State Government is set to convert all identified idle assets into liquidity for infrastructure development through securitisation.”
Oluyomi emphasised that the strategy aligns with the state’s broader fiscal reform agenda, aimed at enhancing efficiency, unlocking value, and sustaining economic leadership among Nigerian states.