LAGOS, Nigeria – Lagos State government on Monday revealed that it generated the sum of N1.3 trillion Internally Generated Revenue, IGR, in 2024, while the sum of N333 billion has been generated between 2024 to date.
The commissioner for Finance, Abayomi Oluyomi, disclosed these while giving the scorecard of the ministry at the on-going Ministerial Press Briefing to mark the second year of the second term of Governor Babajide Sanwo-Olu, held at Alausa, Ikeja.
According to Oluyomi, “The Lagos State government generated ₦1.3trillion IGR in 2024, a 45 per cent increase from ₦895 billion in 2023.
As a way of generating more revenue, the commissioner said the government will convert its N3 trillion worth of assets lying idle into money making investments.
“Lagos State government is set to convert all identified idle assets to liquidity for funding infrastructure development through securitisation.”
He added that N67.9billion was paid to 20,956 retirees between 2024 and 2025 while N290.43million was received from insurers for damages to public infrastructure.
Abayomi noted that out of the three million tax payers on the state’s database, only 700,000 Lagosians are paying tax.
He urged Lagosians to pay their taxes adding that the state’s government is going to use creative ways to generate more money and ensure more Lagosians pay tax.
He stressed that in 2025, the state will launch Lagos State Economic Summit and Lagos State Sovereign Wealth Fund.
“The State Government collected over ₦14 billion in Land Use Charge (LUC), achieving a 37 per cent increase in property tax.
“Over 800,000 properties now on the state’s database via aggressive enumeration campaigns.
“Offered a 15 per cent LUC discount to incentivize early payment and provided exemptions per law to POS, USSD, WhatsApp, and online options to ease revenue collection.
“So, between 2024 to date the sum of N333 billion has been generated.
“Nigeria’s economy, meanwhile, remains on a cautious path to recovery. Growth projections for 2025 range from 3.0 per cent (IMF) to 3.6 per cent to (WorldBank), driven by the services sector and a rebound in oil production.
“The Central Bank of Nigeria has maintained its benchmark lending rate at 27.50, however, persistent inflation expected to average 26.5 per cent and volatility in the exchange rate continue to pressure both households and businesses.’’
“Revenue generation at the federal level also faces a shortfall, although, the Federal Government has set an ambitious revenue target of ₦36.35trillion for 2025, actual collections is slowing down, with ₦1.94trillion recorded in January—a 31 per cent decline from December, 2024 figures.’’
According to him, in this challenging macro -economic environment, Lagos State stands at a critical juncture, adding that with a GDP(Purchasing Power Parity) estimated at $259 billion, Lagos is not only Nigeria’s economic and financial hub but also one of Africa’s largest sub national economies.
Oluyomi added that, “The state is particularly sensitive to national and global economic fluctuations. To combat this, the Lagos State Ministry of Finance has responded with deliberate and strategic action.
“These efforts have not only buffered the state’s finances from external shocks but have also positioned Lagos as a leader in sub-national financial management.”
