The Lagos State Government on Monday announced a significant leap in Internally Generated Revenue (IGR), recording ₦1.3 trillion in 2024, a 45 percent increase from the ₦895 billion generated in 2023.
Commissioner for Finance, Abayomi Oluyomi, disclosed this during the Ministerial Press Briefing held in Alausa, Ikeja, as part of activities marking Governor Babajide Sanwo-Olu’s second term mid-point.
Providing further breakdowns, Oluyomi stated that over ₦333 billion has been generated in the current fiscal year alone.
He also highlighted major improvements in property tax administration, revealing that the state collected over ₦14 billion in Land Use Charge (LUC), representing a 37 percent increase.
According to him, more than 800,000 properties have now been captured in the state’s database following aggressive enumeration campaigns.
To encourage compliance, he said the government introduced a 15 percent discount on early LUC payments and enhanced collection channels through POS, USSD, WhatsApp, and online platforms.
Oluyomi said the state’s financial strategy remains focused and proactive, especially in the face of a turbulent macroeconomic environment.
He noted that Nigeria’s economy remains fragile, with 2025 growth projections ranging from 3.0 percent (IMF) to 3.6 percent (World Bank), driven mainly by the services sector and improving oil output.
Despite these prospects, he stated that inflation is projected to average 26.5 percent in 2025, while exchange rate instability continues to weigh heavily on households and businesses.
Oluyomi said the Federal Government, facing its own fiscal pressures, has set a ₦36.35 trillion revenue target for 2025, though actual collections in January stood at ₦1.94 trillion—a 31 percent drop from December 2024.
“In this challenging climate, Lagos remains at a pivotal point,” Oluyomi said.
“With a GDP (Purchasing Power Parity) estimated at $259 billion, Lagos is not only Nigeria’s economic powerhouse but also one of Africa’s most dynamic sub-national economies,” he added.
He stressed that the Ministry of Finance has adopted deliberate and strategic reforms that have insulated the state from national and global economic shocks while maintaining its leadership in sub-national fiscal management.
Significantly, Oluyomi revealed that the state is moving beyond IGR to fund its ambitious infrastructure agenda.
According to him, Lagos is preparing to unlock an estimated ₦3 trillion worth of dormant assets scattered across the federation.
“These idle properties will be converted into liquidity through securitisation, offering new financing pathways for critical infrastructure development,” he said.
