Lagos records ₦1.3trn IGR in 2024, ₦333bn in 2025 to date

The Lagos State Government says the sum of ₦1.3 trillion was generated in Internally Generated Revenue (IGR) in 2024, representing a 45% increase from ₦895 billion in 2023. 

The State Commissioner for Finance, Abayomi Oluyomi, who disclosed this revealed that for 2025, ₦333 billion has been generated so far.

Oluyomi made this known while speaking at the Ministerial Press Briefing held at Alausa, Ikeja, marking the second year of Governor Babajide Sanwo-Olu’s second term.

According to Oluyomi, N14 billion was collected from the Land Use Charge (LUC), marking a 37% increase in property tax revenue.

Over 800,000 properties are now captured in the state’s database, following aggressive enumeration campaigns.

The state offered a 15% LUC discount to encourage early payment and introduced multiple payment channels, including POS, USSD, WhatsApp, and online options to simplify revenue collection.

• Police Inspectors get interview date, warned against inducement
• Forum of Northern Political Parties Chairmen rejects Ganduje’s one party remarks
• Sanwo-Olu: A statesman as governor, by Gboyega Akosile
• 2nd Anniversary: Assessing Tinubu’s economic policies, Owaikhena Osikhekha
• Lagos records ₦1.3trn IGR in 2024, ₦333bn in 2025 to date

According to Vanguard, Nigeria’s economy remains cautiously on a path to recovery, with growth projections for 2025 ranging between 3.0% (IMF) and 3.6% (World Bank), 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, inflation is expected to average 26.5%, while exchange rate volatility continues to pressure both households and businesses.

At the federal level, revenue generation faces challenges despite the Federal Government’s ambitious revenue target of ₦36.35 trillion for 2025. Actual collections are slowing, with ₦1.94 trillion recorded in January—a 31% decline from December 2024 figures.

Despite the challenging macroeconomic environment, Lagos State remains a critical economic hub with a GDP (Purchasing Power Parity) estimated at $259 billion. 

It is Nigeria’s financial center and one of Africa’s largest sub-national economies, making it particularly sensitive to national and global economic shifts.

To address these challenges, the Lagos State Ministry of Finance has implemented strategic measures to buffer the state’s finances from external shocks. 

These efforts have solidified Lagos’ position as a leader in sub-national financial management.

The Commissioner added that Lagos State is not solely relying on IGR for its numerous large-scale projects. 

He revealed that properties worth ₦3 trillion lying fallow across the federation would be converted into assets soon.

“Lagos State Government is set to convert all identified idle assets into liquidity for funding infrastructure development through securitization,” Oluyomi stated.