Lagos beats N895bn IGR record, generates N1.3trn revenue in 2024

From left: Lagos State Accountant General/Permanent Secretary, State Treasury Office, Dr. Abiodun Muritala; Special Adviser to the Governor on Taxation and Revenue, Mr Kabir Ogungbo; Lagos State Commissioner for Finace, Mr Abayomi Oluyomi and Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso during the Lagos State Government Year 2025 Ministeral Press briefing by the Lagos State Ministry of Finance in Lagos

The Lagos State government has disclosed that about N1.3 trillion was generated as Internally Generated Revenue (IGR) in 2024, which is about a 45 per cent increase compared to the N895 billion generated in 2023.

The state Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this at the ongoing ministerial press briefing to mark the second year of the second term of Governor Babajide Sanwo-Olu.

The commissioner also stated that the ministry collected over N14 billion in Land Use Charge (LUC), achieving a 37 per cent increase in property tax revenue versus the previous year.

According to him, over 800,000 properties are now on the state’s database via aggressive enumeration campaigns.

“Under my leadership, the Ministry of Finance has undergone significant transformation, introduced new innovations, and reviewed key processes—despite the economic challenges faced over the past two years.

“These efforts reflect our commitment to generate additional revenues and to prudently manage the financial resources and contribute to the achievements recorded across the administration’s development initiatives.

“We sincerely appreciate all constructive feedback and valuable suggestions.

“The Lagos State Ministry of Finance is primarily responsible for generating revenue and managing the state’s resources, formulating the overall financial strategies, policies, procedures and overseeing public financial management to promote economic growth and development including managing, controlling and monitoring revenues, both from the state and federal government, and expenditures”, the commissioner noted.