By Ajibola Olarinoye
It is worth noting that the Lagos State Government has boasted a phenomenal growth in its Internally Generated Revenue (IGR) and is expected to record about N1.3 trillion in 2024. This is a 45 percent increase of the N895billion raised in 2023.
Commissioner for Finance, Mr. Abayomi Oluyemi, gave these statistics during a ministerial press briefing on Monday, in which he was addressing the second anniversary of the second term of Governor Babajide Sanwo-Olu.
Oluyemi also added that the ministry collected more than N14 billion using the Land Use Charge (LUC), and this is equivalent to a 37 percent annual growth in property tax revenues. He attributed this to a massive property enumeration program which had successfully enrolled over 800,000 properties within the tax database of the state.
He said, The ministry of Finance has been transformed and new innovations have been brought in under my time in charge.
The initiatives show that we are committed to grow revenue, use financial resources to our advantage, and assist in success of the development projects of the administration. We do appreciate constructive criticism and useful suggestions.
The Lagos State Ministry of Finance is one of the important clients of revenue collection and resource management. It is charged with the responsibility to come up with complete financial strategies, policies, and procedures and also manage the public financial administration to enhance economic growth and development. This entails managing, controlling, and monitoring of both state and federal revenues, and expenditures.
