The Lagos State Government has reported a remarkable increase in its Internally Generated Revenue (IGR), reaching approximately N1.3 trillion in 2024. This represents a 45% rise from the N895 billion collected in 2023.
During a ministerial press briefing on Monday, held to commemorate the second anniversary of Governor Babajide Sanwo-Olu’s second term, Commissioner for Finance Mr. Abayomi Oluyomi shared these figures.
Oluyomi also noted that the ministry generated over N14 billion from the Land Use Charge (LUC), reflecting a 37% year-on-year increase in property tax collections. He credited this growth to an extensive property enumeration initiative, which has successfully registered more than 800,000 properties in the state’s tax database.
He stated, “Under my leadership, the Ministry of Finance has undergone significant transformation and introduced new innovations.”
“Our initiatives demonstrate our dedication to increasing revenue, managing financial resources wisely, and supporting the accomplishments of the administration’s development projects. We genuinely value all constructive feedback and insightful suggestions.
The Lagos State Ministry of Finance plays a key role in revenue generation and resource management. It is responsible for developing comprehensive financial strategies, policies, and procedures, as well as overseeing public financial management to foster economic growth and development. This includes managing, controlling, and monitoring revenues from both state and federal sources, as well as expenditures.”.
