Lagos IGR Rises To N1.3trn, Set To Unlock N3trn Idle Assets

Lagos State government yesterday revealed that it generated N1.3 trillion Internally Generated Revenue, IGR in 2024, while N333 billion has been generated between 2024 and to date.

The commissioner for Finance, Abayomi Oluyomi, disclosed these while giving the ministry’s scorecard at the ongoing Ministerial Press Briefing to mark the second year of Governor Babajide Sanwo-Olu’s second term, held at Alausa, Ikeja.

Oluyomi says, “The Lagos State government generated N1.3 trillion IGR in 2024, a 45 per cent increase from N895 billion in 2023.

“The state government collected over N14 billion in Land Use Charge (LUC), achieving a 37 per cent increase in property tax.

Over 800,000 properties are now on the state’s database via aggressive enumeration campaigns. Offered a 15 per cent LUC discount to incentivise early payment and provided exemptions per law to POS, USSD, WhatsApp, and online options to ease revenue collection.

“So, between 2024 and the date, N333 billion has been generated.

“Nigeria’s economy, meanwhile, remains on a cautious path to recovery. Growth projections for 2025 range from 3.0 per cent (IMF) to 3.6 per cent (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, persistent inflation is expected to average 26.5 per cent and volatility in the exchange rate continues to pressure both households and businesses.’’

“Revenue generation at the federal level also faces a shortfall, although the Federal Government has set an ambitious revenue target of N36.35 trillion for 2025, actual collections are slowing down, with N1.94 trillion recorded in January—a 31 per cent decline from December 2024 figures.’’

According to him, in this challenging macroeconomic environment, Lagos State stands at a critical juncture. With a GDP(Purchasing Power Parity) estimated at $259 billion, Lagos is not only Nigeria’s economic and financial hub but also one of Africa’s largest subnational economies.

The commissioner, who added that the state government is not targeting IGR alone to finance its multiple gigantic projects, noted that several properties of the state lying fallow across the federation, worth N3 trillion, would be converted into assets soon.

Oluyomi says, “Lagos State government is set to convert all identified idle assets to liquidity for funding infrastructure development through securitisation.”