Lagos State has posted a report income of ₦1.3 trillion for the 12 months 2024, representing a forty five % rise from the ₦895 billion collected in 2023.
This was disclosed by the Commissioner for Finance, Mr. Abayomi Oluyomi, in the course of the 2025 Ministerial Press Briefing held on the Bagauda Kaltho Press Centre in Alausa on Monday.
Oluyomi described the achievement as a testomony to Lagos’ sturdy {economic} efficiency and disciplined method to public finance.
“Pushed by strategic reforms and revolutionary {financial} practices, Lagos State has continued to set the tempo in income era,” he mentioned.
“We closed 2024 with a record-breaking ₦1.3 trillion, a major soar from the ₦895 billion generated within the earlier 12 months, representing a forty five% improve.”
He credited a part of the income surge to an improve in how the state manages property taxation.
“Over ₦14 billion was realised by the Land Use Cost, which interprets to a 37% improve in property tax income in comparison with 2023,” he mentioned.
The commissioner highlighted the finance ministry’s position as pivotal in delivering growth throughout the state.
“The Ministry of Finance serves because the essential {financial} spine that empowers the federal government to ship the dividends of democracy to the individuals of Lagos State,” he famous.
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Regardless of prevailing {economic} challenges, Oluyomi mentioned the ministry had undergone important restructuring over the previous two years, introducing new reforms and bettering inside processes.
“Within the final two years, the Ministry has witnessed a major transformation, marked by innovation, reform, and course of evaluations, all tailor-made to navigate {economic} challenges and drive Lagos’ developmental agenda.”
He additionally pointed to the efficiency of the Lagos Inner Income Service (LIRS) as a important issue within the elevated income figures. In response to him, the company has widened its tax base and enhanced its digital capabilities.
“Now we have optimised and expanded the LIRS E-Tax platform to incorporate stamp duties, capital positive factors tax, submitting integration, geo-tagging, report builder, CAC integration, and expatriate monitoring,” he acknowledged.
Oluyomi additional introduced enhancements to the state’s cell tax utility, which has now been moved to the cloud.
“This growth gives a safer, quicker, and extra environment friendly entry channel for taxpayers, guaranteeing improved compliance and transparency.”
Early indicators of the income increase are already evident in 2025, with the commissioner reporting that ₦333 billion was raised within the first quarter alone, a considerable improve from the ₦232 billion recorded in Q1 of 2024.
“This enhanced income era will additional gasoline the developmental agenda of the Babajide Sanwo-Olu administration,” he added.
