Lagos State saw a remarkable 45% increase in revenue, reaching N1.3 trillion in 2024, up from N895 billion in 2023.
This information was shared by the Commissioner for Finance, Abayomi Oluyomi, as part of a statement marking the second anniversary of Governor Babajide Sanwo-Olu and Obafemi Hamzat’s second term.
During the annual ministerial briefing detailing the activities of his ministry for 2024 and 2025, the Commissioner also reported that N14 billion was generated from the Land Use Charge in 2024, which is a 37% increase compared to the previous year.
He mentioned that local rating agencies rated the State an A1+, while Fitch Ratings assigned it a AAA rating.
Oluyomi indicated that there are 800,000 properties listed in the State government’s database but expressed concern that many property owners have outstanding property tax obligations.
He articulated: “Driven by strategic reforms and innovative financial practices, Lagos State has continued to set the pace in revenue generation. We closed 2024 with a record-breaking N1.3 trillion, a significant jump from the N895 billion generated in the previous year, representing a 45 per cent increase.”
The Commissioner estimated the State’s Gross Domestic Product (GDP) at $259 billion, reinforcing its position as not only Nigeria’s economic hub but also Africa’s largest sub-national economy.
Regarding the State’s debt situation, Abayomi noted that the debt-service-to-revenue ratio of 19.2% is the lowest in the country, along with a total-debt-to-GDP ratio of 3.83% and a total-debt-to-revenue ratio of 172% for 2024.
To generate additional revenue, the commissioner announced that the government would convert N3 billion worth of idle property into profitable investments.
He further stated that N67.9 billion was distributed to 20,956 retirees between 2024 and 2025, and the State received N290.43 million from insurers for damages to public infrastructure.
Abayomi highlighted that of the three million taxpayers registered in the State’s database, only 700,000 are currently paying taxes.
He encouraged Lagosians to meet their tax obligations, emphasizing that the State government is committed to employing creative methods to boost revenue and increase tax participation.