Lagos State has recorded a 45% growth in revenue, reaching N1.3 trillion in 2024, up from N895 billion in 2023.
Gatekeepers News reports that the Commissioner for Finance, Abayomi Oluyomi, attributed this growth to strategic reforms and innovative financial practices.
“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% increase,” Oluyomi said.
He made this known in a statement to mark the second year of the second term of Governor Babajide Sanwo-Olu and Obafemi Hamzat’s administration.
The state generated N14 billion from Land Use Charge in 2024, a 37% increase compared to 2023. According to Oluyomi, 800,000 properties in the State are on the State government’s database, but lamented that several property owners were owing the State property tax.
Lagos State’s Gross Domestic Product (GDP) stands at $259 billion, making it not just Nigeria’s economic hub, but Africa’s largest sub-national economy. The state’s debt-service-to-revenue ratio of 19.2% is the lowest in the country, while the State recorded a total-debt-to-GDP ratio of 3.83% and a total-debt-to-revenue ratio of 172% in 2024.
To boost revenue, the government plans to convert its N3 trillion worth of idle properties into money-making investments. Oluyomi also urged Lagosians to pay their taxes, noting that only 700,000 out of three million taxpayers on the state’s database pay tax.
He added that N67.9 billion was paid to 20,956 retirees between 2024 and 2025, while N290.43 million was received from insurers for damages to public infrastructure.
