Lagos State has posted a record revenue of ₦1.3 trillion for the year 2024, representing a 45 percent rise from the ₦895 billion collected in 2023.
This was disclosed by the Commissioner for Finance, Mr. Abayomi Oluyomi, during the 2025 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa on Monday.
Oluyomi described the achievement as a testament to Lagos’ strong economic performance and disciplined approach to public finance.
“Driven by strategic reforms and innovative financial practices, Lagos State has continued to set the pace in revenue generation,” he said.
“We closed 2024 with a record-breaking ₦1.3 trillion, a significant jump from the ₦895 billion generated in the previous year, representing a 45% increase.”
He credited part of the revenue surge to an upgrade in how the state manages property taxation.
“Over ₦14 billion was realised through the Land Use Charge, which translates to a 37% increase in property tax revenue compared to 2023,” he said.
The commissioner highlighted the finance ministry’s role as pivotal in delivering development across the state.
“The Ministry of Finance serves as the crucial financial backbone that empowers the government to deliver the dividends of democracy to the people of Lagos State,” he noted.
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Despite prevailing economic challenges, Oluyomi said the ministry had undergone significant restructuring over the past two years, introducing new reforms and improving internal processes.
“In the last two years, the Ministry has witnessed a significant transformation, marked by innovation, reform, and process reviews, all tailored to navigate economic challenges and drive Lagos’ developmental agenda.”
He also pointed to the performance of the Lagos Internal Revenue Service (LIRS) as a critical factor in the increased revenue figures. According to him, the agency has widened its tax base and enhanced its digital capabilities.
“We have optimised and expanded the LIRS E-Tax platform to include stamp duties, capital gains tax, filing integration, geo-tagging, report builder, CAC integration, and expatriate tracking,” he stated.
Oluyomi further announced improvements to the state’s mobile tax application, which has now been moved to the cloud.
“This development provides a safer, faster, and more efficient access channel for taxpayers, ensuring improved compliance and transparency.”
Early signs of the revenue boost are already evident in 2025, with the commissioner reporting that ₦333 billion was raised in the first quarter alone, a substantial increase from the ₦232 billion recorded in Q1 of 2024.
“This enhanced revenue generation will further fuel the developmental agenda of the Babajide Sanwo-Olu administration,” he added.