Lagos State has announced a landmark financial performance that indigens and residents would be proud of.
The state was recently credited with generating ₦1.3 trillion in revenue last year — a 45% rise from the ₦895 billion reported in 2023.
Speaking during the 2025 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, the Commissioner for Finance, Mr. Abayomi Oluyomi, revealed that the historic revenue directly reflects applaudable economic development and discipline.
According to him, with proper strategic reforms and innovative financial habits, Lagos State has continued to be a pace setter when it comes to revenue generation.
“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 ₦1.3 trillion, a significant jump from the ₦895 billion generated in the previous year—representing a 45% increase,” he said.
Abayomi also praised the Ministry of Finance for functioning as the backbone of the revenue resurgence by empowering the government to deliver the goods of democracy to Lagosians.
He announced that more than ₦14 billion has been raised via Land Use Charge, and that translates to a 37% boost in property tax revenue compared to 2023.
“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.
Over ₦14 billion was realised through the Land Use Charge, which translates to a 37% increase in property tax revenue compared to 2023.
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 said.
He further disclosed that the revenue milestones would continue to deserve a lot of praise in the state, especially when the figure performs beyond expectations, despite prevailing economic challenges.
Abayomi emphasised that the Lagos Internal Revenue Service (LIRS) played a key role in the upward revenue trajectory, especially after its tax net expansion and digital infrastructure upgrade.
“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.
This development provides a safer, faster, and more efficient access channel for taxpayers, ensuring improved compliance and transparency,” he added.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
