Lagos State has demonstrated robust economic growth, generating a record-breaking ₦1.3 trillion in revenue in 2024, marking a 45% increase from the ₦895 billion recorded in 2023.
This financial performance was revealed by the state commissioner for Finance, Abayomi Oluyomi, at the 2025 Ministerial Press Briefing, held today at the Bagauda Kaltho Press Centre in Alausa, as part of the activities marking the second year of Governor Babajide Sanwo-Olu’s second term in office.
Oluyomi stated that the success in property tax collection, revealed that over ₦14 billion was generated through the Land Use Charge, representing a substantial 37% rise in property tax revenue compared to the previous year.
Oluyomi emphasised the pivotal role of his agency in driving the economic growth and development of the state, underscoring its alignment with all pillars of the state’s THEMES Agenda.
“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 stated.
He further noted the significant transformation, innovative introductions, and process reviews undertaken by the Ministry of Finance under his leadership, despite prevailing economic challenges over the past two years.
He commended the Lagos Internal Revenue Service (LIRS) for its ongoing efforts to expand the tax net, curb leakages, and ensure sustainable revenue growth.
He pointed out the optimisation and expansion of the LIRS E-Tax Platform to encompass stamp duties, capital gains tax, filing integration, Geo-Tagging, Report Builder, CAC Integration, and expatriate tracking.
In a move to enhance user experience and data security, Oluyomi announced the upgrade and cloud migration of the E-Tax mobile application, providing more robust and safer access for users.
“Driven by these strategic initiatives, tax revenue generated in the first quarter of 2025 reached ₦333 billion, a significant increase from the ₦232 billion recorded in the first quarter of 2024.
This enhanced revenue generation will further fuel the developmental agenda of the Babajide Sanwo-Olu administration,” the commissioner revealed.
