Lagos generates N1.3 trillion IGR in 2024, records 45% growth

The Lagos State Government has announced a significant boost in its Internally Generated Revenue (IGR), recording approximately N1.3 trillion in 2024, a 45% increase from the N895 billion collected in 2023.

Commissioner for Finance, Mr Abayomi Oluyomi, made the disclosure on Monday during a ministerial press briefing held as part of activities marking the second anniversary of Governor Babajide Sanwo-Olu’s second term in office.

Oluyomi also revealed that the ministry generated over N14 billion from Land Use Charge (LUC), representing a 37% year-on-year increase in property tax collections.

He attributed the improvement to a robust property enumeration drive, which has seen more than 800,000 properties captured in the state’s tax database.

He added, “Under my leadership, the Ministry of Finance has undergone significant transformation, introduced new innovations, and reviewed key processes, despite the economic challenges faced over the past two years.

“These efforts reflect our commitment to generate additional revenues and to prudently manage the financial resources and contribute to the achievements recorded across the administration’s development initiatives. We sincerely appreciate all constructive feedback and valuable suggestions.

“The Lagos State Ministry of Finance is primarily responsible for generating revenue and managing the state’s resources, formulating the overall financial strategies, policies, procedures and overseeing public financial management to promote economic growth and development including managing, controlling and monitoring revenues, both from the state and federal government, and expenditures.”\\\

Lagos generates N1.3 trillion IGR in 2024, records 45% growth