The Lagos State Government has recorded a substantial increase in its Internally Generated Revenue (IGR), strengthening its capacity to drive Governor Babajide Sanwo-Olu’s THEMES Plus developmental agenda.
This was disclosed by the Commissioner for Finance, Mr. Abayomi Oluyomi, during a media briefing at the Bagauda Kaltho Press Centre, Alausa, where he presented the Ministry’s performance report over the past year.
“More funding is now available for the developmental agenda of the Babajide Sanwo-Olu administration,” Oluyomi stated, emphasizing that the administration’s financial reforms are yielding tangible results.
He explained that the THEMES Plus Agenda—which focuses on economic growth, infrastructure development, and fiscal responsibility—has benefited from targeted revenue-boosting initiatives and improved fiscal management strategies. These efforts, he noted, have positioned Lagos as a frontrunner in sub-national financial governance.
Key among the reforms are the digitization of service provider registration, enhanced payroll verification for security personnel, and the deployment of technology to streamline both revenue collection and expenditure.
Highlighting the state’s fiscal achievements, Oluyomi announced that Lagos generated ₦333 billion in tax revenue in the first quarter of 2025, a notable increase from ₦232 billion recorded in the same period last year. Overall, the state achieved ₦1.3 trillion in IGR for 2024, marking a 45% rise from ₦895 billion in 2023.
In addition, Land Use Charge (LUC) revenue saw a significant uptick, with collections exceeding ₦14 billion—representing a 37% increase year-on-year. The recent launch of the Lagos Revenue Portal (LRP) has further enabled unified and digitized revenue collection across all Ministries, Departments, and Agencies (MDAs).
Oluyomi also announced the commencement of a ₦14.815 billion Green Bond issuance to fund projects in health, education, and infrastructure. The bond, certified by international rating agencies, underscores the state’s commitment to sustainable development.
Looking ahead, the Commissioner revealed plans for the second half of 2025, including the establishment of the Lagos State Sovereign Wealth Fund, the launch of an Economic Summit Group, and the creation of a dedicated revenue court.
He further disclosed that the state intends to securitize idle assets to unlock liquidity for infrastructure development.
With these initiatives, Oluyomi affirmed that Lagos is well-positioned for continued growth and remains steadfast in its mission to deliver sustainable development through the THEMES Plus Agenda.
