Lagos State has recorded a historic financial performance, generating ₦1.3 trillion in revenue in 2024 — a 45 per cent increase from the ₦895 billion reported in 2023.
The revelation was made 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.
Speaking at the event, which forms part of activities commemorating Governor Babajide Sanwo-Olu’s second year in his second term, Oluyomi described the revenue milestone as a reflection of “robust economic growth and fiscal discipline.”
He noted, “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.”
The Commissioner attributed part of this success to improvements in property tax administration.
He revealed that “Over ₦14 billion was realised through the Land Use Charge, which translates to a 37% increase in property tax revenue compared to 2023.”
Highlighting the strategic role of the Ministry, Oluyomi affirmed, “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 further stressed that the achievements were realised despite prevailing economic headwinds.
“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 added.
A key contributor to the upward revenue trajectory, he said, is the Lagos Internal Revenue Service (LIRS), which has expanded the tax net and upgraded its digital infrastructure.
“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 explained.
To enhance taxpayer experience and data security, Oluyomi also announced the cloud migration and upgrade of the E-Tax mobile app: “This development provides a safer, faster, and more efficient access channel for taxpayers, ensuring improved compliance and transparency.”
According to him, the impact of these reforms is already evident: “Tax revenue generated in Q1 of 2025 stood at ₦333 billion, compared to ₦232 billion in the same period in 2024.
“This enhanced revenue generation will further fuel the developmental agenda of the Babajide Sanwo-Olu administration.”
The Ministerial Press Briefing is an annual platform where Commissioners and heads of agencies account for their stewardship, allowing citizens to assess government performance across Ministries, Departments, and Agencies.
