Lagos announces N1.3tr IGR through process review and innovation that led to system transformation
By Jeph Ajobaju, Chief Copy Editor
Lagos has announced Internally Generated Revenue (IGR) collection of N1.3 trillion in 2024, a 45 per cent leap from N895 billion collected in 2023, solidifying its position as Nigeria’s richest state by IGR.
Finance Commissioner Abayomi Oluyomi disclosed the figure at 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 disclosed that the ministry generated more than N14 billion from Land Use Charge (LUC), a 37 per cent year-on-year (YoY) rise in property tax collection he attributed to a robust property enumeration drive that has captured more than 800,000 properties in the tax database.
“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,” he said.
“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.”
Read also:
 collection of N1.3 trillion in 2024, a 45 per cent leap from N895 billion collected ....){kind=link}