Lagos IGR Hits N1.3Trillion in 2024, Raises N14bn from Land Use Charge

The Lagos State Government has announced a substantial rise in its Internally Generated Revenue (IGR), hitting approximately N1.3 trillion in 2024—a 45% increase compared to the N895 billion collected in 2023.

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

Oluyomi also highlighted that over N14 billion was generated from the Land Use Charge (LUC), marking a 37% year-on-year growth in property tax revenue.

He credited the boost to a comprehensive property enumeration campaign, which has captured more than 800,000 properties in the state’s tax system.

“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,” he said.

Oluyomi further noted that the Ministry of Finance is tasked with crafting financial strategies, managing revenues and expenditures from both state and federal sources, and driving policies that promote sustainable economic development in Lagos.

Newsdigest