Lagos State has achieved a historic financial milestone, generating ₦1.3 trillion in revenue in 2024 — a 45% increase from the ₦895 billion recorded in 2023. This was disclosed by the Commissioner for Finance, Mr. Abayomi Oluyomi, during the 2025 Ministerial Press Briefing held on Monday at the Bagauda Kaltho Press Centre, Alausa.
The briefing, part of the events commemorating Governor Babajide Sanwo-Olu’s second year in his second term, highlighted the state’s strong fiscal performance despite economic headwinds. Oluyomi attributed the revenue surge to “robust economic growth and fiscal discipline,” crediting strategic reforms and innovative financial practices.
“We closed 2024 with a record-breaking ₦1.3 trillion, a significant leap from the ₦895 billion of the previous year — representing a 45% increase,” he said.
One major contributor to this growth was the improved administration of property taxes, particularly the Land Use Charge, which generated over ₦14 billion — a 37% increase compared to 2023.
Oluyomi emphasized the central role of the Ministry of Finance in supporting government operations, stating, “The Ministry of Finance serves as the financial backbone that enables the delivery of democratic dividends to Lagosians.”
He added that the Ministry had undergone a significant transformation over the last two years, embracing innovation and systemic reforms to meet the challenges of a tough economic environment and support the state’s development agenda.
A key player in the revenue growth is the Lagos Internal Revenue Service (LIRS), which expanded its tax net and upgraded its digital infrastructure. Enhancements to the LIRS E-Tax platform now include stamp duty processing, capital gains tax integration, geo-tagging, report building tools, CAC integration, and expatriate tracking.
To improve user experience and safeguard data, Oluyomi also announced the migration and upgrade of the E-Tax mobile app to the cloud, describing it as “a safer, faster, and more efficient platform that enhances taxpayer compliance and transparency.”
The positive impact of these reforms is already visible. Tax revenue in the first quarter of 2025 reached ₦333 billion — up from ₦232 billion during the same period in 2024.
“This enhanced revenue will further drive the developmental objectives of the Babajide Sanwo-Olu administration,” Oluyomi said.
The Ministerial Press Briefing is an annual event where government officials present their performance reports, providing a platform for public accountability across various ministries and agencies.