The Lagos State Government has reported a significant increase in its internally generated revenue (IGR), hitting a record N1.3 trillion in 2024 — a 45 percent rise from the previous year. This was disclosed by the Commissioner for Finance, Abayomi Oluyomi, during a ministerial press briefing held in Ikeja on Monday.
Oluyomi said the state had already generated N333 billion in the first quarter of 2025, signaling continued revenue growth into the new year. He attributed part of this boost to improvements in the Land Use Charge collection, which brought in N14 billion — a 37 percent increase compared to the previous period.
sa
According to the commissioner, the Sanwo-Olu administration expanded property enumeration to over 800,000 buildings, coupled with the introduction of new payment channels such as POS terminals, USSD codes, WhatsApp messaging, and online platforms to simplify transactions and increase compliance.
Despite the impressive fiscal performance, concerns linger about the growing divide between economic gains and the everyday reality of many Lagos residents. In numerous low-income communities across the city, millions continue to struggle with poor infrastructure, limited access to clean water, and inadequate healthcare.
While the government touts its revenue achievements as a foundation for urban development, critics argue that more deliberate efforts are needed to ensure that the benefits reach the state’s most vulnerable populations. For now, Lagos finds itself at a crossroads — with rising income on one hand and persistent social inequality on the other.
