The Lagos State Government on Monday announced plans to convert more than ₦3 trillion worth of idle assets into liquidity through securitisation, in a bid to finance ongoing infrastructure development.
This was revealed by the Commissioner for Finance, Mr. Abayomi Oluyomi, during a press briefing held as part of the events marking the second anniversary of Governor Babajide Sanwo-Olu’s second term in office.
Oluyomi also disclosed that the state would soon launch the Lagos Economic Summit Group and establish the Lagos State Sovereign Wealth Fund. According to him, the fund will serve as a reserve for surplus revenues and will contribute to strengthening the state’s economy.
He noted a significant rise in tax revenue, with ₦333 billion generated in the first quarter of 2025, compared to ₦232 billion during the same period in 2024.
Highlighting the state’s economic strength, the commissioner said Lagos’ Gross Domestic Product (GDP) stands at $259 billion, maintaining its position as Nigeria’s economic powerhouse and the largest sub-national economy in Africa. The state’s Internally Generated Revenue (IGR) in 2024 reached ₦1.3 trillion—an impressive 45% increase from the ₦895 billion recorded in 2023.
Oluyomi attributed the revenue boost to the efforts of the Lagos State Internal Revenue Service (LIRS), which has been instrumental in expanding the tax base, sealing leakages, and promoting sustainable revenue growth to meet the city’s expanding infrastructure demands.
“The LIRS has remained proactive in expanding the tax net, plugging revenue leakages, and ensuring sustainable growth—all crucial for meeting the state’s growing urban and infrastructure needs,” he stated.
Regarding the state’s financial health, the commissioner affirmed that Lagos currently has the lowest debt profile in the country and maintains a top-tier credit rating of triple-A.
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