Lagos State recorded a 45% increase in revenue in 2024, reaching N1.3 trillion—up from N895 billion in 2023.
This was disclosed by the Commissioner for Finance, Abayomi Oluyomi, during a statement commemorating the second anniversary of Governor Babajide Sanwo-Olu and Deputy Governor Obafemi Hamzat’s second term in office.
Speaking at the annual ministerial briefing on his ministry’s performance from 2024 to 2025, Oluyomi revealed that the State generated N14 billion from the Land Use Charge in 2024—a 37% rise compared to the previous year.
He also noted that local rating agencies have rated Lagos at A1+, while Fitch Ratings assigned it a AAA rating.
According to the commissioner, approximately 800,000 properties are listed in the State government’s database. However, he expressed concern over widespread default on property tax payments.
He stated: “Through strategic reforms and innovative financial strategies, Lagos State continues to lead in revenue generation. We ended 2024 with a record N1.3 trillion, marking a 45% increase from N895 billion in 2023.”
Oluyomi placed the State’s Gross Domestic Product (GDP) at $259 billion, reaffirming Lagos as not only Nigeria’s economic powerhouse but also the largest sub-national economy in Africa.
Addressing the State’s debt profile, Oluyomi said Lagos had the lowest debt-service-to-revenue ratio in the country at 19.2%. He also reported a total-debt-to-GDP ratio of 3.83% and a total-debt-to-revenue ratio of 172% in 2024.
To further boost revenue, he announced plans to convert idle government properties worth N3 billion into income-generating assets.
Between 2024 and 2025, the State paid N67.9 billion in entitlements to 20,956 retirees, while it received N290.43 million in insurance claims for damage to public infrastructure.
Oluyomi highlighted that of the three million registered taxpayers in Lagos, only about 700,000 currently pay taxes. He called on more residents to fulfill their tax obligations, emphasizing that the government would adopt innovative strategies to broaden the tax base and improve compliance.
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