Lagos grows revenue to N1.3 trillion, with only N14 billion from property tax, shares plans to enforce compliance

• Lagos authorities authorities is determined to thrust its internally generated gross up, and has pooled successful implicit N1.3 trillion successful 2024
• The authorities is connected way to bash amended successful 2025 and has already raked successful astir N333 cardinal successful IGR, contempt the debased taxation compliance
• The authorities has shared plans to amended the IGR and rise funds for large societal infrastructural projects

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

Lagos state’s internally generated gross (IGR) has surged by 45% from N895 cardinal successful 2023 to N1.3 trillion successful 2024.

The authorities commissioner of finance, Abayomi Oluyomi stated this astatine the ministerial property briefing to people the 2nd twelvemonth of the 2nd word of the Governor Babajide Sanwo-Olu-led administration.

Oluyomi disclosed that Lagos State had already collected astir N333 cardinal successful Internally Generated Revenue, conscionable a fewer months into 2025.

Despite having implicit 20 cardinal residents and 3 cardinal registered taxpayers, less than 1 cardinal Lagosians really wage taxes. Photo credit: Pius Utomi Ekpei
Source: Getty Images

Oluyomi revealed that less than 25% of eligible taxpayers successful Lagos wage taxes, with lone 700,000 retired of the 3 cardinal taxpayers successful the database contributing.”

The commissioner urged Lagosians to transportation retired their civic responsibilities of paying taxes to enactment the authorities successful carrying retired its projects.

Lagos authorities rakes successful N14 cardinal successful spot tax

The commissioner disclosed that his ministry activities had besides accrued gross generated from the Land Use Charge by 37% successful 1 year, bringing successful N14 cardinal successful spot taxation successful 2024.

He explained that the authorities had taken the bold measurement to enumerate implicit 800,000 properties successful the state, and expanded outgo options to see POS, USSD, WhatsApp, and different outgo platforms.

Despite these efforts, respective spot owners successful Lagos authorities are inactive not tax-compliant, PREMIUMTIMES reports.

Lagos State's GDP reaches $259 billion

Oluyomi highlighted that Lagos state’s Gross Domestic Product (GDP) had reached $259 billion, solidifying its presumption arsenic Nigeria’s starring economical hub and Africa’s largest sub-national economy.

Lagos state's debt-servicing-to-revenue ratio had besides improved to 19.2%, the lowest successful the country. The total-debt-to-GDP ratio was 3.83% portion the total-debt-to-revenue ratio was 172% successful 2024.

All of these, helium said, lend to the state’s resilience contempt the harsh economical headwinds crossed the country.

He besides addressed the request for inclusive improvement to scope the slums successful the state. To execute this, Lagos authorities is acceptable to securitise its idle assets worthy up to N3 trillion naira, and money societal infrastructure projects successful the state.

The concern commissioner added that the authorities authorities had invested astir N10 cardinal successful interventions to support the mediocre and the susceptible with accomplishment improvement and economical empowerment.

Lagos authorities has a colonisation supra 20 million, but has little than 1 cardinal tax-paying citizens. Photo credit: Pius Utomi Ekpei
Source: Getty Images

For instance, the authorities precocious partnered with the Bank of Industry (BoI) and Sterling Bank to supply tiny concern owners with no-collateral loans astatine single-digit involvement rates.

He expressed optimism that the Nigerian system would retrieve successful 2025, successful enactment with projections from the International Monetary Fund (IMF) and the World Bank.

Lagos authorities to treble taxation gross by including skit makers

Legit.ng earlier reported that Lagos authorities has acceptable a taxation gross people of N2.79 trillion for 2025.

However, Tax Reform president Taiwo Oyedele says it's excessively tiny arsenic it lone amounts to astir 2% of the state's GDP.

He identified galore gross gaps and explained however the authorities can double its taxation revenue by including integer entrepreneurs, skitmakers, and contented creators successful the taxation net.

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Source: Legit.ng