The Lagos State Government yesterday revealed that N1.3 trillion in internally generated revenue (IGR) in 2024, an increase of 45% from N89.5 billion in 2023.
And this year, the government said it had raked it up to N33.3 billion IGRs so far from the N232BN generated in the first quarter of 2024.
Finance Committee Member Abayomi Olyomi revealed this on Monday during a minister’s press briefing held in Arausa, Ikeja, as part of an effort to commemorate the sixth year of inaugurated Governor Babajde Sano Or.
Oluyomi said N14 billion was collected from land use fees (LUCs), increasing property tax revenue by 37%.
He said more than 800,000 properties have been captured in the state database following the aggressive enumeration campaign.
The Commissioner said Lagos State Internal Domestic Revenue Services (LIRS) “continued to position itself to promote tax net expansion, leaks, leaks and sustainable revenue growth.
He added that LIRS’ electronic tax platform has been optimized and expanded to include stamp duty, capital gains tax (CGT) filing integration, geotagging, report builder, CAC integration, and expatriate tracking (NIS integration).
“In this challenging macroeconomic environment, Lagos State is at a critical time. With its estimated GDP (purchased electricity parity) of $259 billion, Lagos is not only the economic and financial hub of Nigeria, but also one of Africa’s largest regional economies,” he said.
