Lagos Internally Generated Revenue Increases 45%, Hits N1.3 Trillion in 2024
The Lagos State Government has announced a significant 45% increase in its revenue, reaching a total of N1.3 trillion in 2024.
This is a substantial jump from the N895 billion recorded in 2023, according to the Commissioner for Finance, Abayomi Oluyomi.
The impressive revenue growth was revealed during the annual ministerial briefing on the activities of the Ministry of Finance between 2024 and 2025.
The briefing was held to mark the second year of the second term of Governor Babajide Sanwo-Olu and Deputy Governor Obafemi Hamzat’s administration.
The Commissioner attributed the remarkable revenue increase to “strategic reforms and innovative financial practices” implemented by the state government.
He also highlighted that the state generated N14 billion from Land Use Charge in 2024, representing a 37% increase compared to the previous year.
Lagos State’s strong financial performance has earned it high ratings from local and international rating agencies.
The state has been rated A1+ by local rating agencies, while Fitch Ratings has assigned it a AAA rating.
The state’s property tax database has also grown, with 800,000 properties currently listed.
However, the Commissioner expressed concern that many property owners are owing the state taxes, emphasizing the need for compliance.
In terms of economic performance, Lagos State’s Gross Domestic Product (GDP) stands at $259 billion, solidifying its position as not only Nigeria’s economic hub but also Africa’s largest sub-national economy.
The state’s debt profile is also impressive, with a debt-service-to-revenue ratio of 19.2%, the lowest in the country. The total-debt-to-GDP ratio is 3.83%, and the total-debt-to-revenue ratio is 172% as of 2024.
The significant revenue increase and strong economic performance are expected to have a positive impact on the state’s development, enabling the government to invest in critical infrastructure and social services that will benefit the citizens of Lagos State.
Governor Sanwo-Olu’s administration has been focused on driving economic growth and development in the state, and the latest revenue figures are a testament to the success of these efforts.
The state government is expected to continue implementing policies and initiatives that will sustain this growth and ensure that Lagos State remains a hub for business and investment in Nigeria and Africa.
