Lagos State recorded a 45 per cent growth in revenue in 2024, raking in N1.3 trillion compared to N895 billion in 2023. This was disclosed by the Commissioner for Finance, Abayomi Oluyomi, during the annual ministerial briefing to mark the second year of Governor Babajide Sanwo-Olu’s second term in office.
Oluyomi said the revenue growth was driven by strategic reforms and innovation, with N14 billion generated from Land Use Charge—an increase of 37 percent from the previous year. He added that Lagos remains Africa’s largest sub-national economy, with a Gross Domestic Product of $259 billion.
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Despite the gains, the commissioner noted that only 700,000 out of three million registered taxpayers currently pay tax. He urged more Lagosians to fulfil their obligations, revealing that the government plans to monetise N3 billion worth of idle property to boost revenue.
The commissioner also disclosed that N67.9 billion was paid to 20,956 retirees between 2024 and 2025, while N290 million was recovered from insurers for damaged public infrastructure. Lagos was rated A1+ by local agencies and AAA by Fitch, with a debt-service-to-revenue ratio of 19.2 percent—reportedly the lowest in the country.
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