Lagos govt can generate N5tr yearly as IGR, Oyedele states

Says Nigeria’s tax burden among global highest

Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, yesterday, said that with the right progressive reforms, economic efficiency, competitiveness, harmonisation, and transparency, Lagos State could generate up to N5 trillion yearly as Internally-Generated Revenue (IGR) to fund infrastructure, education, and healthcare for Lagos residents.

Oyedele, who stated this in his keynote speech during the launch of the Lagos Economic Development Update (LEDU) Report, said that the report is not just a document but a roadmap for the future of Lagos — a future of shared prosperity, inclusive growth, and sustainable development.

Oyedele, who stressed that the three transformative pathways to revenue mobilisation in Lagos are property tax, personal income tax and tax harmonisation, said that the state could generate a minimum of N1 trillion yearly from property tax alone.

Meanwhile, Oyedele, who also spoke during a grand reception in honour of the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), Davidson Chijioke Alaribe, and the Group Managing Director, First Holdco Plc., Adebowale Oyedeji, said the tax burden on businesses in Nigeria is one of the highest in the world.

He also noted that Nigeria ranked in the top 10 highest corporate tax burden in the world, and advocated for a change. Oyedele, while delivering a keynote address on “Understanding the Nigeria Tax Reforms,” called for collaborative efforts between government agencies and stakeholders regarding the proposed tax reforms bill, currently before the National Assembly.

He said it was imperative to ensure tax deductions for startup expenses incurred within six years before commencement of business, saying that this would foster entrepreneurship and support new businesses.

In his opening remarks, the Commissioner for Economic Planning and Budget, Ope George, said the launch of the 2025 LEDU is a pivotal moment for evaluating the state’s economic progress and setting a course for sustained growth and resilience.

In her welcome address, the Permanent Secretary of the Ministry of Economic Planning and Budget, Olayinka Ojo, observed that as the economic nerve centre of Nigeria, Lagos continues to set the pace in development, innovation, and investment.