State generates N333.29b in 2025 Q1, N1.3tr in 2024

Lagos State Government, yesterday, said that it generated N333.29 billion as Internally-Generated Revenue (IGR) in the first three months of 2025, with Pay As You Earn (PAYE) tax accounting for 73 per cent of the revenue, put at N243.613 billion.

The state’s Commissioner for Finance, Abayomi Oluyomi, who disclosed this during the ongoing media briefing to mark the second year of the second term of Governor Babajide Sanwo-Olu, also revealed that about N1.3 trillion was generated as IGR in 2024, which is about 45 per cent increase compared to N895 billion generated in 2023.

Oluyomi also stated that the ministry collected over N14 billion in Land Use Charge, achieving a 37 per cent increase in property tax revenue versus the previous year.

According to him, over 800,000 buildings are now on the state’s database via aggressive enumeration campaigns. He further said that in the last one year, the state government paid N5.283 billion in insurance premiums statewide to cover staff, infrastructure, and assets, including disbursing N1.19 billion in group life and personal accident claims to injured members of staff and families of deceased workers.

Besides, he said that the state, at the same time, received N290.43 million from insurers for damages to public infrastructure, reinforcing insurance as a key financial risk transfer tool.

Oluyomi said that the state government had ensured timely payment of salaries and pensions, with N67.9 billion paid to 20,956 retirees, adding that the state government had launched a mentorship programme to nurture young members of staff, improve ethics, and build a professional workforce.

This, he said, was besides organising statewide capacity-building workshops and training for finance and accounts, as well as procurement officers. He further said that the state government conducted verification of the security personnel’s payroll, preventing leakages and ensuring accurate disbursement.

The commissioner, who stated that the ministry plans to launch the Lagos State Sovereign Wealth Fund, Economic Summit Group and revenue courts, said that the ministry had also embarked on the conversion of idle assets to liquidity for funding infrastructural development through securitisation.

Meanwhile, the commissioner said the Lagos State Internal Revenue Service (LIRS) had continued to position itself to expand the tax net, plug leakages and drive sustainable revenue growth, which are vital for financing the state’s growing urban and infrastructural needs.