Lagos State government has revealed that about ₦1.3 trillion was generated as Internally Generated Revenue (IGR) in 2024, which is about a 45 per cent increase compared to the ₦895 billion generated in 2023.

The Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this on Monday at the ongoing ministerial press briefing to mark the second year of the second term of Governor Babajide Sanwo-Olu.

The commissioner also stated that the ministry collected over ₦14 billion in Land Use Charge (LUC), achieving a 37 per cent increase in property tax revenue versus the previous year.

According to him, over 800,000 properties are now on the state’s database via aggressive enumeration campaigns.

He added, “Under my leadership, the Ministry of Finance has undergone significant transformation, introduced new innovations, and reviewed key processes—despite the economic challenges faced over the past two years.

“These efforts reflect our commitment to generate additional revenues and to prudently manage the financial resources and contribute to the achievements recorded across the administration’s development initiatives. We sincerely appreciate all constructive feedback and valuable suggestions.

“The Lagos State Ministry of Finance is primarily responsible for generating revenue and managing the state’s resources, formulating the overall financial strategies, policies, procedures and overseeing public financial management to promote economic growth and development including managing, controlling and monitoring revenues, both from the state and federal government, and expenditures.”