By Peter Omopo.
Lagos State has posted a record-breaking revenue performance, generating ₦1.3 trillion in 2024 — marking a 45% increase from the ₦895 billion recorded in 2023.
The announcement was made on Monday by the Commissioner for Finance, Mr. Abayomi Oluyomi, during the 2025 Ministerial Press Briefing at the Bagauda Kaltho Press Centre in Alausa, Ikeja. The event is part of activities commemorating the second anniversary of Governor Babajide Sanwo-Olu’s second term in office.
Describing the revenue milestone as a testament to strong economic management, Oluyomi said, “Driven by strategic reforms and innovative financial practices, Lagos State has continued to set the pace in revenue generation. We closed 2024 with a record ₦1.3 trillion, a significant increase from the ₦895 billion generated in 2023.”
The Commissioner attributed part of the revenue growth to enhanced property tax administration, disclosing that the state realised over ₦14 billion from the Land Use Charge — a 37% rise compared to the previous year.
Oluyomi emphasized the central role of the Ministry of Finance, noting that it serves as the financial backbone enabling the Sanwo-Olu administration to deliver on its development agenda and provide tangible dividends of democracy to residents.
