The Lagos State Government has announced a remarkable achievement in its financial performance, generating approximately N1.3 trillion in Internally Generated Revenue (IGR) for the 2024 fiscal year. This represents a substantial 45% increase from the N895 billion collected in 2023.

Mr. Abayomi Oluyomi, the Commissioner for Finance, disclosed this information on Monday during a ministerial press briefing organized as part of activities commemorating Governor Babajide Sanwo-Olu's second anniversary of his second term in office.

According to the Commissioner, the state also recorded significant improvement in property tax collections, generating over N14 billion from Land Use Charge (LUC). This figure represents a 37% year-on-year increase, attributed to an extensive property enumeration initiative that has successfully captured more than 800,000 properties in the state's tax database.

"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," Oluyomi stated during the briefing.

He further explained that these efforts reflect the ministry's commitment to generating additional revenues while prudently managing the state's financial resources to support various development initiatives across the administration.

The Commissioner highlighted the primary responsibilities of the Lagos State Ministry of Finance, which include revenue generation, resource management, financial strategy formulation, and oversight of public financial management to promote economic growth and development.

"The ministry is also tasked with managing, controlling, and monitoring revenues, both from the state and federal government, as well as expenditures," he added.

This impressive financial performance comes at a time when many states across Nigeria are struggling with revenue generation amid challenging economic conditions, positioning Lagos State as a model for fiscal management and revenue optimization in the country.