Governor Babajide Sanwo-Olu
Lagos State Government on Monday said it plans to convert over N3 trillion idle assets in the state to liquidity for funding of infrastructure development through securitisation.
The State Commissioner for Finance, Mr.Abayomi Oluyomi, made this known at a press briefing as part of activities lined up to mark the second year of the second term of the administration of Governor Babajide Sanwo-Olu.
Besides, the commissioner disclosed that the state was set to launch Economic Summit Group and also Lagos State Sovereign Wealth Fund, where excess money realized in the revenue generated in the state shall be kept, adding that the step was to improve the economy of the state.
The commissioner, however, noted that there was an improvement in the tax revenue generated in the state in the first quarter of year 2025 compared to that of last year 2024, saying that the development witnessed the total tax revenue generated in the first quarter of 2025 at ₦333bn as against ₦232bn generated in the first quarter of 2024.
According to him, the Gross Domestic Product (GDP) of the state is $259bn, making it to remain as not just Nigeria’s economic hub but Africa largest sub national economy, saying that the state’s Internally Generated Revenue (IGR) in 2024 was N1.3trn, which was 45 percent increment from what was generated in 2023 which was N895bn.
He explained that the Lagos State Internal Revenue Service (LIRS) played a vital role in increasing revenue generated by the state, by blocking the leakages and also helping in driving sustainable revenue growth, which he said were vital for financing the state’s gargantuan infrastructure needs.
“Lagos State Internal Revenue Service (LIRS) has 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,” the commissioner said.
On debt profile, Oluyomi said it had been reduced to the barest minimum, adding that Lagos had the lowest debt profile in the country, just as he pointed out that the credit rating of the state was the highest and rated 3 As.
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