The Lagos State Government has launched the 2025 Lagos Economic Development Update to strengthen fiscal sustainability, revenue mobilisation, and economic resilience.
Commissioner Ope George emphasised that the report aligns with Governor Babajide Sanwo-Olu’s ‘Budget of Sustainability,’ supporting economic diversification and infrastructure development.
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, highlighted the need for Lagos to increase its revenue generation significantly.
He identified property taxation, expansion of personal income tax, and tax harmonisation as essential strategies for boosting internally generated revenue.
Lagos collects less than two percent of its GDP in revenue, despite having one of Africa’s most valuable real estate markets.
Oyedele urged reforms to formalise the informal sector, simplify taxation processes, and leverage technology for more efficient tax administration.
With the right strategies in place, Lagos could generate up to five trillion naira annually, strengthening its economic position globally.
Stakeholders were called upon to collaborate in overcoming inflationary pressures, fiscal constraints, and global uncertainties to sustain Lagos’ economic leadership.
