• Buildings, land, bridges, roads to be securitised
Lagos State Government has announced plans to revive idle property estimated to worth three trillion Naira, to boost Internally-Generated Revenue (IGR).
Commissioner for Finance, Abayomi Oluyomi, disclosed this while presenting the ministry’s stewardship at the state’s 2025 Ministerial Press Briefing at Alausa, Ikeja.
Oluyomi said the state was focused on harnessing idle assets to support its revenue drive.
“In the second half of the year, we will securitise these assets. This is why the Office of Valuation is critical. We have identified the assets and we are valuing them.
“Lagos State has over N3 trillion worth of idle assets. These are resources that can be put to productive use. Our plan is to securitise these assets to improve liquidity and fund infrastructure projects,” he said.
The commissioner listed such property to include buildings, land, bridges and roads.
“These will now be used to generate the credit needed for infrastructure funding through securitisation. We have not focused on this in the past. Revenue generation will no longer rely solely on traditional means.”
He said the government would take a tougher stance on defaulters of property tax payment.
He said the government had plans to publicise their names and pursue a legal action.
“We have already started publishing notices in newspapers to warn defaulting property owners. Over the past three weeks, we have issued reminders in publications.
“Within the next one to two weeks, we will begin publishing the names of property tax defaulters. Once published, those names will be taken to court for prosecution.”
On flood risk insurance, Oluyomi said the scheme reflected Governor Babajide Sanwo-Olu’s commitment to the welfare of residents of Lagos State.
“Lagos is below sea level, and flooding is a recurring issue during the rainy season. This affects lives and properties. We are introducing flood risk insurance to ensure affected residents are compensated,” he said.
The official said the state was paying premiums on behalf of such residents so that when flooding would occur, the government would be prepared to support those who would suffer losses.
He encouraged Lagosians to register with the Lagos State Residents Registration Agency (LASRRA) and obtain the card.
He described the registration as essential for planning and development.
“Getting the LASRRA card is like participating in a census. Knowing how many people live in Lagos whether young or old, male or female helps the government to plan effectively. Those who fail to plan, plan to fail. To plan effectively, we must know who resides in Lagos. Orderliness is key.”
The commissioner announced that Lagos State had begun issuance of a N14.82 billion green bond.
He said the bond was the first certified by the Climate Bond Initiative for any Nigerian sub-national government.
He said proceeds from the bond would be used to fund sectors such as health, environment, housing, science and technology, agriculture and transport.
