The Nation Newspaper

Tag: Lagos revenue

  • Lagos revenue rises to N2.968tr from N2.1tr

    Lagos revenue rises to N2.968tr from N2.1tr

    Lagos State Government said its revenue has risen from ₦2.080 trillion in 2024 to ₦2.968 trillion in 2025.

    This,  Commissioner for Economic Planning and Budget, Ope George, said demonstrated improved fiscal planning.

    George stated that at least, 18.5 million, out of estimated 23 million Lagos residents have received N130 billion state’s government Social Protection Supports through various subsidy interventions under the present administration.

    He spoke at the on-going 2025 Ministerial Press Briefing, highlighting the activities of the ministry and scorecard of Governor Babajide Sanwo-Olu/Obafemi Hamzat Administration second year, of the second term, held in Alausa, Ikeja.

    According to George: “The State Government has delivered N130 billion in Social Protection Support, reaching over 18.5 million Lagosians through coordinated interventions such as the Transport Subsidy Allowance following fuel subsidy removal, and the “OUNJE EKO” food subsidy program, which has enhanced access to affordable, nutritious food for low-income households across the State.”

    He said the State government “Ensured the timely passage and assent of the Year 2025 Budget Appropriation Bill, maintaining Lagos State’s reputation for disciplined budgeting, achieved an 87 per cent performance rate in 2024, reflecting effective execution of planned expenditures across sectors.

    Read Also: Lagos Taskforce impounds 139 Okada in renewed crackdown on banned routes

    “The ministry conducted a cross-sectoral expenditure framework review, enabling more equitable and impact-driven resource distribution, and engaged citizens across all five administrative divisions through budget consultative forums, aligning the budget with grassroots priorities.”

    George added, “As of 2024, our GDP stood at around N55.7 trillion mark, representing an increase of close to 29 per cent from where we were in 2023 which was about 23 trillion naira

    “This remains one of the most current official figures, till we wait for competition of GDP numbers in 2025. But when you measure us as a state in terms of our purchasing power, apparently, you found that Lagos has an estimated $259 billion in 2023 and I think that puts us, Lagos as the one of the top three largest economies in Africa.

    “As a state, we are lucky and burdened by the fact that we are a state that is sub-national and we also have a lot of indices that portrays us as a national.”

  • Lagos inaugurates portal to boost revenue infrastructure

    Lagos inaugurates portal to boost revenue infrastructure

    The Lagos State Government yesterday entered a new era in revenue management with the launch of the Lagos Revenue Portal (LRP), a self-service portal meant to boost revenue collection in the state.

    Speaking during the portal inauguration, Special Adviser to the Governor on Taxation & Revenue, Ogungbo Abdul-Kabir Opeyemi, described LRP as a forward thinking innovation in the annals of Lagos State revenue payment cycle, a payer-centric fully digitalized and transformative platform developed for payers’ convenience and seamless operations for revenue stakeholders.

    He said: “The LRP is unique in several ways including but not limited to its self-service interface, bill management, integration of all payment platforms, instantaneous receipting and validation, automated- reversal and amendment request, evaluation of multiple channels of payments which includes (card, bank transfer, USSD, POS, QR Code, etc.), artificial intelligence bots integration capacity, enhance efficiency and Improved digital inclusion”.

    Read Also; Benefits of $500m domestic bond offer, by Edun, experts

    Opeyemi said that the state was ready to revamp the revenue infrastructure adding that the plan goes beyond the launch of LRP, the operational leg of the new Lagos State strategic revenue framework.

    He said that revenue generation as the bedrock and foundation that galvanizes the ambitious infrastructural development and programmes in Lagos.

    Opeyemi said the projects are being executed according to the Lagos State Development Plan (LSDP) 2052 and T.H.E.M.E.S+ Agenda of Babajide Olusola Sanwo-Olu, the Governor of Lagos State.

    He said the governor’s commitment to ensuring improved and quality service delivery for payers and entities in a convenient way has been deliberately infused into the business process of all revenue generating Ministries, Department and Agencies of Lagos State Government including stakeholders across the revenue value chain.

     “Without the leadership, resources, direction and encouragement provided by Governor, most of the transformative ideas shaping Lagos State revenue landscape may have continued to exist in the realm of imagination. The governor provided the required leadership, took bold and audacious steps and the reality is what we are witnessing in Lagos today- both in the growth of the State GDP standing at over N40 Trillion and almost 100 per cent in IGR growth between half year 2023 & 2024,” he said.

    He said that Lagos revenue trajectory is a direct reflection of the strategic foundation laid by the Former Governor of Lagos State, now the President of the Federal Republic of Nigeria –His Excellency President Bola Ahmed Tinubu and carefully followed by successive governments till the present administration.

    “The Lagos story is indeed a testament to visionary leadership and consistency on the part of both the leadership and the led. Payers and corporate entities were consistent in their feedbacks and the Government of Lagos is always improving the quality of service delivery, thereby ensuring convenience for the payers across the value chain. It is evolving and can only get better,” he said.

    Also speaking, Lagos State Governor, Babajide Sanwo-Olu, said revenue is what will bring promises to Lagosians to fruition.

    He described LRP as a milestone, even as the state will continually refine and improve the quality of its services, to bring about better business and ecosystem for the citizens.

    He said the LPR promotes the ease of doing business in Lagos and remains the lifeblood of governance and development.

     “You can make all the promises, but they will come to nothing without the adequate revenue to drive the process. We need a transparent and user-friendly portal to achieve our goals. LRP is a game changer. The portal aligns with our broader vision of making Lagos a truly smart city,” he said.

    Sanwo-Olu urged Lagosians and all stakeholders to embrace the portal for the good and development of the state.

    Managing Director, Alpha-Beta Consulting LLP, Akinsanya Doherty said the move will strengthen the state’s revenue, and support the funding of developmental projects in the state.

    He said the LRP offers key features helps people to pay bills in one place. LRP is a one-stop shop for all government bills. The platform provides multiple secured online payment options, instant revenue receipts with validation protocols while supporting electronic accounting and reconciliation.

    He said the platform is user-friendly and enable them to make payment anywhere in the world.

    Commissioner Ministry of Finance, Lagos State, Abayomi Oluyomi, said the portal allows Lagos to move closer to the people and provides opportunity for the state to have a solid revenue base. “Revenue remains the oil that lubricates the developments in Lagos, and more revenues are needed to drive development,” he said.