The Government of the State of Lagos said on Monday that it plans to convert more than N3 billion inactive assets in the state to liquidity for the financing of infrastructure development through titulization.
The State Finance Commissioner, Mr. Bayomi Oluyomi, announced this at a press conference as part of the activities aligned to mark the second year of the second term of the administration of the Babajide Sanwo-olu Governor.
In addition, the commissioner revealed that the State would launch the group of the Economic Summit and also the sovereign wealth fund of the state of Lagos, where the excess money made in the income generated in the State will be maintained, and added that the step was to improve the economy of the State.
However, the commissioner said that there was an improvement in the tax revenues generated in the State in the first quarter of the year 2025 compared to last year 2024, saying that the development witnessed the total tax revenues generated in the first quarter of 2025 in ₦ 333bn against ₦ 232bn generated in the first quarter of 2024.
According to him, the Gross Domestic Product (GDP) of the State is $ 259 billion, which means that it remains as not only the economic center of Nigeria, but also in Africa, the largest deputy -legal economy, saying that the income generated internally of the State (IGR) in 2024 were N1.3trn, which was an increase of 45 percent of what was generated in 2023, which was N895bn.
He explained that the Internal Tax Service of the State of Lagos (LIRS) played a vital role in increasing the income generated by the State, by blocking leaks and also helping to boost the growth of sustainable income, which said they were vital to finance the giant infrastructure needs of the State.
“The Internal Revenue Service of the State of Lagos (LIRS) has continued to position itself to expand the fiscal network, plug leakage and boost the growth of sustainable income; which are vital to finance the growing urban and infrastructural needs of the State,” said the commissioner.
In the debt profile, Oluyomi said that it had been reduced to the smallest minimum, and added that Lagos had the lowest debt profile in the country, as noted that the state's credit rating was the highest and most qualified as 3 as.
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