This strategic initiative, unveiled during the 2025 Ministerial Press Briefing by the Commissioner for Finance, Mr. Abayomi Oluyomi, signals a significant shift in the state's approach to resource mobilization and urban development.
Commissioner Oluyomi detailed the government's focus on leveraging dormant assets, including buildings, land, bridges, and roads, to bolster the state's financial capacity. A key strategy involves securitizing these assets in the latter half of the year, a process for which the Office of Valuation is deemed critical, with asset identification and valuation currently underway.
The Commissioner emphasized the sheer scale of these untapped resources, stating that "Lagos State has over N3 trillion worth of idle assets, resources that can be put to productive use." The planned securitization aims to improve liquidity and provide the necessary funding for vital infrastructure projects that will benefit residents and drive economic growth. This approach marks a departure from solely relying on traditional revenue streams.
In a parallel effort to enhance revenue collection, the Lagos State Government announced a tougher stance on property tax defaulters. Plans include publicizing the names of these defaulters and pursuing legal action. The government has already initiated warnings through newspaper notices and plans to publish the names of all defaulting property owners within the next one to two weeks, followed by prosecution.
Demonstrating a commitment to resident welfare, the state is also introducing flood risk insurance. Recognizing Lagos' vulnerability to flooding due to its low sea level, the government will pay premiums on behalf of residents to ensure compensation for losses incurred during the rainy season.
Furthermore, Commissioner Oluyomi stressed the importance of the Lagos State Residents Registration Agency (LASRRA) card, urging residents to register. This registration is deemed essential for effective planning and development, providing crucial demographic data for informed governance.
In other financial news, Lagos State has launched a N14.82 billion green bond, the first of its kind certified by the Climate Bond Initiative for a Nigerian sub-national government. The proceeds from this bond will be directed towards key sectors including health, environment, housing, science and technology, agriculture, and transport.
Lagos State's multi-pronged approach to boosting its financial strength – by activating dormant assets, enforcing tax compliance, safeguarding residents against flood risks, and embracing green financing – signals a proactive and forward-thinking administration. The successful execution of these plans holds significant potential to transform the state's infrastructure landscape and improve the quality of life for its residents, paving the way for sustainable growth and development.
Source: Based on reports from the Lagos State Government's 2025 Ministerial Press Briefing, as covered by Naira Metrics.