The Lagos State Government on Monday announced plans to revive idle property, estimated to be worth three trillion Naira, in an effort to boost the state’s internally generated revenue.
This was disclosed by the state Commissioner for Finance, Mr. Abayomi Oluyomi, while presenting the ministry’s stewardship at the state’s 2025 Ministerial Press Briefing at Alausa, Ikeja.
Oluyomi stated that the state is focused on harnessing idle assets to support its revenue drive.
“We will securitize all these assets in the second half of the year. That is why the Office of Valuation is critical. We have identified the assets and are currently valuing them.”
“Lagos State has over N3 trillion worth of idle assets, resources that can be put to productive use.”
“Our plan is to securitize these assets to improve liquidity and fund infrastructure projects,” he added.
The commissioner listed such properties as buildings, land, bridges, and roads.
“These will now be used to generate the credit needed for infrastructure funding through securitization.”
“We have not focused on this in the past. Revenue generation will no longer rely solely on traditional means,” he said.
Tougher stance on property tax defaulters
The commissioner also stated that the government would take a tougher stance on property tax defaulters.
He mentioned that the government plans to publicize their names and pursue 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 various publications.”
“Within the next one to two weeks, we will begin publishing the names of all property tax defaulters. Once published, those names will be taken to court for prosecution.”
Flood risk insurance to protect residents
On flood risk insurance, Oluyomi said that the scheme reflected Gov. 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 that affected residents are compensated,” he said.
The official said that the state was paying premiums on behalf of such residents so that when flooding occurs, the government would be prepared to support those who suffer losses.
Importance of LASRRA registration for planning and development
He encouraged the state residents 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.”
Lagos State launches N14.82 billion green bond
The commissioner also announced that Lagos State had begun the issuance of a N14.82 billion green bond.
He said that the bond was the first certified by the Climate Bond Initiative for any Nigerian sub-national government.
He said that proceeds from the bond would be used to fund sectors such as health, environment, housing, science and technology, agriculture, and transport.
