May 12, 2025

The Lagos State Government on Monday announced plans to revive idle property estimated to worth three trillion Naira, in an effort to boost the state’s internally-generated revenue.

The state Commissioner for Finance, Mr. 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 all these assets.

“That is why the Office of Valuation is critical. We have identified the assets and we are currently 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.”

The commissioner also said that the government would take a tougher stance on defaulters of property tax payment.

He said that 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 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.”

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 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 would occur, the government would be prepared to support those who would suffer losses.

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.”

The commissioner also announced that Lagos State had begun issuance of a ₦14.82 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. (NAN)