Lagos Can Earn ₦1 Trillion Yearly from Property Tax — Oyedele

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has said that Lagos State has the capacity to generate as much as ₦1 trillion every year from property tax if the sector is properly developed and effectively administered.

Oyedele stated that the state’s vast real estate market, if fully captured within a transparent and efficient tax framework, could significantly boost internally generated revenue and reduce overreliance on other tax sources.

According to him, improved property enumeration, accurate valuation, and the use of digital systems would help close existing revenue gaps while ensuring fairness and compliance among property owners.

He noted that unlocking the full potential of property taxation would also provide Lagos State with sustainable funding for infrastructure, social services, and urban development.

Oyedele added that reforms in the property tax system would not only enhance revenue generation but also promote accountability and long-term fiscal stability for the state.