Lagos Can Generate N1tn Yearly From Property Tax — Experts Reaffirm Revenue Potential
Lagos can generate N1tn yearly from property tax if the state adopts a more structured, technology-driven and data-backed approach to taxation, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said.
According to him, property taxation remains one of the most reliable and sustainable revenue anchors available to subnationals, particularly in economies with large urban populations such as Lagos.
Speaking at the Lagos Tax Reform Summit 2026, themed “From Reforms to Results: The Lagos Implementation Roadmap — Creating a Tax Environment that Works for All,” Oyedele explained that the Lagos Can Generate N1tn Yearly From Property Tax benchmark is realistic if the state fully harnesses untapped opportunities in the real estate tax ecosystem.
The summit was convened by the Lagos State Treasury Office and the Office of the Special Adviser on Taxation and Revenue.
Oyedele noted that many states still underutilise property tax despite its proven stability, growth potential and link to urban development.
He emphasised that when implemented with transparency and standardisation, property taxation becomes difficult to evade and automatically scales alongside infrastructure expansion and rising property values.
He explained that the Lagos Can Generate N1tn Yearly From Property Tax projection was based on conservative assumptions, noting that an estimated two million taxable properties in Lagos, valued at an average of N100m each and taxed at 0.5 per cent, would produce a minimum of N1tn in annual revenues.
According to him, such revenue, when reinvested into urban infrastructure, creates a cycle of improved service delivery, enhanced property valuation and stronger community financing.
Oyedele stressed that the major enabler for achieving the Lagos Can Generate N1tn Yearly From Property Tax target is the creation of a credible, technology-integrated property database.
He said modern tax systems rely on accurate data regarding asset ownership, valuation, income distribution and demographic trends, noting that weak data systems continue to limit tax performance across several states.
He also called on Lagos to demonstrate leadership among subnationals by institutionalising a comprehensive and transparent property register supported by predictable enforcement structures.
According to him, harmonisation of revenue collection remains essential to improving efficiency, reducing taxpayer burden and eliminating duplication across government agencies.
The tax reform chairman disclosed that the Presidential Fiscal Policy and Tax Reforms Committee, in partnership with the Joint Tax Board, has developed a model tax harmonisation law to guide state-level implementation.
He added that some states had already enacted the legislation and urged Lagos to accelerate adoption to reinforce its position as a benchmark state in tax administration.
He maintained that achieving the Lagos Can Generate N1tn Yearly From Property Tax target would require coordinated implementation rather than fragmented revenue collection practices.
Oyedele further advised that technology-driven transparency and accountability were crucial to sustaining taxpayer trust.
He explained that citizens are more likely to comply with tax obligations when they can clearly link payments to infrastructural investments and social development outcomes.
According to him, reform success will depend on collaboration between state and local governments, institutional consistency and data-guided planning.
In his remarks, the Governor of Lagos State, Babajide Sanwo-Olu, stated that Lagos remains committed to leading subnational implementation of national tax reforms, noting that the state’s approach is anchored on fairness, simplicity, digital efficiency and transparency.
He reiterated that Lagos Can Generate N1tn Yearly From Property Tax outcomes would support strategic investments across transport, healthcare, security, education and social protection initiatives.
Sanwo-Olu described taxation as a social contract that thrives on accountability and responsiveness.
He explained that the state government continues to reinvest tax revenues into critical infrastructure to enhance economic productivity and improve living standards, in alignment with its THEMES+ Development Agenda.
The governor added that Lagos is strengthening systems for ease of compliance, seamless dispute resolution and predictable tax policies that encourage private-sector confidence and innovation.
He maintained that the overall success of Nigeria’s tax reform process will depend on how effectively states translate policy into practical execution.
Also speaking at the event, the Special Adviser on Taxation and Revenue, Abdul-Kabir Ogungbo, said the summit seeks to drive a unified revenue architecture across local government areas and LCDAs in the state.
He explained that a centralised revenue and taxpayer identification platform would support both fiscal planning and social support interventions.
According to him, strengthening data systems will improve clarity on what each tier of government is empowered to collect, thereby enhancing accountability and performance monitoring.
He noted that the economic scale of Lagos indicates the need to significantly expand annual revenue capacity to meet rising infrastructural and social demands.
Ogungbo stated that Lagos Can Generate N1tn Yearly From Property Tax projections reinforce the urgency of revenue reforms capable of matching the size and complexity of the state’s population and economic activity.
He added that coordinated fiscal reforms would ensure sustainable funding for development programmes and inclusive growth.
Stakeholders at the summit agreed that with technology integration, accurate property enumeration, valuation consistency and harmonised enforcement mechanisms, Lagos Can Generate N1tn Yearly From Property Tax sustainably and transparently, while strengthening investor confidence and public trust in the state’s fiscal framework.
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