Lagos urged to boost property tax revenue to N1tn annually
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, believes Lagos State can generate up to N1tn each year from property tax if its full potential is realised. He highlighted the importance of data, transparency, and harmonisation in tax practices to achieve this goal. Babajide Sanwo-Olu, Governor of Lagos State, emphasised the significance of effective implementation of tax reforms at the state level. The summit also discussed the need for a unified revenue system and improved collaboration across government tiers.
TLDR
- Taiwo Oyedele stated that Lagos could generate N1tn annually from property tax if two million taxable properties are valued at N100m each and taxed at 0.5%.
- He stressed the need for standardisation, transparency, and accurate data to improve tax collection and compliance.
- Babajide Sanwo-Olu said Lagos is committed to implementing tax reforms as a governance priority, focusing on simplicity and digital efficiency.
- The summit called for a standardised revenue portal and unified taxpayer database to enhance accountability and service delivery.
- Abdul-Kabir Ogungbo highlighted the need for Lagos to increase its annual revenue target to meet the demands of its large population and economic responsibilities.
