The Digest:
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has projected that Lagos State could generate up to N1 trillion in annual revenue from property taxes if the system is fully optimized.
Key Points:
- Taiwo Oyedele stated Lagos could generate N1 trillion yearly from property tax.
- He based this on two million taxable properties valued at an average of N100 million each, taxed at 0.5%.
- Oyedele emphasized accurate property enumeration, valuation, and digital transparency.
- He called for harmonized revenue collection under the Lagos State Internal Revenue Service.
- Governor Babajide Sanwo-Olu stressed that state-level implementation is key to national tax reform success.
- Plans include a standardized revenue portal integrated with national ID systems across LGAs.
- Officials noted Lagos’s budget remains under N5 trillion despite its economic scale and population.
Sources: The Cable, Vanguard
