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LAGOS – The Lagos State Government has revealed a significant N1.3 trillion in Internally Generated Revenue (IGR) for 2024. This amount shows a 45% jump from 2023. For early 2025, the state has already secured N333 billion in IGR. This financial upswing paints a picture of economic health. However, this picture exists alongside the difficult reality of Lagos revenue for poverty, where many residents in the city’s sprawling slums still struggle.
Abayomi Oluyomi, the Commissioner for Finance, shared these figures at a ministerial press briefing in Ikeja. He explained a key strategy: “Lagos State Government is set to convert all identified idle assets into liquidity for funding infrastructure development through securitisation.” Mr. Oluyomi added that N3 trillion worth of these idle assets are available across the country for Lagos to potentially utilize.
Slums Face Enduring Poverty Amidst City Growth
Despite Lagos’ clear economic achievements, deep poverty continues within its densely populated slums. Millions of people there do not have basic services. A recent study of five large slums near the city’s coast, including areas like Makoko and Iwaya, showed widespread multidimensional poverty. This means people lack not just money, but also fair access to education, healthcare, clean water, sanitation, and decent housing. The findings call for development that truly benefits everyone in Lagos.
Government Aims to Bridge the Gap
Governor Babajide Sanwo-Olu’s administration is implementing initiatives to address the Lagos revenue for poverty challenge. One such program, the Micro Enterprise Support Initiative (MESI), has provided skills and resources to about 1,700 residents. Governor Sanwo-Olu called this “a deliberate bottom-up action being taken to uplift communities.” The government has directed close to N10 billion towards various efforts to support vulnerable people in Lagos.
World Bank Support and the Path Ahead
International bodies also recognize the need. The World Bank has pinpointed several Lagos slums for possible upgrades. A $200 million project is being considered to improve vital drainage and solid waste systems in these communities. Commissioner Oluyomi stressed Lagos’ financial strength, pointing to strategic reforms. The state’s overall economy (GDP) is valued at an estimated $259 billion.
The core issue remains: Lagos generates impressive revenue, yet severe poverty is a daily reality for many. Closing this revenue for poverty gap is a crucial task for Nigeria’s largest city to ensure that its growth improves lives for all its citizens.
By Abdullah Korede
