The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Oyedele Taiwo Oyedele, has said Lagos State could generate as much as N1 trillion annually from property tax if existing structures are properly harnessed.
Oyedele made the assertion at the Tax Reform Summit 2026 themed “From Reforms to Results: The Lagos Implementation Roadmap”.
He described property tax as a stable but largely underutilized source of revenue for states and local governments.
According to Oyedele, Lagos has about two million taxable properties with an average value of N100 million each.
He explained that taxing these properties at 0.5 per cent could yield up to N1 trillion annually, funds which could be reinvested in community development.
However, he stressed that achieving this potential would require proper property enumeration, accurate valuation, transparency, and predictable enforcement.
He urged Lagos to lead efforts in improving data quality for fiscal planning, noting that the number of active taxpayers nationwide is below 10 million, far less than the population size.
Oyedele called for collaboration in tax reforms, advocating harmonised revenue collection under the Lagos State Internal Revenue Service to eliminate inefficiencies.
Lagos State Governor, Babajide Sanwo-Olu, stated that effective implementation at the state level is critical to the success of Nigeria’s tax reform agenda.
He described tax reform as a governance reform focused on simplicity, transparency, digital efficiency, and fairness.
Also speaking, Special Adviser to the Governor, Abdul-Kabir Ogungbo,called for collective efforts to achieve sustainable revenue targets of between N10 trillion and N15 trillion annually to meet the needs of over 30 million residents.