Photo Credit: The Punch
2025-12-24 07:33:00
Figures cited by PUNCH show that Lagos could generate as much as ₦1 trillion annually from property tax if the state builds credible property registers, accurate valuations, and transparent enforcement systems.
Speakers at a tax reform summit argued that property tax is one of the most stable revenue anchors because it grows with urban development and is harder to evade when the register is accurate.
The policy push is shifting from rhetoric to implementation—enumeration, valuation, harmonisation, and building trust that revenue collected translates into visible public services.
Taiwo Oyedele said: “Property taxation is one of the most underutilised yet stable revenue sources available to states and local governments.” Governor Babajide Sanwo-Olu added: “Taxation is ultimately a social contract. People comply willingly when they trust that the government is responsible, accountable, and responsive.”
Echotitbits take: The upside is huge, but the politics are delicate. Watch for a transparent register, clear rates, dispute-resolution for valuations, and visible reinvestment in services—otherwise compliance will be resisted.
Source: The Punch— December 24, 2025 (https://punchng.com/lagos-can-generate-n1tn-yearly-from-property-tax-oyedele/)
The Punch 2025-12-24
