Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that it was possible for Lagos State to generate up to N1tn annually from property tax if the potential in the sector is harnessed.
Oyedele said this on Tuesday in his keynote speech at the Tax Reform Summit 2026 titled, From Reforms to Results: The Lagos Implementation Roadmap, creating a Tax Environment that Works for All, convened by the Office of the Special Adviser on Taxation and Revenue and the Lagos State Treasury Office.
While emphasizing the need for standardization, transparency, and harmonization of tax practices to reduce compliance costs and improve taxpayer confidence at the subnational levels, Oyedele highlighted the potential for tax revenue from properties with just two million taxable properties in Lagos valued at N100m, generating N1tn annually in taxes.
Speaking on property tax, Oyedele asserted that data is critical to bringing in property tax, further emphasizing the importance of subnational to the tax reform, saying, it is important to leverage technology for transparency so that service delivery is not only visible but also commensurate to taxes.
