By Mary Onyia
Lagos State could generate as much as ₦1 trillion annually from its new tax reforms scheduled to take effect on January 1, 2026, according to the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele.
Speaking at the Tax Reform Summit 2026 in Lagos, Oyedele said the state has the capacity to dramatically expand its revenue base by fixing long-standing gaps in tax data, property enumeration, and enforcement. He noted that while Nigeria has fewer than 10 million active individual taxpayers nationwide, Lagos alone should be able to reach that number if its systems are properly structured.
The biggest opportunity, he said, lies in property taxation — one of the most underutilised but stable revenue sources. Oyedele explained that if Lagos successfully taxes just two million properties at an average value of ₦100 million with a modest 0.5% rate, the state could earn ₦1 trillion yearly.
He added that such revenue could transform infrastructure delivery and public services, while also increasing property values across the state. However, he stressed that this is only achievable through accurate property records, reliable taxpayer data, transparent administration, and consistent enforcement.
Oyedele also urged Lagos to adopt the harmonised tax law already embraced by states like Ekiti, Zamfara, Anambra and Kano, noting that legal alignment and inter-agency cooperation are critical to unlocking the full benefits of the reforms.
With the 2026 implementation date approaching, Lagos now stands at the centre of what could become Nigeria’s most ambitious revenue transformation yet.