The Lagos State Commissioner of Finance, Mr. Abayomi Oluyomi, has announced a sweeping shift in the state’s financial strategy with a plan to unlock revenue from previously untapped areas, including the securitization of idle state assets and the establishment of long-term financial structures.

A key component of this strategy is the identification and valuation of over three trillion Naira worth of idle assets owned by the state—including buildings, land, bridges, and roads, stressing, the office of Valuation has already begun the process of assessing these assets.

The commissioner who addressed widespread non-compliance among residents and businesses, expressed concern over a significant number of defaulters in areas such as property taxes, regulatory fees, and building code compliance.

Mr. Oluyomi warned that publication of Defaulters will be followed by legal action, and Defaulters will be charged in court, and in cases of property tax default, properties may be seized.

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