The Lagos State Government has unveiled plans to unlock over ₦3 trillion worth of idle assets in a strategic move to boost internally-generated revenue and fund critical infrastructure projects.
Commissioner for Finance, Mr. Abayomi Oluyomi, announced this on Monday during the 2025 Ministerial Press Briefing held in Alausa, Ikeja. He stated that the initiative is part of a broader fiscal strategy to optimize the state’s resources and reduce dependence on traditional revenue sources.
“In the second half of the year, we will securitise all these assets,” Oluyomi said. “That is why the Office of Valuation is critical. We have identified the assets and are currently valuing them.”
The commissioner revealed that these idle assets — including buildings, land, bridges, and roads — are being assessed for securitisation. “These resources, worth over ₦3 trillion, can be put to productive use to generate liquidity and support infrastructure financing,” he said.
Oluyomi emphasized that the state government is shifting from conventional methods of revenue generation to asset-backed strategies that unlock long-term financial value.
In a related development, the commissioner disclosed that the government will take a firmer stance on property tax defaulters. “We have already begun issuing notices in newspapers. Within the next one to two weeks, we will start publishing the names of all defaulters and initiate legal proceedings,” he stated.
On disaster resilience, Oluyomi introduced a new flood risk insurance scheme, a reflection of Governor Babajide Sanwo-Olu’s commitment to resident welfare.
“Lagos is below sea level, and flooding is a recurring issue. This insurance will ensure residents receive compensation when affected,” he explained, noting that the state will cover the premiums.
He also urged residents to register with the Lagos State Residents Registration Agency (LASRRA), describing the registration as vital for effective governance and development planning.
“Getting the LASRRA card is like participating in a census. It helps the government understand who lives in Lagos and plan accordingly,” he said.
Further underscoring Lagos’ innovative financing efforts, Oluyomi announced the issuance of a ₦14.82 billion green bond — the first certified by the Climate Bond Initiative for any Nigerian sub-national government.
Proceeds from the bond will be allocated to key sectors including health, environment, housing, science and technology, agriculture, and transport.