Lagos State Tax Revenue Hits N1.44 Trillion in 2025

Lagos State collected N1.44 trillion in tax revenue in 2025, marking an increase from N678 billion collected two years prior and surpassing the N1 trillion threshold for the first time. This figure, released by the Lagos State Ministry of Finance during an annual press briefing, reflects sustained revenue growth driven by digital infrastructure investments and expanded data sharing with federal agencies.

Total internal revenue, including non-tax income, reached N1.87 trillion in 2025, a rise of 18.5% from N1.58 trillion the previous year. The total revenue, including federal transfers, stood at N2.6 trillion, a 16% increase from N2.3 trillion in 2024.

The ministry reported that 85% of overall revenue performance met targets for 2025, despite challenges such as high inflation and naira depreciation. Lagos State raised N230 billion through bonds, the largest issuance by a sub-national government in Africa, to finance infrastructure projects.

The debt service to revenue ratio was reported at 15.84%, within the World Bank's 30% threshold.