Lagos Revenue Reaches N2.6 Trillion in 2025

Lagos State recorded a total revenue of N2.6 trillion in 2025, reflecting a 16% increase from N2.3 trillion in 2024, as disclosed by the Commissioner for Finance, Abayomi Oluyomi, during a press briefing on Friday at Alausa, Ikeja. The state's Internally Generated Revenue (IGR) rose sharply to N1.87 trillion in 2025, compared to N1.58 trillion in 2024, representing an 18.5% growth.

Tax revenue collection increased significantly, with figures rising from N678.13 billion in 2023 to N1.04 trillion in 2024, marking a 54.2% rise. This is the first time the Lagos State Internal Revenue Service surpassed the N1 trillion benchmark.

Oluyomi noted that tax revenue climbed further to N1.44 trillion in 2025, indicating a 38% increase from the previous year, attributed to improved tax administration and expanded digital payment systems. The state upgraded several payment platforms to enhance compliance and access.

Lagos State maintains a debt service to revenue ratio of 19.2%, below the 30% fiscal responsibility benchmark, with a total debt to GDP ratio of 4.11%.