RismadarVoice Reporters, May 23, 2026
Lagos State generated a total revenue of N2.6 trillion in 2025, representing a 16 per cent increase from the N2.3 trillion recorded in 2024, according to the state government, officials say.
The disclosure was made on Friday by the Commissioner for Finance, Abayomi Oluyomi, during a press briefing in Alausa, Ikeja, held as part of activities marking the seventh anniversary of Governor Babajide Sanwo-Olu’s administration.
Oluyomi stated that the state’s internally generated revenue (IGR) experienced substantial growth, rising from N1.58 trillion in 2024 to N1.87 trillion in 2025, an increase of 18.5 per cent.
The commissioner also highlighted significant improvements in tax revenue collection, noting that Lagos crossed major milestones over the past two years.
According to him, tax revenue collections rose from N678.13 billion in 2023 to N1.04 trillion in 2024, representing a 54.2 per cent increase and marking the first time the Lagos State Internal Revenue Service (LIRS) exceeded the N1 trillion threshold.
The upward trend continued in 2025, with tax revenue reaching N1.44 trillion, reflecting a further 38 per cent increase over the previous year’s performance.
Oluyomi attributed the improved figures to reforms introduced in tax administration as well as expanded digital payment systems designed to simplify compliance for individuals and businesses.
He explained that the state had upgraded various payment channels to improve accessibility, including mobile payment systems, point-of-sale platforms, USSD services, WhatsApp-enabled channels, and online payment solutions.
According to him, Lagos had already completed its transition from a hybrid tax filing structure to a fully electronic filing system in 2023, with additional digital modules introduced subsequently to strengthen operational efficiency.
“Lagos State Internal Revenue Service remains focused on broadening the tax base, closing revenue gaps, and fostering long-term revenue growth, all essential to funding the state’s expanding urban and infrastructure requirements,” Oluyomi said.
Speaking further on the state’s fiscal health, the commissioner noted that Lagos maintained a debt-service-to-revenue ratio of 19.2 per cent, remaining below the 30 per cent fiscal responsibility benchmark.
He also disclosed that the state’s debt-to-GDP ratio currently stands at 4.11 per cent, significantly lower than the 20 per cent threshold recommended by the World Bank.
