Lagos Revenue Hits N2.6tn Amid Tax Growth Surge
Lagos State has recorded a major financial milestone after generating an impressive N2.6 trillion in revenue in 2025, underscoring the state’s growing economic strength despite Nigeria’s challenging fiscal climate.
The announcement was made by the Lagos State Commissioner for Finance, Abayomi Oluyomi, during a ministerial briefing in Alausa, Ikeja, held to commemorate the seventh anniversary of Governor Babajide Sanwo-Olu’s administration.
According to the commissioner, the state’s Internally Generated Revenue (IGR) rose sharply from N1.58 trillion in 2024 to N1.87 trillion in 2025, marking an 18.5 per cent increase. The growth, he explained, was largely powered by sweeping reforms in tax administration and the expansion of digital payment systems across the state.
Oluyomi noted that Lagos has witnessed remarkable progress in tax collection over the past few years. Tax revenue climbed from N678.13 billion in 2023 to over N1.04 trillion in 2024 — the first time the state crossed the trillion-naira threshold in tax earnings. By 2025, the figure surged even further to N1.44 trillion, representing a 38 per cent rise.
The commissioner credited the achievement to aggressive digital innovation within the state’s revenue framework. He highlighted the introduction of improved electronic tax filing systems, mobile payment channels, POS services, USSD platforms, and online payment solutions that have simplified tax compliance for residents and businesses.
He also stressed that Lagos maintained strong fiscal stability despite economic uncertainties across the country. According to him, the state’s debt-service-to-revenue ratio stood at 19.2 per cent, comfortably below the 30 per cent benchmark, while its debt-to-GDP ratio remained at 4.11 per cent — far beneath the World Bank’s recommended limit.
The latest figures further reinforce Lagos’ position as Nigeria’s economic powerhouse, with the state continuing to expand its revenue base through technology-driven reforms and improved financial management
