Lagos Spends ₦1.54tn as Six-Month Revenue Hits ₦1.685tn
Lagos State generated ₦1.685 trillion in revenue during the first six months of 2026, with internally generated revenue (IGR) contributing nearly 70 per cent of the total earnings, according to the state’s second-quarter Budget Performance Report.
The report showed that the state also spent ₦1.539 trillion between January and June, representing 91.3 per cent of the total revenue realised during the period.
The figures underscore Lagos State’s continued reliance on internally generated revenue to fund government operations while maintaining a relatively balanced expenditure profile between recurrent and capital projects.
According to the report, IGR accounted for ₦1.166 trillion, representing 69.2 per cent of the state’s total revenue in the first half of the year.
The state’s allocation from the Federation Account Allocation Committee (FAAC) contributed ₦501.09 billion, making it the second-largest source of revenue.
Other revenue sources included an opening balance of ₦1.6 billion carried over from 2025, ₦4.91 billion from grants and aids, ₦9.87 billion realised from loans and borrowing receipts, and ₦1.94 billion recorded as other capital receipts.
On the expenditure side, Lagos spent a total of ₦1.539 trillion during the six-month period.
Recurrent expenditure stood at ₦767.15 billion, while ₦772.64 billion was released for capital projects, indicating a slight preference for infrastructure and development spending over recurrent obligations.
A breakdown of capital releases across sectors showed that the environment sector recorded one of the highest performances, receiving ₦83.83 billion, representing 53.5 per cent of its capital allocation.
The health sector received ₦49.59 billion, equivalent to 31.9 per cent of its capital budget, while the education sector recorded ₦14.9 billion in capital releases, representing 26.8 per cent of its approved allocation for the period.
The latest figures reinforce Lagos State’s position as Nigeria’s highest revenue-generating subnational government, driven largely by its robust internally generated revenue base.
