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Lagos State achieved a total revenue of N2.6 trillion in 2025, representing a 16 per cent increase from the N2.3 trillion recorded the previous year.
The state’s Commissioner for Finance, Abayomi Oluyomi, announced the financial milestones during a press briefing in Alausa, Ikeja, held to mark the seventh anniversary of Governor Babajide Sanwo-Olu’s administration.
Oluyomi highlighted that internally generated revenue (IGR) experienced a sharp 18.5 per cent surge, climbing to N1.87 trillion in 2025 from N1.58 trillion in 2024.
The state’s tax collection infrastructure also demonstrated exceptional growth over two years.
Tax revenue initially jumped by 54.2 per cent from N678.13 billion in 2023 to N1.04 trillion in 2024, crossing the historic N1 trillion threshold for the first time in the history of the Lagos State Internal Revenue Service (LIRS).
This upward trajectory continued into 2025, with total tax collections rising an additional 38 per cent to hit N1.44 trillion.
The finance commissioner credited this robust fiscal performance to comprehensive tax administration reforms and the expansion of modernised digital payment architectures.
To streamline collection and boost public compliance, Lagos upgraded its payment ecosystems to include mobile channels, point-of-sale terminals, USSD codes, WhatsApp platforms, and online portals.
These initiatives build upon the state’s 2023 transition from a hybrid filing structure to a completely electronic tax filing system.
Oluyomi emphasised that the LIRS will remain focused on expanding the tax base and closing collection leaks to secure the long-term funding necessary for the city’s massive infrastructure and urban development needs.
Addressing the state’s fiscal sustainability, he confirmed that Lagos maintains a highly stable financial position, with a debt-service-to-revenue ratio of 19.2 per cent and a total debt-to-GDP ratio of 4.11 per cent—both comfortably below local and World Bank safety thresholds.
