Lagos generates ₦2.6trn revenue, ₦1.87trn IGR in 2025
By Adeola Ogunrinde
The Lagos State Government says it generated a record ₦2.6 trillion in total revenue in 2025, with Internally Generated Revenue (IGR) rising to ₦1.87 trillion within the same period.
This was disclosed by the Commissioner for Finance, Mr. Abayomi Oluyomi, on Friday during the Ministerial Press Briefing marking the seventh year in office of Governor Babajide Sanwo-Olu at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
According to Oluyomi, the state’s total revenue increased from ₦2.3 trillion in 2024 to ₦2.6 trillion in 2025, representing a 16 percent growth. He added that IGR also rose by 18.5 percent from ₦1.58 trillion in 2024 to ₦1.87 trillion in 2025.
According to him, Lagos recorded significant growth in tax revenue collection, which rose from ₦678.13 billion in 2023 to ₦1.045 trillion in 2024, marking the first time the Lagos State Internal Revenue Service surpassed the ₦1 trillion mark. He said tax revenue further increased to ₦1.443 trillion in 2025, reflecting a 38 percent rise over the previous year.
The commissioner said the Lagos State Internal Revenue Service remained focused on expanding the tax net, blocking leakages and ensuring sustainable revenue growth needed to support the state’s growing infrastructure and urban development demands.
Oluyomi explained that the state upgraded and expanded the LIRS e-Tax platform to include stamp duties, Capital Gains Tax filing integration, geo-tagging, report builder, Corporate Affairs Commission integration and expatriate tracking through the Nigeria Immigration Service integration.
He added that the e-Tax mobile application had been migrated to the cloud to provide more secure access to taxpayer data, while payment channels such as mobile platforms, Point of Sale terminals, USSD, WhatsApp and online systems had been strengthened to improve compliance and ease of payment.
Speaking on debt and funds management, Oluyomi said Lagos maintained fiscal discipline and sustainable debt ratios despite executing major infrastructure projects across the state. He disclosed that the state issued a ₦230 billion bond at a fixed rate of 16.25 percent to finance projects in health, housing, transportation, agriculture, science and technology, and environmental sustainability. He added that Lagos maintained a Debt-Service-to-Revenue ratio of 19.2 per cent, below the 30 per cent fiscal threshold, while Fitch Ratings reaffirmed the state’s AAA national rating.
