Lagos State recorded a total revenue of N2.6 trillion in 2025, marking a 16 per cent increase from the N2.3 trillion generated in 2024, the Commissioner for Finance, Abayomi Oluyomi, has disclosed.
Oluyomi revealed the figures on Friday during a press briefing held in Alausa, Ikeja, as part of activities commemorating the seventh anniversary of the administration of Governor Babajide Sanwo-Olu.
The commissioner explained that “the state’s internally generated revenue rose sharply to N1.87 trillion in 2025, compared to N1.58 trillion in 2024, representing an 18.5 per cent growth.”
According to him, tax revenue collection also witnessed remarkable growth over the past two years.
He said collections increased from N678.13 billion in 2023 to N1.04 trillion in 2024, reflecting a 54.2 per cent rise and marking the first time the Lagos State Internal Revenue Service surpassed the N1 trillion benchmark.
Oluyomi added that tax revenue climbed further to N1.44 trillion in 2025, indicating a 38 per cent increase over the previous year.
He attributed the improved performance to reforms in tax administration and the expansion of digital payment systems aimed at making revenue collection easier and more efficient for residents and businesses.
The commissioner noted that the state upgraded several payment platforms, including mobile payment channels, point-of-sale terminals, USSD services, WhatsApp integration, and online payment options to enhance accessibility and compliance.
He further disclosed that Lagos completed the migration from a hybrid tax filing structure to a fully electronic filing system in 2023, adding that more digital modules have since been introduced to strengthen operations.
“Lagos State Internal Revenue Service (LIRS) 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 on the state’s fiscal position, the commissioner said Lagos maintained a debt-service-to-revenue ratio of 19.2 per cent, which he noted remains below the 30 per cent fiscal responsibility benchmark.
He also stated that the state’s total debt-to-GDP ratio currently stands at 4.11 per cent, far below the 20 per cent threshold recommended by the World Bank.
