- Lagos Breaks Revenue Record, Hits ₦2.6 Trillion in 2025
- Oluyomi said total revenue rose from ₦2.3 trillion in 2024 to ₦2.6 trillion in 2025
- Disclosed that tax revenue rose again to ₦1.443 trillion in 2025, representing a 38% growth over the previous year
Lagos State Government on Friday announced that it generated a record ₦2.6 trillion in total revenue in 2025, with Internally Generated Revenue (IGR) contributing ₦1.87 trillion.
Eko Hot Blog reports that the government said the achievement was driven by sweeping reforms in revenue generation, debt management, and digital tax administration under Governor Babajide Sanwo-Olu’s administration.
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Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this during the ministerial press briefing marking the seventh anniversary of Governor Sanwo-Olu’s administration at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
Oluyomi said total revenue rose from ₦2.3 trillion in 2024 to ₦2.6 trillion in 2025, representing a 16% increase.
He added that IGR also grew by 18.5%, rising from ₦1.58 trillion in 2024 to ₦1.87 trillion in 2025.
According to him, Lagos recorded a major breakthrough in tax revenue collection, which increased from ₦678.13 billion in 2023 to ₦1.045 trillion in 2024, the first time the Lagos Internal Revenue Service (LIRS) crossed the ₦1 trillion mark.
He further disclosed that tax revenue rose again to ₦1.443 trillion in 2025, representing a 38% growth over the previous year.
Oluyomi attributed the performance to aggressive digital transformation and reforms in tax administration.
“The Lagos State Internal Revenue Service 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,” he said.
He 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 collaboration with the Nigeria Immigration Service.
He added that the e-Tax mobile application had been migrated to the cloud to ensure more secure and efficient access to taxpayer data.
Multiple payment channels, including mobile platforms, POS terminals, USSD, WhatsApp, and online systems, were also strengthened to improve compliance and ease of payment.
On debt management, Oluyomi said Lagos had maintained strong fiscal discipline and sustainable debt ratios despite ongoing investments in major infrastructure projects.
“The state government remains committed to infrastructure renewal through a hybrid financing approach that combines medium- and long-term loans with innovative financing mechanisms,” he said.
He disclosed that Lagos successfully issued a ₦230 billion bond, the largest by any Nigerian sub-national government, at a fixed rate of 16.25% to finance projects in healthcare, housing, transportation, agriculture, science and technology, and environmental sustainability.
Oluyomi further stated that Lagos maintained a Debt-Service-to-Revenue ratio of 19.2%, below the 30% fiscal responsibility threshold, while its Total Debt-to-GDP ratio stood at 4.11%, compared to the World Bank benchmark of 20%.
According to him, Lagos’ prudent financial management and transparency earned strong ratings from local and international agencies, with Fitch Ratings reaffirming the state’s AAA national rating.
He listed major projects funded through bonds and innovative financing, including the Opebi Link Bridge, Blue Line Rail Phase II, Massey Children’s Hospital, Lagos HOMS housing schemes, Alaba Rago International Market redevelopment, and a 280-bed multi-specialist hospital in Ojo.
Oluyomi said that despite global and national economic challenges, Lagos continues to strengthen its position as Nigeria’s economic hub through strategic fiscal reforms, technology-driven revenue systems, and disciplined financial management.
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