Lagos rakes in N2.6trn revenue, hits N1.87trn IGR in one year

By Lukman Olabiyi

Lagos State government has announced that it generated a total revenue of ₦2.6 trillion in 2025, with Internally Generated Revenue (IGR) rising to ₦1.87 trillion, as the state deepened reforms in tax administration, debt management and digital revenue collection.

The state’s Commissioner for Finance, Abayomi Oluyomi, disclosed this during a Ministerial Press Briefing marking the seventh year of Governor Babajide Sanwo-Olu’s administration at the Bagauda Kaltho Press Centre, Alausa, Ikeja.

Oluyomi said the state’s total revenue increased from ₦2.3 trillion in 2024 to ₦2.6 trillion in 2025, representing a 16 per cent growth, while IGR climbed by 18.5 per cent from ₦1.58 trillion in 2024 to ₦1.87 trillion in 2025.

He also revealed that tax revenue collection recorded a historic leap, rising from ₦678.13 billion in 2023 to ₦1.045 trillion in 2024, the first time the Lagos State Internal Revenue Service surpassed the ₦1 trillion mark.

According to him, tax revenue further surged to ₦1.443 trillion in 2025, reflecting a 38 per cent increase over the previous year.

Oluyomi attributed the growth 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. The commissioner 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 multiple payment channels including mobile platforms, POS, USSD, WhatsApp and online payment systems had been strengthened to improve compliance and ease of payment.