ABUJA, Nigeria (VOICE OF NAIJA)-The Lagos State Government generated N2.6 trillion in revenue in 2025, representing a 16 per cent increase from the N2.3 trillion recorded in 2024, Commissioner for Finance, Abayomi Oluyomi, has said.
Oluyomi disclosed this on Friday during a press briefing in Alausa, Ikeja, held to mark the seventh anniversary of Governor Babajide Sanwo-Olu’s administration.
He stated 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.”
The commissioner noted that tax revenue collections recorded significant increases over the last two years.
According to him, collections rose from N678.13 billion in 2023 to N1.04 trillion in 2024, reflecting a 54.2 per cent increase and marking the first time the Lagos State Internal Revenue Service exceeded the N1 trillion mark.
READ ALSO:Lagos Begins 5% Tax On Gaming Winnings
Oluyomi added that tax revenue further increased to N1.44 trillion in 2025, representing a 38 per cent rise from the previous year.
He credited the growth to reforms in tax administration and the expansion of digital payment systems designed to simplify and improve revenue collection for residents and businesses.
The commissioner explained that the state enhanced several payment platforms, including mobile payment channels, point-of-sale terminals, USSD services, WhatsApp integration, and online payment options to improve accessibility and compliance.
He also revealed that Lagos transitioned from a hybrid tax filing system to a fully electronic filing structure in 2023, with additional digital modules introduced afterwards 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.
READ ALSO: King Mitchy Reacts To ₦12M Lagos Tax Demand
On the state’s fiscal standing, the commissioner said Lagos sustained a debt-service-to-revenue ratio of 19.2 per cent, below the 30 per cent fiscal responsibility benchmark.
He added that the state’s debt-to-GDP ratio currently stands at 4.11 per cent, significantly lower than the 20 per cent threshold recommended by the World Bank.