By Kayode Olopade
The Lagos State Government generated ₦2.6 trillion in total revenue in 2025, representing a 16 per cent increase from the ₦2.3 trillion recorded in 2024, as the state strengthened fiscal reforms, expanded its tax base and sustained infrastructure financing.
Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this on Friday during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, to commemorate the seventh year of Governor Babajide Sanwo-Olu’s administration.
Oluyomi said the state’s Internally Generated Revenue rose to ₦1.87 trillion in 2025 from ₦1.58 trillion in 2024, while tax revenue collection grew from ₦678.13 billion in 2023 to ₦1.04 trillion in 2024 before rising further to ₦1.44 trillion in 2025.
He noted that the Lagos Internal Revenue Service crossed the ₦1 trillion revenue threshold for the first time in 2024, attributing the growth to digital reforms, improved compliance and enhanced electronic payment systems.
According to him, the state substantially migrated Ministries, Departments and Agencies to the Lagos Revenue Portal, while the e-Tax platform was upgraded to include stamp duties, capital gains tax integration, geo-tagging and expatriate tracking.
The commissioner explained that Lagos maintained strong fiscal performance despite prevailing economic challenges, recording an 85 per cent overall revenue performance in 2025 while sustaining prudent financial management and meeting all debt repayment obligations without default.
Oluyomi disclosed that Lagos issued a ₦230 billion bond, described as the largest by any sub-national government in Nigeria, at a competitive fixed rate of 16.25 per cent to finance critical infrastructure projects across transportation, health, housing, agriculture and technology sectors.
He said projects financed through bonds and alternative funding mechanisms include the Opebi Link Bridge, Blue Line Rail Phase II from Mile 2 to Okokomaiko, Lagos Central Food Security and Logistics Hub in Epe, Massey Children’s Hospital and housing projects in Sangotedo, Egan-Igando and Epe.
The commissioner added that Lagos maintained healthy debt sustainability ratios, including a debt-service-to-revenue ratio of 19.2 per cent, which remains below the World Bank threshold of 30 per cent, while the state’s total debt-to-GDP ratio stood at 4.11 per cent.
Oluyomi further revealed that the state had continued to attract positive credit ratings from local and international agencies, with Fitch Ratings reaffirming Lagos’ AAA national long-term rating outlook.
On procurement reforms, he said 169 Ministries, Departments and Agencies had been onboarded onto the e-Government Procurement platform, while 6,590 approval requests were processed and 252 capital projects monitored during the review period.
He also disclosed that Lagos carried out asset valuation exercises worth over ₦3.43 trillion in 2025, bringing cumulative asset valuation under International Public Sector Accounting Standards implementation since 2016 to over ₦7.59 trillion.
The commissioner said the state was also advancing plans for the Lagos International Financial Centre and the proposed Lagos Wealth Fund as part of efforts to strengthen long-term economic sustainability and investment growth.
Oluyomi reaffirmed the commitment of the Sanwo-Olu administration to transparency, accountability and sustainable economic growth under the THEMES+ agenda.
The ministerial briefing was attended by the Special Adviser, Taxation and Revenue, Mr Ọpẹ́yẹmí Ogungbo and directors in the Ministry of Finance.
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