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.
