May 23 (THEWILL) — Lagos State recorded a total revenue of ₦2.6 trillion in 2025, marking a 16 percent increase from the ₦2.3 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 ₦1.87 trillion in 2025, compared to ₦1.58 trillion in 2024, representing an 18.5 percent growth.”
According to him, tax revenue collection also witnessed remarkable growth over the past two years.
He said collections increased from ₦678.13 billion in 2023 to ₦1.04 trillion in 2024, reflecting a 54.2 percent rise and marking the first time the Lagos State Internal Revenue Service surpassed the ₦1 trillion benchmark.
Oluyomi added that tax revenue climbed further to ₦1.44 trillion in 2025, indicating a 38 percent increase over the previous year.
He attributed the improved performance to reforms in tax administration and the expansion of digital payment systems aimed at making revenue collection easier and more efficient for residents and businesses.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
