The Lagos State Government says it generated N2.6 trillion in revenue in 2025, representing a 16 per cent increase from the N2.3 trillion recorded in 2024.

The Commissioner for Finance, Abayomi Oluyomi, disclosed this during a press briefing in Alausa, Ikeja, held as part of activities marking the seventh anniversary of Governor Babajide Sanwo-Olu’s administration.

According to Oluyomi, the state’s internally generated revenue rose from N1.58 trillion in 2024 to N1.87 trillion in 2025, reflecting an 18.5 per cent increase.

He added that tax revenue collections also recorded significant growth over the past two years. Collections increased from N678.13 billion in 2023 to N1.04 trillion in 2024 before rising further to N1.44 trillion in 2025.

The commissioner attributed the increase to reforms in tax administration and the expansion of digital payment systems aimed at improving compliance and easing payment processes for residents and businesses.

Oluyomi said the state upgraded several payment channels, including online platforms, USSD services, point-of-sale terminals and mobile payment options to improve accessibility.

He also noted that Lagos had fully migrated from a hybrid tax filing structure to an electronic filing system in 2023, adding that more digital modules have since been introduced to strengthen operations.

Speaking on the state’s fiscal health, the commissioner said Lagos maintained a debt-service-to-revenue ratio of 19.2 per cent, below the 30 per cent fiscal benchmark.

He added that the state’s debt-to-GDP ratio currently stands at 4.11 per cent, far below the 20 per cent threshold recommended by the World Bank.