By Our Correspondent

National News – The Lagos State Government has announced that it generated a total revenue of N2.6 trillion in 2025, representing a 16 per cent increase from the N2.3 trillion recorded in 2024.

The disclosure was made on Friday by the Lagos State Commissioner for Finance, Abayomi Oluyomi, during a press briefing in Alausa, Ikeja, marking the seventh anniversary of Governor Babajide Sanwo-Olu’s administration.

According to the commissioner, 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 explained that the growth was driven by reforms in tax administration, improved compliance, and the expansion of digital payment systems across the state.

Oluyomi further revealed that Lagos tax revenue collections jumped significantly over the past two years.

He stated that collections moved from N678.13 billion in 2023 to N1.04 trillion in 2024, marking a 54.2 per cent rise and the first time the Lagos State Internal Revenue Service crossed the N1 trillion benchmark.

In 2025, tax revenue increased again to N1.44 trillion, representing a 38 per cent improvement over the previous year.

The commissioner noted that the government upgraded several payment channels, including USSD services, online payment platforms, WhatsApp integration, mobile payment systems, and point-of-sale terminals, to make tax payments easier for residents and businesses.

He also said the state fully migrated from a hybrid tax filing process to a completely electronic filing system in 2023.

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

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