West Africa’s largest city just declared that it raked in trillions

Nigeria’s commercial hub and most populous city, Lagos, recently disclosed its revenue for the last fiscal year.

May 23, 2026 - 19:50

West Africa’s largest city just declared that it raked in trillions

Nigeria’s commercial hub and most populous city, Lagos, recently disclosed its revenue for the last fiscal year.

Lagos generated N2.6 trillion ($1.9 billion) in revenue for 2025, according to Finance Commissioner Abayomi Oluyomi.
Internally generated revenue rose by 18.5% from N1.58 trillion in 2024 to N1.87 trillion in 2025.
Tax revenue increased by 54.2% from N678.13 billion in 2023 to N1.04 trillion in 2024, surpassing the N1 trillion mark for the first time.
Tax revenue further grew by 38%, reaching N1.44 trillion in 2025.

The city, according to its Commissioner for Finance, Abayomi Oluyomi, generated a total revenue of N2.6 trillion ($1.9 billion) in 2025.

The commissioner highlighted the figures at a press briefing held in the state’s capital, Ikeja, on Friday as part of activities commemorating the seventh anniversary of the administration of the state’s current Governor, Babajide Sanwo-Olu.

He noted 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.”

As seen in the Punch, the commissioner also revealed that tax revenues increased from N678.13 billion in 2023 to N1.04 trillion in 2024, reflecting a 54.2 per cent increase and marking the first time the Lagos State Internal Revenue Service surpassed the N1 trillion benchmark.

Furthermore, Oluyomi stated that tax revenue rose to N1.44 trillion in 2025, representing a 38 per cent increase over the preceding year.

The Lagos commissioner attributed the enhanced fiscal performance to comprehensive reforms in tax administration and the expansion of digital payment infrastructure, which were implemented to streamline revenue collection processes for both individual citizens and corporate entities.

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“Lagos State Internal Revenue Service (LIRS) remains focused on broadening the tax base, closing revenue gaps, and fostering long-term revenue growth, all essential to funding the State’s expanding urban and infrastructure requirements,” Oluyomi said.

He attributed this enhanced fiscal outcome to comprehensive reforms in tax administration and the expansion of digital payment infrastructure, which were implemented to streamline revenue collection processes for both citizens and corporate entities.

To add to that, he mentioned that in order to improve accessibility and compliance, the state modernized several payment platforms, including online payment alternatives, USSD services, point-of-sale terminals, mobile payment channels, and WhatsApp integration.