Lagos State Governor Babajide Sanwo-Olu says the state generated about ₦1.3 trillion in internally generated revenue in 2024, representing a 45 per cent increase from the previous year. He made the disclosure on Wednesday at the 159th meeting of the Joint Revenue Board in Lagos.
The governor said internally generated revenue now accounts for more than 60 per cent of the state’s budget, attributing the growth to investments in digital tax systems, expanded tax administration, and improved taxpayer confidence.
Sanwo-Olu also noted that Lagos contributes roughly a third of Nigeria’s gross domestic product and remains a major hub for maritime trade, with Apapa and Tin Can Island ports handling over 70 per cent of national cargo. He added that Apapa Port processed ₦17 trillion worth of exports in the first quarter of 2025.
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Also speaking, Chairman of the Joint Revenue Board, Zacch Adedeji, said Lagos generated over ₦1.7 trillion in 2025, reflecting continued growth from reforms initiated during President Bola Tinubu’s tenure as governor.
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