• Hopes To Generate Averagely N260b IGR Monthly

Despite Lagos State government has not able to meet its 2025 Internally Generated Revenue target if the first three quarter of 2025 is spotlighted, the state government has set another ambitious target for 2026. While the state government projected to generate N2.289 trillion as IGR in 2025, it is projecting N3.119 as IGR in 2026. Yet as at the close of third quarter of 2025, about N1.34 trillion had been generated as IGR leaving behind about 58.9 per cent of the expected IGR income for the year 2025. This implied that the state government would need to generate 41.1 per cent of the projected IGR in the last quarter of 2025, which might be a tall order. This is because the state government needs to generate about N940 billion in the fourth quarter to hit its N2.289 trillion 2025 year end IGR projection. For 2026, a breakdown of the IGR into monthly target means that the state government would need to generate N260 billion monthly to meet its projection.

A breakdown of the N1.34 trillion generated in nine months of 2025 revealed that N402.9b was generated in the first quarter, N491.5b in the second quarter while N454b was generated in the third quarter.

This trend revealed that the state government has not generated upto N500billion in any of the first three quarters while the best it did was in second quarter that it generated N491.5b, which was a huge improvement to what was generated in first quarter but the IGR for third quarter dropped by N36 billion.

The state government needs to generate about double or even above any of the revenue it generated within quarter one to three to meet its projected 2025 year end IGR target. This is because the IGR generated in quarter and three, if double will not meet the expected N940 billion needed to meet the N2.289 trillion 2025 IGR target. It is only the doubling of the second quarter IGR that the state could meet the IGR target.

The state government has, however, done better in terms of meeting its projected federal allocation and may likely exceed its projection because as at the end of third quarter, it has received 94.2 per cent of its N626.1 billion federal allocation.

While in the first quarter, Lagos State government received N179.5 billion as federal allocation; it got better in the second quarter as it received N202.3 billion as federal allocation. The third quarter federal allocation was an improvement of the first and second quarter as the state received N207.88 billion.