Lagos State Government on Monday revealed that it generated N333.209 billion as Internally Generated Revenue (IGR) in the first three months of 2025.
The Commissioner for Finance, Mr. Abayomi Oluyomi, disclosed this at the ongoing ministerial press briefing to mark the second year of the second term of Governor Babajide Sanwo-Olu.
Oluyomi disclosed that of the IGR generated in the first quarter of 2025, N242.613 billion was generated through Pay As You Earn (PAYE) tax.
He stated that Lagos is not only Nigeria’s economic and financial hub but also one of Africa’s largest subnational economies.
“The state is particularly sensitive to national and global economic fluctuations. To combat this, the Lagos State Ministry of Finance has responded with deliberate and strategic action. These efforts have not only buffered the state’s finances from external shocks but have also positioned Lagos as a leader in sub-national financial management.”
The Commissioner said the Lagos State Internal Revenue Service (LIRS) has continued to position itself to expand the tax net, plug leakages, and drive sustainable revenue growth, which are vital for financing the state’s growing urban and infrastructural needs.
“The LIRS E-Tax platform has been optimised and expanded to include stamp duties, Capital Gains Tax (CGT) filing integration, Geo-Tagging, Report Builder, CAC Integration, and Expatriate tracking through NIS Integration.
“In addition, the E-Tax mobile app has been upgraded and migrated to the cloud for more robust, secure, safer access to user data. LIRS has improved on its multi-level inter-agency collaboration through continuous data sharing and cooperation with Local Governments, State MDAs (LACVIS, LASRAA); Federal MDAs (CAC, NIS, FRSC, NFIU, FIRS-OECD), and Organised Private Sector.
“This has strengthened enforcement and tracking of high-net-worth individuals and businesses. The Withholding Tax (WHT) Compliance Framework has been expanded to include lotteries and winnings.
“Special focus has also been placed on the outsourcing sector by incorporating outsourcing disclosures in tax audits and requesting top taxpayers to submit outsourcing contracts.”
