Lagos Reports ₦2.67tn Revenue in 2025 as Public Debt Rises to ₦3.07tn

Lagos State recorded ₦2.67 trillion in operating revenue for the 2025 fiscal year, led by ₦1.41 trillion in tax income and ₦816.4 billion from Federation Account allocations. The state reported a ₦1.02 trillion surplus after capital spending, debt charges, foreign-exchange losses and depreciation. Public debt rose from ₦2.8 trillion in 2024 to ₦3.07 trillion by the end of 2025. External loans accounted for ₦1.91 trillion, while internal loans stood at ₦595 billion and bond issues totalled ₦570 billion. Some local loan facilities carry interest rates of between 19% and 24%. The audited accounts also listed ₦137.76 billion for consultancy and professional services, alongside ₦101.33 billion in general expenses, without detailed explanations in the statements. The accounts noted that some state subsidiaries, joint ventures and asset classes had not yet been fully consolidated or recognised under public-sector accounting standards.

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