Lagos State Records N803.2bn Revenue in Q1 2026, Led by IGR Growth
Lagos State posted N803.2 billion in revenue between January and March 2026. This represents 22% of its annual revenue target and nearly 87% of its quarterly projection. Strong enforcement by revenue agencies, tighter controls against leakages and enhanced collection systems underpinned the performance. Internally Generated Revenue contributed N536.3 billion, while FAAC allocations added N266.8 billion. The Lagos State Internal Revenue Service alone generated N425.2 billion, and agencies such as the Building Control Agency and Material Testing Laboratory achieved over 72% and 96% of their targets respectively. Capital expenditure reached N340.7 billion in the first quarter. Officials noted that procurement cycles and project mobilisation often slow early spending but expect accelerated infrastructure rollout from Q2. The N4.44 trillion “Budget of Shared Prosperity” maintains a 53:47 capital-to-recurrent ratio, reflecting a strategic focus on development, sustainability, diversification and social inclusion. The report also highlights tighter public financial management reforms and improved procurement controls designed to optimise spending, reduce waste and strengthen accountability across ministries and agencies.
Use The App To Win ₦1m
Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.