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REVENUE GENERATION in Lagos reached N807.1 billion in the first quarter of 2026, accounting for 18.2 percent of the state’s N4.44 trillion budget, official figures show.
JKNewsMedia.com reports that the Lagos State 2026 first quarter budget performance report shows that internally generated revenue contributed N536.37 billion, representing the largest share of earnings recorded by any state within the period.
Also, personal income tax formed the backbone of the state’s revenue, generating N350.37 billion. Taxes on bank interest yielded N28.47 billion, while water rates and tariff fees brought in N30.2 billion.
Then, letter of administration fees contributed N22.11 billion, and tax on contracts added N8.77 billion to the state’s earnings.
Federation allocations accounted for a smaller portion of the revenue mix.
The state also noted that it received N27.93 billion as statutory allocation, N224.16 billion from value added tax, and N14.76 billion from other Federation Account Allocation Committee revenues.
It also records that aids and grants contributed N901.99 million, while the sale of fixed assets added N1.38 billion.
The state also carried forward an opening balance of N1.6 billion into the fiscal year.
No loans were obtained within the period despite a budgetary approval of N641.96 billion for borrowing.
It notes that total expenditure stood at N715.34 billion during the same period while recurrent expenditure accounted for N374.58 billion, with N88.2 billion spent on salaries and N286.38 billion on other running costs.
Capital expenditure totalled N340.76 billion.
Sectoral analysis shows that infrastructure received the largest capital allocation, with the Office of Infrastructure accounting for N128.4 billion.
The health sector followed with N26.45 billion, representing about 17 per cent of its N155.34 billion annual allocation.
The Lagos State Metropolitan Area Transport Authority received N24.49 billion to support transport development.
Conclusively, the report states that figures show that Lagos generated more than half of Akwa Ibom State’s revenue within the period, with Akwa Ibom recording N397.51 billion.
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