The Lagos State Government generated ₦1.685 trillion in revenue in the first six months of 2026, with internally generated revenue (IGR) accounting for nearly seven out of every ten naira earned during the period.
A review of the state’s second-quarter 2026 Budget Performance Report shows that the government also spent ₦1.539 trillion during the same period, representing 91.3 per cent of the total revenue realised.
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The figures show Lagos’s continued reliance on internally generated revenue to finance government activities, while maintaining a near-even balance between recurrent and capital spending.
The report shows IGR contributed ₦1.166 trillion, representing 69.2 per cent of the total revenue earned between January and June.
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The state’s share of the Federation Account Allocation Committee accounted for ₦501.09 billion, making it the second-largest source of revenue.
Other revenue sources included an ₦1.6 billion opening balance carried over from 2025, ₦4.91 billion from aids and grants, ₦9.87 billion realised from loans and borrowing receipts, and ₦1.94 billion classified as other capital receipts.
PREMIUM TIMES earlier reported that in the first quarter of 2026, Lagos State earned ₦807 billion in revenue, surpassing Nigeria’s subnational peers.
Spending profile
According to the report, Lagos spent ₦1.539 trillion over the six months.
Of that amount, recurrent expenditure accounted for ₦767.15 billion, while ₦772.64 billion was released for capital projects.
The capital allocation marginally exceeded recurrent spending, indicating sustained investment in infrastructure and other development projects.
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Capital releases across key sectors
The budget performance report shows wide disparities in capital releases across sectors.
The environment sector recorded one of the strongest performances, receiving ₦83.83 billion, equivalent to 53.5 per cent of its capital budget.
Health received ₦49.59 billion, representing 31.9 per cent of its capital allocation.
Education, however, recorded lower performance, with ₦14.9 billion released, representing 26.8 per cent of its capital budget for the period.
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