Lagos State Revenue Hits ₦2.3 Trillion, But Massive FX Losses Hamper Infrastructure Spending

Lagos State recorded an 89% jump in operating revenue in 2024, however that had little impact on capital expenditure due to massive foreign exchange (FX) losses.

Total operating revenue for the period hit N2.3 trillion, up 89% from N1.22 trillion at the end of 2024, according to Lagos State financials seen by MoneyCentral.

However capital expenditure of N323.9 billion rose barely 3% year-on-year, compared to N314 billion in 2023, due to massive loss on foreign exchange (FX) transactions of N716.8 billion in 2024.

Wages and salaries of N264 billion, as well as General and Administrative Expenses of N302.5 billion also ate into money available for capital spending.

Sources of Revenue for Lagos

The major sources of revenue for Lagos in 2024 were taxation at N1.037 trillion, Statutory FAAC allocations of N769 billion, Capital receipts of N253 billion and levies fees and fines of N123 billion.

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