These Are The Major Sources of Revenue for Lagos State

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

Other revenue sources include: Income from other services of N64.5 billion, revenue from non-exchange transactions of N49 billion, investment income of N10 billion, interest income of N8.15 billion and Grants of N3.95 billion.

Lagos State recorded an 89% jump in operating revenue in 2024 to N2.3 trillion at the end of 2024, according to Lagos State financials seen by MoneyCentral.

However there was little impact on capital expenditure in the State year-on-year.

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