Lagos earns ₦1.69 trillion in 2026, spends 91% in first half

Lagos State Government made ₦1.685 trillion in revenue in the first six months of 2026. Internally generated revenue (IGR) made up nearly seventy naira of every hundred earned during this time.

A look at the state’s second-quarter 2026 Budget Performance Report shows the government spent ₦1.539 trillion in the same period. This means they used 91.3 percent of the total revenue they made.

These figures show how much Lagos depends on internally generated revenue to keep running government activities. They also kept a near balance between spending on running costs and capital projects.

The report reveals that IGR contributed ₦1.166 trillion. This is 69.2 percent of all the money earned from January to June.

The state’s share from the Federation Account Allocation Committee was ₦501.09 billion. This made it the second-largest source of income for Lagos. Other sources included an opening balance of ₦1.6 billion from 2025, ₦4.91 billion from aids and grants, ₦9.87 billion from loans, and ₦1.94 billion from other capital receipts.

Earlier, PREMIUM TIMES reported that in the first quarter of 2026, Lagos State earned ₦807 billion. This amount was higher than what other states in Nigeria made.

Spending breakdown

The report shows that Lagos spent ₦1.539 trillion over the six months.

Of this amount, recurrent expenses took up ₦767.15 billion. Meanwhile, ₦772.64 billion was set aside for capital projects. The money for capital projects slightly exceeded the recurrent spending. This shows that Lagos is still investing in infrastructure and development projects.

Sector spending

The budget performance report highlights different levels of capital spending across various sectors.

The environment sector had one of the best performances, receiving ₦83.83 billion. This is 53.5 percent of its capital budget.

Health got ₦49.59 billion, which is 31.9 percent of its capital allocation.

Education, on the other hand, had a lower performance. It received ₦14.9 billion, which is just 26.8 percent of its capital budget for the period.