*A state budget in Nigeria is a statement of intent, not a record of spending. The number signed in December is routinely revised mid-year and rarely implemented above 70% on the capital side. Read the figures below as the size of the claim, and the IGR line as the size of what the state can raise without Abuja.*
The numbers#
- 2025 approved budget: ₦3.366 trillion (signed 9 January 2025)
- 2026 approved budget: ₦4.444 trillion (signed 19 January 2026)
- Internally generated revenue (2023, the latest NBS state-level IGR report): ₦815.86 billion (₦704.90bn tax, ₦110.96bn MDA revenue)
- Debt stock (31 December 2025, provisional): ₦1,219,458,755,148.34 domestic plus US$1,174,058,878.74 external
Note#
Lagos raises more internally than any other state — its 2023 IGR alone is larger than the whole annual budget of most states on this site. The external debt is left in dollars because the DMO reports it that way; converting it here would bury an exchange-rate assumption inside a cited figure. The state's Federation Account receipts are omitted: press aggregations circulate, but no per-state FAAC line from the Accountant-General's own release was confirmed in this pass.
References
Sources#
- Lagos State Government, 2025 and 2026 Appropriation Laws (signing releases, 9 January 2025 and 19 January 2026)
- National Bureau of Statistics, Internally Generated Revenue at State Level (2023), published October 2024
- Debt Management Office, States and FCT Domestic and External Debt Stock as at 31 December 2025 (provisional)