Oluyomi made this known on Friday during a press briefing in Alausa, Ikeja, as part of activities marking the seventh anniversary of Governor Babajide Sanwo-Olu’s administration.
The commissioner said the state’s internally generated revenue rose from N1.58 trillion in 2024 to N1.87 trillion in 2025, reflecting an 18.5 per cent increase.
He also disclosed that tax revenue collections grew significantly over the last two years.
According to him, tax revenue increased from N678.13 billion in 2023 to N1.04 trillion in 2024, representing a 54.2 per cent rise and marking the first time the Lagos State Internal Revenue Service crossed the N1 trillion threshold.
Oluyomi added that tax collections rose further to N1.44 trillion in 2025, indicating a 38 per cent increase compared to 2024.
He attributed the growth to reforms in tax administration and the expansion of digital payment systems aimed at improving compliance and simplifying revenue collection.
The commissioner said the state upgraded payment channels, including mobile payment platforms, point-of-sale terminals, USSD services, WhatsApp integration and online payment systems.
He added that Lagos migrated from a hybrid tax filing structure to a fully electronic filing system in 2023, while additional digital modules have been introduced to strengthen operations.
“Lagos State Internal Revenue Service remains focused on broadening the tax base, closing revenue gaps, and fostering long-term revenue growth, all essential to funding the state’s expanding urban and infrastructure requirements,” Oluyomi said.
On the state’s fiscal position, the commissioner stated that Lagos maintained a debt-service-to-revenue ratio of 19.2 per cent, below the 30 per cent fiscal responsibility benchmark.
He added that the state’s debt-to-GDP ratio stands at 4.11 per cent, significantly lower than the World Bank’s recommended 20 per cent threshold.
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