Nigeria, May 5 -- Babajide Sanwo-Olu's administration generated N807.1 billion in revenue in the first quarter of 2026, reaching 18.2 per cent of the state's N4.44 trillion budget, official figures show.

The performance, underpinned by a surge in internally generated revenue (IGR), reinforces Lagos' position as Nigeria's top revenue-earning state and signals a strong start to its fiscal year.

According to the Lagos State 2026 first quarter budget performance report, IGR accounted for the bulk of earnings at N536.37 billion, the highest by any state in the country during that period.

Personal income tax remained the backbone of the state's finances, contributing N350.37 billion, far outpacing other revenue lines. Taxes on bank interest ...