South-WestCap: Ikeja

Lagos State .

Governor Babajide Sanwo-Olu

Pop. ~15.9M

Total 2024 Budget

₦2,253,892,400,000

Lagos is Nigeria's commercial capital and most populous state, generating the highest Internally Generated Revenue of any state. It is the economic engine of Nigeria, home to the Lagos Stock Exchange, major seaports, and over 60% of Nigeria's industrial activity.

Metrics Overview

Capital Exp.

₦1,250,000,000,000

55% of total

Recurrent Exp.

₦1,003,892,400,000

45% of total

Total Revenue

₦2,253,892,400,000

Estimated income

Fiscal Balance

Balanced

Matched

Breakdowns

Infrastructure

₦450.0B20.0%

Education

₦320.0B14.2%

Health

₦210.0B9.3%

Agriculture

₦68.0B3.0%

Security

₦55.0B2.4%

Budget Insights

Key observations from Lagos State State's 2024 budget

Overview

Lagos State State's total budget for 2024 is ₦2.25 Trillion. This budget is perfectly balanced.

Expenditure Focus

The largest single sector allocation is infrastructure, receiving ₦450.00 Billion. This accounts for 20.0% of the total budget.

Revenue Dependency

The primary source of revenue is igr, contributing ₦1.10 Trillion. This represents 48.8% of the total expected revenue.

Glossary

Common budget terms explained

IGR

Internally Generated Revenue. Money collected by the state internally (taxes, fines).

FAAC

Federation Account Allocation Committee. Funds distributed from the federal government.

Capital Exp.

Money spent on long-term physical assets like roads, schools, and hospitals.

Recurrent Exp.

Money spent on day-to-day operations like salaries and overhead costs.

Deficit

When a state plans to spend more money than it expects to collect in revenue.