Lagos hits 90% revenue target as Nigeria's foreign reserves dip $114 million

Strong tax collection in the commercial capital contrasts with a weekly drawdown in central bank reserves, highlighting the tension between fiscal performance and external liquidity.

By Handelsavisen Newsroom · Automated 2026-07-31 19:16 UTC · 1 min read

Lagos State has collected N1.67 trillion in revenue over the first six months of 2026, achieving 90% of its annual target.

The figure underscores the commercial capital's continued dominance in Nigeria's fiscal landscape, even as the broader macroeconomic environment faces headwinds.

04 billion. This weekly drawdown signals persistent pressure on the central bank's liquidity position, driven by ongoing import demand and limited inflows.

The strong performance in Lagos comes against a backdrop of weakening external buffers.

Nigeria's foreign reserves fell by $114 million over the past seven days, dropping from a recent peak of $52.04 billion.

This weekly drawdown signals persistent pressure on the central bank's liquidity position, driven by ongoing import demand and limited inflows.

The divergence between subnational fiscal strength and national reserve depletion is a key dynamic for investors tracking the Nigerian economy.