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Let $\ell$ be a rational prime and let $p:Y\rightarrow X$ be a Galois cover of finite graphs whose Galois group is a finite $\ell$-group. Consider a $\mathbb{Z}_{\ell}$-tower above $X$ and its pullback along $p$. Assuming that all the graphs in the pullback are connected, one obtains a $\mathbb{Z}_{\ell}$-tower above $Y$. Under the assumption that the Iwasawa $\mu$-invariant of the tower above $X$ vanishes, we prove a formula relating the Iwasawa $\lambda$-invariant of the $\mathbb{Z}_{\ell}$-tower above $X$ to the Iwasawa $\lambda$-invariant of the pullback. This formula is analogous to Kida's formula in classical Iwasawa theory. We present an application to the study of structural properties of certain noncommutative pro-$\ell$ towers of graphs, based on an analogy with classical results of Cuoco on the growth of Iwasawa invariants in $\mathbb{Z}_\ell^2$-extensions of number fields. Our investigations are illustrated by explicit examples.