The Lagos State Government, through the Ministry of Economic Planning and Budget, has released its budget performance report for the First Quarter (Q1) of 2025, reaffirming its commitment to transparency, fiscal discipline, and efficient public financial management.
According to the report, the State generated total revenue of ₦582.45 billion in Q1 2025, reflecting 79% performance against the quarterly estimate of ₦728.90 billion and 20% of the total annual revenue projection of ₦2.92 trillion (excluding net grants and opening balance). This performance demonstrates Lagos State’s resilience and strong revenue-generating capacity in the face of national economic challenges.
On the expenditure side, recurrent expenditure for the quarter stood at ₦251.22 billion, representing 78% of the quarterly target of ₦323.91 billion, and 19.4% of the annual recurrent budget of ₦1.30 trillion. Capital expenditure performance was recorded at ₦271.11 billion, achieving 52% of the quarterly estimate of ₦517.80 billion, and 13.1% of the annual capital budget of ₦2.07 trillion.
Speaking on the report, the Honourable Commissioner for Economic Planning and Budget, Mr. Ope George, said, “This Q1 performance reflects our administration’s prudent approach to public finance and our unwavering commitment to deliver on the development priorities outlined in the THEMES Plus Agenda. We will continue to strengthen our revenue drive, manage our resources efficiently, and invest in projects that improve the quality of life for all Lagosians.”
He emphasised that the Ministry remains focused on improving budget implementation across sectors and ensuring that every kobo spent translates into tangible benefits for the people of Lagos.
