The Lagos State Government has announced that it generated N582.45 billion in revenue during the first quarter of 2025, representing 79% of its quarterly target of N728.90 billion.
This performance also accounted for 20% of the state’s total annual revenue projection of N2.92 trillion, excluding net grants and the opening balance.
The announcement was made in the Q1 2025 Budget Performance Report released on Thursday by the Ministry of Economic Planning and Budget, as part of efforts to promote transparency, fiscal discipline, and effective public financial management.
“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 a total revenue of N582.45 billion in Q1 2025, reflecting 79% performance against the quarterly estimate of N728.90 billion, and 20% of the total annual revenue projection of N2.92 trillion (excluding net grants and opening balance),” the report read in part.
On the expenditure side, the report highlighted that the Lagos State government spent N251.22 billion on recurrent items during the period, which is 78% of the quarterly target of N323.91 billion. This also represents 19.4% of the full-year recurrent budget of N1.30 trillion.
Capital expenditure stood at N271.11 billion, indicating 52% performance against the quarterly estimate of N517.80 billion, and 13.1% of the total capital budget of N2.07 trillion.
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Speaking on the budget performance, the Commissioner for Economic Planning and Budget, Mr. Ope George, stated that the figures reflect the administration’s prudent fiscal management and its commitment to the THEMES Plus agenda.
“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 said.
- The Ministry emphasized that it remains focused on improving budget implementation across all sectors and ensuring that public funds are used to generate tangible benefits for residents of the state.
- Members of the public are encouraged to review the full Q1 2025 Budget Performance Report available on the Lagos State Government website as part of its open governance policy.
