LAGOS STATE REPORTS STRONG BUDGET PERFORMANCE FOR FIRST QUARTER OF 2025
Commitment to Fiscal Discipline and Transparency
The Lagos State Government has released its budget performance report for the first quarter (Q1) of 2025, highlighting the state’s resilience and steadfast commitment to fiscal discipline, transparency, and efficient public financial management. The report, released by the Ministry of Economic Planning and Budget, showcases impressive revenue generation despite the broader economic challenges faced nationally.
Lagos State generated ₦582.45 billion in revenue during Q1 2025, reflecting 79% of the quarterly revenue target of ₦728.90 billion, and 20% of the total annual revenue projection of ₦2.92 trillion (excluding net grants and opening balance). This robust performance underscores the state’s strong revenue-generating capacity, even amidst the ongoing national economic landscape.
Strategic Investments and Prudent Resource Management
On the expenditure side, Lagos demonstrated careful management of its resources. Recurrent expenditure for the quarter totaled ₦251.22 billion, which represents 78% of the quarterly target of ₦323.91 billion, and 19.4% of the annual recurrent budget of ₦1.30 trillion. Capital expenditure was ₦271.11 billion, achieving 52% of the quarterly target of ₦517.80 billion, and 13.1% of the annual capital budget of ₦2.07 trillion. These figures reflect the government’s commitment to ensuring funds are strategically allocated to priority sectors that impact the lives of Lagosians.
Strengthening Fiscal Policy and Future Prospects
Honourable Commissioner for Economic Planning and Budget, Mr. Ope George, expressed satisfaction with the report, stating, “This Q1 performance is a testament to our administration’s prudent approach to managing public finance. We remain unwavering in our commitment to delivering on the development priorities outlined in the THEMES Plus Agenda. Our focus will continue to be on strengthening our revenue generation, efficient resource management, and investing in projects that improve the quality of life for all Lagosians.”
He further emphasized that the Ministry remains dedicated to improving budget implementation and ensuring that every kobo spent delivers tangible benefits for the people of Lagos.
The public is encouraged to review the full Q1 2025 Budget Performance Report, available on the Lagos State Government website, as part of the administration’s ongoing commitment to open governance.
