The Lagos State Government, through its Ministry of Economic Planning and Budget, has published the budget performance report for the first quarter of 2025, reaffirming its dedication to transparency, fiscal prudence, and effective public financial management.
According to the report, released on the government’s official website on Thursday, Lagos State generated a total revenue of ₦582.45 billion in Q1 2025. This represents 79% of the quarterly target of ₦728.90 billion and accounts for 20% of the annual revenue projection of ₦2.92 trillion (excluding net grants and opening balance).
On the expenditure front, recurrent spending for the quarter amounted to ₦251.22 billion—78% of the quarterly target of ₦323.91 billion, and 19.4% of the total annual recurrent budget of ₦1.30 trillion. Capital expenditure stood at ₦271.11 billion, reflecting 52% performance against the quarterly estimate of ₦517.80 billion, and 13.1% of the annual capital budget of ₦2.07 trillion.
Commenting on the report, the Honourable Commissioner for Economic Planning and Budget, Mr Ope George, said:
“This Q1 performance underscores our administration’s prudent financial management and steadfast commitment to delivering on the development priorities set out in the THEMES Plus Agenda. We remain focused on boosting revenue, managing resources judiciously, and investing in projects that enhance the quality of life for all Lagosians.”
He reiterated the Ministry’s focus on improving budget execution across all sectors and ensuring that every kobo spent yields tangible benefits for the citizens of Lagos.