The Lagos State Government, through the Ministry of Economic Planning and Budget, has released its budget performance report for the first quarter of 2025, reaffirming its commitment to transparency, fiscal discipline, and efficient public financial management.
The report, released through its official website on Thursday, stated that, ‘The Lagos State generated 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).
‘On the expenditure side, recurrent expenditure for the quarter stood at N251.22 billion, representing 78% of the quarterly target of N323.91 billion, and 19.4% of the annual recurrent budget of N1.30 trillion, Capital expenditure performance was recorded at N271.11 billion, achieving 52% of the quarterly estimate of N517.80 billion, and 13.1% of the annual capital budget of N2.07 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.
