Lagos first quarter revenue hits ₦582.45 billion, despite economic challenges
Sanwo-Olu
Lagos first quarter revenue hits ₦582.45 billion, despite economic challenges
The Lagos State Government has recorded an impressive financial results for the first quarter (Q1) of 2025, with total revenue generation reaching ₦582.45 billion, marking 79% of its quarterly target.
This figure also represents 20% of the total annual revenue projection of ₦2.92 trillion (excluding net grants and opening balance), showcasing the state’s robust revenue-generating capacity despite national economic challenges.
The budget performance report, released by the Ministry of Economic Planning and Budget, underscores Lagos’ commitment to transparency, fiscal discipline, and effective public financial management.
The report highlights that the State’s revenue for Q1 2025 fell slightly short of the ₦728.90 billion target but demonstrates strong fiscal health for the period.
On the expenditure front, Lagos recorded a recurrent expenditure of ₦251.22 billion, which is 78% of the quarterly target of ₦323.91 billion and 19.4% of the annual recurrent budget of ₦1.30 trillion. Capital expenditure stood at ₦271.11 billion, achieving 52% of the Q1 target of ₦517.80 billion and 13.1% of the annual capital budget of ₦2.07 trillion.
Honourable Commissioner for Economic Planning and Budget, Mr. Ope George, commented on the report, saying: “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.”
The Ministry is focused on enhancing budget implementation across various sectors, ensuring that every kobo spent translates into tangible benefits for Lagosians.
The state government has encouraged the public to review the detailed Q1 2025 Budget Performance Report, available on the Lagos State Government website, as part of its open governance approach.
