The Lagos State Government disclosed that it generated a total of N582.45 billion in revenue during the first quarter of 2025, representing 79% of its quarterly target of N728.90 billion.
This Q1 performance also marks the achievement of 20% of Lagos’ projected annual revenue target of N2.92 trillion, excluding net grants and the opening balance, according to the Q1 2025 Budget Performance Report released by the Ministry of Economic Planning and Budget.
The report, which was published on Thursday, highlights the state government’s commitment to fiscal transparency, accountability, and prudent financial management.
Key Highlights
“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 statement read.
On the expenditure side, recurrent spending amounted to N251.22 billion—78% of the quarterly budget estimate of N323.91 billion. This expenditure accounts for 19.4% of the full-year recurrent budget, which is set at N1.30 trillion.
Capital expenditure stood at N271.11 billion during the period under review, reflecting a 52% implementation rate compared to the quarterly estimate of N517.80 billion. This represents 13.1% of the state’s total capital budget of N2.07 trillion for the year.
Government’s Position
Commenting on the performance, Commissioner for Economic Planning and Budget, Mr. Ope George, said the results highlight the state’s careful management of public funds and the administration’s commitment to achieving the goals outlined in 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 reiterated its dedication to improving budget execution across all sectors while ensuring that taxpayers’ money is spent in ways that directly benefit Lagos residents.
Citizens are encouraged to access and review the full Q1 2025 Budget Performance Report on the official Lagos State Government website as part of its open governance initiative.
