By Rotimi Asher, Lagos
Lagos State Government has revealed that it generated N582.45bn in the first quarter ,Q1, of 2025.
The announcement was made through the Q1 Budget Performance Report released by the Ministry of Economic Planning and Budget.
According to the report, the N582.45bn in total revenue represents 79% of the state’s quarterly revenue target of N728.90bn and 20% of the annual revenue projection of N2.92tn ,excluding net grants and the opening balance.
The performance highlights Lagos’ resilience and ability to maintain a strong revenue base despite prevailing economic challenges across the country.
On the expenditure side, Lagos State recorded N251.22bn in recurrent spending for Q1, which is 78% of the quarterly estimate of N323.91bn and 19.4% of the total recurrent expenditure budgeted for the year.
Capital expenditure was reported at N271.11bn 52% of the quarterly target of N517.80bn and 13.1% of the full-year capital budget of N2.07tn.
Speaking on the report, the Commissioner for Economic Planning and Budget, Mr. Ope George, emphasized that the state remains committed to fiscal discipline and efficient resource management.
“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”, George stated.
“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 added that the Ministry is focused on improving budget implementation across all sectors and ensuring that government spending yields visible and meaningful outcomes for the public.
