The Lagos State Government has officially released its First Quarter (Q1) 2025 Budget Performance Report, underscoring its commitment to fiscal transparency and responsible financial management.
EpeInsights reports that the report was issued by the Ministry of Economic Planning and Budget and provides key insights into the state’s financial health and performance amidst national economic challenges.
In the first quarter of 2025, Lagos State generated a total revenue of ₦582.45 billion, which is 79% of the projected quarterly revenue target of ₦728.90 billion.
This amount represents 20% of the total annual revenue goal of ₦2.92 trillion, excluding net grants and the opening balance.
This performance highlights Lagos’ resilience and robust revenue-generating capacity despite ongoing economic pressures.
Expenditure Breakdown
On the expenditure side, Lagos State maintained fiscal discipline:
- Recurrent Expenditure: The state spent ₦251.22 billion on recurrent expenses, meeting 78% of the quarterly target of ₦323.91 billion. This accounted for 19.4% of the annual recurrent budget of ₦1.30 trillion.
- Capital Expenditure: Capital spending stood at ₦271.11 billion, achieving 52% of the quarterly estimate of ₦517.80 billion. This figure represents 13.1% of the annual capital budget of ₦2.07 trillion.
Commenting on the budget performance, the Honourable Commissioner for Economic Planning and Budget, Mr. Ope George, stated:
“This Q1 performance reflects our administration’s prudent approach to public finance and our unwavering commitment to delivering on the development priorities outlined in the THEMES Plus Agenda. We are focused on strengthening our revenue efforts, managing resources effectively, and investing in projects that improve the quality of life for Lagosians.”
He also reiterated that the Ministry will continue to enhance budget implementation across all sectors, ensuring that every kobo spent contributes to meaningful improvements for the people of Lagos.
Public Access to the Full Report
For those interested in reviewing the complete details of the Q1 2025 Budget Performance, the Lagos State Government encourages the public to visit their official website for the full report: Download the Report.
This move is part of the government’s ongoing effort to promote open governance and transparency.
