The Lagos State Government has disclosed that a total revenue of ₦582.45 billion was generated during the first quarter of Year 2025, reflecting 79 percent performance within the first three months of the financial year.
It added that the revenue generated within the quarter was against the quarterly estimate of ₦728.90 billion, and 20 percent of the total annual revenue projection of ₦2.92 trillion (excluding net grants and opening balance).
The Commissioner for Economic Planning and Budget, Ope George, who disclosed this yesterday through a statement made available to newsmen in the state, reaffirmed the government’s commitment to transparency, fiscal discipline, and efficient public financial management.
While arguing that this achievement demonstrated Lagos State’s resilience and strong revenue-generating capacity in the face of national economic challenges, the commissioner noted that the recurrent expenditure for the quarter stood at ₦251.22 billion, representing 78 percent of the quarterly target of ₦323.91 billion and 19.4 percent of the Year 2025 recurrent budget of ₦1.30 trillion,
“Capital expenditure performance was recorded at ₦271.11 billion, achieving 52% of the quarterly estimate of ₦517.80 billion, and 13.1% of the annual capital budget of ₦2.07 trillion”.
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.
“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”.
