The Lagos State Government has indicated plans to rake in ₦2.9 trillion revenue for 2025, aiming to further strengthen its fiscal performance and drive economic growth in the coming year.
It stated that the projection is achievable, considering the 87 percent budget performance recorded in 2024, which reinforces the state’s position as a hub for business opportunities.
The government, meanwhile, disclosed that N130 billion was released as subsidy intervention to 18.5 million residents from the estimated 23 million Lagosians.
This support was delivered through coordinated programmes such as the Transport Subsidy Allowance introduced after fuel subsidy removal, and the ‘OUNJE EKO’ food initiative, which has improved access to affordable, nutritious food for low-income households across the state.
The Commissioner for Economic Planning and Budget, Mosopefolu George, who disclosed this during the 2025 Ministerial Press Briefing, marking Governor Babajide Sanwo-Olu’s achievements since assuming office two years ago, explained that the projection for the year was increased from ₦2.080 trillion, which was for Y2024 to ₦2.968 trillion in 2025, demonstrating the government’s improved fiscal planning.
George, on Wednesday, stated that the Sanwo-Olu-led administration achieved an 87% budget performance rate in 2024, reflecting effective execution of planned expenditures across sectors.
“The government ensured the timely passage and assent of the Y2025 Budget Appropriation Bill, maintaining Lagos State’s reputation for disciplined budgeting. We conducted a cross-sectoral expenditure framework review, enabling more equitable and impact-driven resource distribution.
” We also engaged citizens across all five administrative divisions through budget consultative forums, aligning the budget with grassroots priorities,” he added.
While presenting the initiative carried out during the year under review, the commissioner revealed that the government trained over 325 Planning Officers and Statisticians across various Ministries, Departments, and Agencies (MDAs), as well as the 57 Local Government Areas and Local Council Development Areas (LGAs/LCDAs), on the use of the EKO360 App, a platform developed by the Lagos Bureau of Statistics (LBS) to provide real-time data and insights on the state.
According to George, the ministry extended EKO360 integration to 59 MVAA licensing stations, streamlining data processes across transportation and service points, and enabling evidence-based planning and monitoring.
“The ministry collaborated with the Lagos State Law Reform Commission to conduct a Perception Survey on Yoruba Translations of State Laws, supporting inclusive governance and broader citizen access to legal information,” he concluded.
