Lagos targets N2.96trn revenue in 2025
Lagos State Government is targeting N2.96 trillion revenue in 2025, Ope George, the Commissioner for Economic Planning and Budget, has disclosed. George spoke during the annual ministerial press briefing, marking the second year in office of Babajide Sanwo-Olu, governor of Lagos. The target is 42.7 percent above the N2.08 trillion revenue recorded by Lagos state […]
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Lagos State Government is targeting N2.96 trillion revenue in 2025, Ope George, the Commissioner for Economic Planning and Budget, has disclosed.
George spoke during the annual ministerial press briefing, marking the second year in office of Babajide Sanwo-Olu, governor of Lagos.
The target is 42.7 percent above the N2.08 trillion revenue recorded by Lagos state government in 2024
He outlined the ministry’s achievements, highlighting its focus on fostering innovation, data-driven governance, and inclusive planning.
“Our focus is long-term. From strengthening fiscal discipline to expanding access to essential services, every decision is about ensuring no Lagosian is left behind.
“The ministry through the budget department facilitated a significant increase in Lagos state’s total revenue from N2.08 trillion in 2024 to N2.968 trillion (projection) in 2025 — demonstrating improved fiscal planning.
“The 2024 fiscal year closed with an 87 percent budget performance rate, reflecting prudent fiscal management and efficient implementation across key sectors,” he said.
The commissioner said the government implemented robust social protection measures in response to rising economic pressures.
“N130 billion was disbursed to over 18.5 million Lagosians through various programmes, including the Ounje Eko food subsidy programme, which has enhanced access to affordable, nutritious food for low-income households, as well as transport subsidy allowance following fuel subsidy removal,” George said.
The commissioner said that through its partnership with the European Bank for Reconstruction and Development, Lagos has secured funds to implement a floating solar power project, marking strides in environmental resilience and sustainable development.
He further said the 2025 Lagos economic development update (LEDU) affirms Lagos’ status as Africa’s second-largest economy by purchasing power parity (PPP), and Sanwo-Olu’s administration reaffirms its commitment to good governance and inclusive growth.
“Lagos is not just growing—it is evolving into a model of what a 21st-century African city can become,” the commissioner said.