Lagos state government on Wednesday said its revenue has risen from ₦2.080 trillion in 2024 to ₦2.968 trillion in 2025.
This, Commissioner for Economic Planning and Budget, Ope George, said, demonstrated improved fiscal planning.
George stated that at least, 18.5 million, out of estimated 23 million Lagos residents have received N130 billion state’s government Social Protection Supports through various subsidy interventions under the present administration.
He spoke at the on-going 2025 Ministerial Press Briefing, highlighting the activities of the ministry and scorecard of Governor Babajide Sanwo-Olu/Obafemi Hamzat Administration second year, of the second term, held in Alausa, Ikeja.
According to George, “The state government has delivered N130 billion in Social Protection Support, reaching over 18.5 million Lagosians through coordinated interventions such as the Transport Subsidy Allowance following fuel subsidy removal, and the “OUNJE EKO” food subsidy program, which has enhanced access to affordable, nutritious food for low-income households across the State.”
The state government ensured the timely passage and assent of the Year 2025 Budget Appropriation Bill, maintaining Lagos State’s reputation for disciplined budgeting, achieved an 87 per cent performance rate in 2024, reflecting effective execution of planned expenditures across sectors.
The ministry conducted a cross-sectoral expenditure framework review, enabling more equitable and impact-driven resource distribution, and engaged citizens across all five administrative divisions through budget consultative forums, aligning the budget with grassroots priorities.
George added, “As of 2024, our GDP stood at around N55.7 trillion mark, representing an increase of close to 29 per cent from where we were in 2023, which was about 23 trillion naira.
“This remains one of the most current official figures, till we wait for the completion of GDP numbers in 2025. But when you measure us as a state in terms of our purchasing power, apparently, you found that Lagos has an estimated $259 billion in 2023, and I think that puts us, Lagos, as one of the top three largest economies in Africa
