The Lagos State Authorities has introduced that it generated N582.45 billion in income in the course of the first quarter of 2025, representing 79% of its quarterly goal of N728.90 billion.
This efficiency additionally accounted for 20% of the state’s complete annual income projection of N2.92 trillion, excluding internet grants and the opening stability.
The announcement was made within the Q1 2025 Price range Efficiency Report launched on Thursday by the Ministry of Financial Planning and Price range, as a part of efforts to advertise transparency, fiscal self-discipline, and efficient public monetary administration.
“The Lagos State Authorities, by the Ministry of Financial Planning and Price range, has launched its price range efficiency report for the primary quarter (Q1) of 2025, reaffirming its dedication to transparency, fiscal self-discipline, and environment friendly public monetary administration.
“In accordance with the report, the State generated a complete income of N582.45 billion in Q1 2025, reflecting 79% efficiency in opposition to the quarterly estimate of N728.90 billion, and 20% of the overall annual income projection of N2.92 trillion (excluding internet grants and opening stability),” the report learn partly.
On the expenditure aspect, the report highlighted that the Lagos State authorities spent N251.22 billion on recurrent objects in the course of the interval, which is 78% of the quarterly goal of N323.91 billion. This additionally represents 19.4% of the full-year recurrent price range of N1.30 trillion.
Capital expenditure stood at N271.11 billion, indicating 52% efficiency in opposition to the quarterly estimate of N517.80 billion, and 13.1% of the overall capital price range of N2.07 trillion.
Extra insights
Talking on the price range efficiency, the Commissioner for Financial Planning and Price range, Mr. Ope George, said that the figures replicate the administration’s prudent fiscal administration and its dedication to the THEMES Plus agenda.
“This Q1 efficiency displays our administration’s prudent method to public finance and our unwavering dedication to ship on the event priorities outlined within the THEMES Plus agenda. We are going to proceed to strengthen our income drive, handle our sources effectively, and put money into initiatives that enhance the standard of life for all Lagosians,” he stated.
- The Ministry emphasised that it stays centered on enhancing price range implementation throughout all sectors and making certain that public funds are used to generate tangible advantages for residents of the state.
- Members of the general public are inspired to evaluation the total Q1 2025 Price range Efficiency Report accessible on the Lagos State Authorities web site as a part of its open governance coverage.
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