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 steadiness.
The announcement was made within the Q1 2025 Finances Efficiency Report launched on Thursday by the Ministry of {Economic} Planning and Finances, as a part of efforts to advertise transparency, fiscal self-discipline, and efficient public {financial} administration.
“The Lagos State Authorities, by way of the Ministry of {Economic} Planning and Finances, has launched its finances efficiency report for the primary quarter (Q1) of 2025, reaffirming its dedication to transparency, fiscal self-discipline, and environment friendly public {financial} administration.
“In keeping 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 steadiness),” 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 finances 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 finances of N2.07 trillion.
Extra insights
Talking on the finances efficiency, the Commissioner for {Economic} Planning and Finances, Mr. Ope George, acknowledged that the figures mirror 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 tasks that enhance the standard of life for all Lagosians,” he stated.
- The Ministry emphasised that it stays targeted on enhancing finances 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 overview the complete Q1 2025 Finances Efficiency Report out there on the Lagos State Authorities web site as a part of its open governance coverage.
