The Lagos State Government has announced an 87 per cent budget performance for the 2024 fiscal year, reinforcing its status as Nigeria’s economic hub.
The Commissioner for Economic Planning and Budget, Mr. Ope George, revealed this on Wednesday at the 2025 Ministerial Press Briefing held at Alausa, Ikeja, as part of events marking the second anniversary of Governor Babajide Sanwo-Olu’s second term in office.
According to George, the 87 per cent budget performance demonstrates the State’s strong commitment to implementing its planned expenditures across sectors.
He further noted that Lagos State’s total revenue surged from N2.080tn in 2024 to N2.968tn in 2025, a clear sign of enhanced fiscal management and planning.
The Commissioner also highlighted a major milestone in the State’s financial standing, with global credit rating agency Fitch upgrading Lagos’s Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) from ‘B-’ to ‘B’.
He attributed this positive development to the State’s solid Internally Generated Revenue (IGR) base and improved operating performance.
On social investment, George disclosed that the State Government spent over N130bn in 2024 on various social protection initiatives, reaching more than 18.5 million Lagosians.
These included the Transport Subsidy Allowance introduced in response to the fuel subsidy removal and the OUNJE EKO food subsidy programme aimed at providing affordable and nutritious food to low-income households.
He noted that these efforts contributed to a reduction in inflation to 21 per cent in the state.
George also emphasized the government’s focus on innovation through the Lagos State Science, Research, and Innovation Council (LASRIC), which received N1bn in seed funding for startups.
He stated that Lagos’s startup ecosystem continues to outperform many African cities in terms of investment attraction, innovation output, and global recognition.
“Our administration remains committed to balanced and sustainable growth,” George said.
“We also conducted a non-expenditure framework review to ensure equitable and impact-driven resource allocation.”
He reaffirmed the administration’s commitment to the THEMES Development Agenda, with innovation and inclusive growth at the core of its economic and social policies.
