Ope George, Lagos commissioner for economic planning and budget, says the state is targeting N2.96 trillion revenue in 2025.
George announced the target on Wednesday 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
George also outlined the ministry’s achievements, highlighting its focus on fostering innovation, data-driven governance, and inclusive planning.
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“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 commissioner said.
He also highlighted the strong fiscal growth and responsive budgeting evident in the state’s revenue drive and capacity of the ministry as the engine room of the state’s economic thrust.
“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,” George said.
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“The 2024 fiscal year closed with an 87 percent budget performance rate, reflecting prudent fiscal management and efficient implementation across key sectors.”
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.
He said the ministry enhanced the delivery of various interventions by integrating the Lagos State Social Register (LASSR) with the national identity number (NIN), improving the accuracy of beneficiary targets.
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George added that the ministry launched several digital tools, including the LSDP 2052 implementation reporting dashboard, which tracks over 280 development initiatives across all ministries, departments and agencies (MDAs) in real-time, and the EKO360 app, deployed in all 57 LGAs and 59 MVAA centres to support real-time data collection and reporting.
‘LAGOS SECURED FUNDS FOR FLOATING SOLAR POWER’
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.
Also, he said the office of climate change and circular economy has generated over 1,600 jobs, diverted 20,000 kilograms (kg) of waste from landfills, and prevented 10,000 kg of carbon emissions.
The commissioner noted that its programs, Eco-Circulate and ECONexus, are helping over 5,000 small and medium enterprises (SMEs) transition to sustainable, circular business models.
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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.
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Gbenga Omotoso, commissioner for information and strategy; Lekan Balogun, special adviser to the governor on economic planning and budget; Olayinka Ojo, permanent secretary in the ministry of economic planning and budget; and Olumide Sogunle, permanent secretary in the ministry of information and strategy, along with other top officials from both ministries, attended the conference.
On April 14, the Lagos state government signed a memorandum of understanding (MoU) with the Rural Electrification Agency (REA) to expand solar power generation and distribution across the state.
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