…as total revenue rises from ₦2.080trn in 2024 to ₦3trn projection
Lagos State Government on Wednesday said that 18.5million out of estimated 23 million residents of the state have received N130 billion offered as Social Protection Supports through various subsidy interventions under the present administration.
The State Commissioner for Economic Planning and Budget, Mr. Ope George, made this known during a Ministerial Press Briefing, to highlight the activities of the ministry and mark Governor Babajide Sanwo-Olu’s second year of the second term in office, held in Alausa, Ikeja.
The commissioner stated that the interventions included Transport Subsidy Allowance, following fuel subsidy removal, and the “OUNJE EKO” food subsidy program, which he said had enhanced access to affordable, nutritious food for low-income households across the state.
According to him, this had been made possible “through successful linkage of the Lagos State Social Register (LASSR) with the National Identity Number (NIN) in collaboration with NIMC, enhancing precision in delivering interventions.”
Besides, he said the ministry equally “facilitated a significant increase in Lagos State’s total revenue from ₦2.080 trillion in 2024 to ₦2.968 trillion in 2025, demonstrating improved fiscal planning.”
“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 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 the one of the top three largest economies in Africa.
“As a state, we are lucky and burdened by the fact that we are a state that is sub-national and we also have a lot of indices that portrays us as a national,” the commissioner stated.
This was just as he noted that the state government was able to achieve an 87per cent budget performance rate in 2024, reflecting effective execution of planned expenditures across sectors, while it ensured the timely passage and assent of the Year 2025 Budget Appropriation Bill and thereby maintaining Lagos State’s reputation for disciplined budgeting.
“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,” he said.
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