Lagos spends N130bn on subsidies, eyes N2.968trn revenue in 2025
Lagos State Commissioner for Economic Planning and Budget, Ope George, has revealed that the state government spent N130 billion on social interventions benefiting over 18.5 million residents in 2024.
Speaking during the 2025 Ministerial Press Briefing on Thursday, George said the interventions included transport subsidies to cushion the impact of fuel subsidy removal and the Ounje Eko food programme, aimed at improving access to affordable nutrition for low-income households.
He noted that Lagos generated over N1 trillion in Internally Generated Revenue (IGR) last year, with a total revenue of N2.080 trillion. The state projects a revenue target of N2.968 trillion for 2025.
George highlighted other achievements, including the training of 400 enumerators for grassroots data collection across 20 local government areas and an 87% budget performance in 2024. He added that the administration had already achieved 78% of its Q1 2025 budget.
He said the ministry conducted a cross-sectoral expenditure review to ensure equitable and impact-driven resource distribution. This, he noted, was complemented by citizens’ engagement across all five administrative divisions through budget consultative forums, aligning state spending with grassroots priorities.
George also commended Governor Babajide Sanwo-Olu for his vision and commitment, stating that the administration remains focused on inclusive economic growth and positioning Lagos among the most dynamic economies on the continent.
He added that Lagos’ GDP, estimated at $259 billion, places the state among Africa’s top three economies.
