The Lagos State Government says it generated just over N582 billion in the first quarter of 2025, amounting to 79% of its quarterly revenue target of N728.9 billion. The figure represents 20% of its projected annual income of N2.92 trillion, excluding grants and opening balances.
Details were contained in the Q1 2025 Budget Performance Report issued Thursday by the Ministry of Economic Planning and Budget, aimed at reinforcing transparency and fiscal accountability.
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Recurrent spending for the period reached N251.22 billion, making up 78% of the quarterly projection and 19.4% of the annual recurrent budget set at N1.3 trillion.
Meanwhile, capital expenditure fell short of expectations, with N271.11 billion spent, translating to 52% of the quarterly benchmark and just over 13% of the full-year capital allocation of N2.07 trillion.
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