…As Total Revenue Rises from ₦2.08trn in 2024 to ₦2.968trn in 2025

…State GDP Hits $259bn in 2023

By Olasunkanmi Akoni

The Lagos State Government has disbursed ₦130 billion in social protection support, reaching at least 18.5 million out of the state’s estimated 23 million residents through various subsidy intervention programs under the current administration.

Commissioner for Economic Planning and Budget, Ope George, made this known on Wednesday during the ongoing 2025 Ministerial Press Briefing, held at Alausa, Ikeja. The briefing focused on the activities and achievements of the administration of Governor Babajide Sanwo-Olu and Deputy Governor Obafemi Hamzat in their second year of their second term.

According to George, the interventions included initiatives such as the Transport Subsidy Allowance, introduced after the removal of the federal fuel subsidy, and the “Ounje Eko” food subsidy programme, which provides affordable and nutritious food to low-income households across the state.

“The state government has delivered ₦130 billion in social protection support, impacting over 18.5 million Lagosians,” George said.

He also highlighted improvements in targeting and inclusion through the linkage of the Lagos State Social Register (LASSR) with the National Identity Number (NIN) in collaboration with the National Identity Management Commission (NIMC), enhancing the precision of intervention delivery.

In addition, 400 enumerators were trained to collect household data across all 20 Local Government Areas, reinforcing grassroots data systems essential for evidence-based planning and equitable resource distribution.

George noted that Lagos State’s total revenue increased significantly from ₦2.08 trillion in 2024 to a projected ₦2.968 trillion in 2025, reflecting enhanced fiscal planning and revenue mobilization strategies.

He further stated that Lagos maintained its reputation for disciplined budgeting, with the 2025 Appropriation Bill passed and signed in a timely manner, and the 2024 budget achieving an 87% performance rate, indicating effective execution of planned expenditures across various sectors.

The ministry also conducted a cross-sectoral expenditure framework review and held budget consultative forums across the state’s five administrative divisions to ensure alignment with grassroots priorities.

On the state’s economic performance, George disclosed that Lagos State’s Gross Domestic Product (GDP) stood at approximately ₦55.7 trillion in 2024, up from ₦43 trillion in 2023—a nearly 29% increase.

“When measured by purchasing power, Lagos recorded an estimated $259 billion GDP in 2023, positioning it among the top three largest economies in Africa,” he added.

George concluded that Lagos, though a sub-national entity, continues to bear the dual responsibility of being both an economic powerhouse and a developmental model within Nigeria.