The Lagos State Government has revealed that it expended N130 billion on various social intervention programmes targeted at alleviating economic hardship for over 18 million residents in 2024.
The Commissioner for Economic Planning and Budget, Mr. Ope George, made this know during the 2025 Ministerial Press Briefing held in Lagos.
According to George, the palliative initiatives were part of Governor Babajide Sanwo-Olu’s response to the economic pressures arising from the removal of fuel subsidy and inflationary trends.
Key among the programmes were the Transport Subsidy Allowance and the “Ounje Eko” food subsidy scheme, both aimed at improving affordability and accessibility to essential goods and services for low-income households.
“The State government has remained committed to easing the burden on our people. The N130 billion investment in social intervention reflects our administration’s responsiveness to the needs of Lagosians,” George stated.
He also disclosed that Lagos State recorded a total revenue of N2.080 trillion in 2024, with Internally Generated Revenue (IGR) accounting for over N1 trillion. Looking ahead, the state is targeting a revenue of N2.968 trillion for the 2025 fiscal year.
Highlighting key achievements, the Commissioner noted; An 87% budget performance rate in 2024, enabling robust execution of capital and recurrent projects. The training of 400 enumerators to improve grassroots household data collection. A cross-sectoral expenditure framework review, fostering equitable resource distribution. State-wide citizen engagement through budget consultative forums, ensuring grassroots priorities are reflected in fiscal planning.
George praised Governor Sanwo-Olu’s leadership and foresight, describing the current administration as one that places economic resilience and social inclusiveness at the centre of governance.
He further stated that Lagos State’s Gross Domestic Product (GDP) is now estimated at $259 billion, positioning it among the top three largest sub-national economies in Africa.
With a projected 2025 revenue nearing N3 trillion, the State is set to strengthen its role as Nigeria’s economic powerhouse.
