The Lagos State Government says it has grown its revenue from ₦2.080 trillion in 2024 to ₦2.968 trillion in 2025, attributing the increase to improved fiscal planning and strategic reforms—especially in the wake of fuel subsidy removal.

Commissioner for Economic Planning and Budget, Ope George, revealed this during the 2025 Ministerial Press Briefing in Alausa, Ikeja, outlining the achievements of Governor Babajide Sanwo-Olu’s administration in its second term.

He noted that over 18.5 million residents have benefited from ₦130 billion in social protection interventions aimed at easing the impact of subsidy removal.

“The State Government has delivered ₦130 billion in Social Protection Support, reaching over 18.5 million Lagosians through coordinated interventions such as the Transport Subsidy Allowance and the ‘OUNJE EKO’ food subsidy programme,” George said.

He also pointed to the state’s impressive GDP growth: “As of 2024, our GDP stood at around ₦55.7 trillion, a nearly 29% increase from 2023. Lagos’ estimated purchasing power of $259 billion places us among Africa’s top three economies.”

According to George, Lagos achieved an 87% budget performance rate in 2024 and passed the 2025 Appropriation Bill on time, reinforcing its reputation for disciplined budgeting and grassroots-focused governance.

“With subsidy removal affecting everyday living, we acted swiftly to ease the pressure on Lagosians. That’s the duty of responsible leadership,” he added.