BY OJO SAMSON AYOMIDE
The Lagos State Government has emphatically reaffirmed its position as Nigeria’s economic powerhouse and a pacesetter for sustainable development across Sub-Saharan Africa with a budget performance of 87%, just as Fitch, the internationally renowned rating Agency upgraded the State’s Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) from ‘B-’ to ‘B’.
The Commissioner for Economic Planning and Budget, Mr. Ope George disclosed this while reeling out the scorecard of his Ministry in the past year at the 2025 Ministerial Press Briefing held today at the Bagauda Press Centre to commemorate the second anniversary of Governor Babajide Olusola Sanwo-Olu’s second term in office.
Mr. George explained further that Lagos’s 87% budget performance rate in 2024 underscored its effective execution of planned expenditures across sectors, adding that the Ministry also facilitated a significant increase in Lagos State’s total revenue from ₦2.080 trillion in 2024 to ₦2.968 trillion in 2025, demonstrating improved fiscal planning.
He emphasised that the recent Fitch upgrade of the State’s Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) from ‘B-’ to ‘B’ underpins the Lagos’s strong capacity to service its financial obligations owing to its stronger operating performance driven by the IGR, which makes her an outlier in the national context.
The Commissioner also averred that the State Government delivered over N130 billion in Social Protection Support, reaching over 18.5 million Lagosians through coordinated intervention programmes such as the Transport Subsidy Allowance following fuel subsidy removal, and the OUNJE EKO food subsidy programme, which has enhanced access to affordable, nutritious food for low-income households across the State. These initiatives, among others, have resulted in the reduction of Inflation to 21% in the State.
Recalling that the Lagos State government in 2024 set aside N1 Billion in seed funding for start-ups through the Lagos State Science, Research, and Innovation Council (LASRIC), George emphasised that Lagos’s startup ecosystem is outpacing many other African cities in success metrics, foreign direct investment, and the number of innovative solutions and patents.
He also pointed out the importance of innovation in the present administration’s THEMES Development Agenda, leading to the creation of LASRIC to drive science and tech initiatives. The Council includes experts from industry, academia, and the public sector, all focused on expanding innovation in Lagos.
