WED MAY 13 2026-theGBJournal| The Lagos State Ministry of Economic Planning and Budget recorded a major milestone in fiscal management, achieving an 84 per cent budget performance for the 2025 fiscal year while successfully coordinating the preparation and rollout of the State’s N4.445 trillion 2026 “Budget of Shared Prosperity.”
The achievement was disclosed by the Commissioner for Economic Planning and Budget, Mr. Mosopefolu George on Tuesday, during the review of the Ministry’s activities covering May 2025 to April 2026, who also highlighted the Budget Department’s strategic role in strengthening fiscal discipline, improving budget credibility, and ensuring efficient allocation of resources across the State.
According to the report, the Ministry sustained rigorous monitoring of government finances through the monthly collation and analysis of revenue and expenditure returns from Ministries, Departments, and Agencies (MDAs).
The exercise enhanced transparency, accountability, and real-time monitoring of budget implementation across the public sector.
The Ministry stated that the monthly fiscal reviews culminated in comprehensive Quarterly Budget Performance Appraisals aligned with the National Chart of Accounts (NCoA), providing critical insights into revenue trends and expenditure patterns.
At the close of the 2025 fiscal year, overall budget implementation performance stood at 84 per cent, reflecting what officials described as prudent fiscal management and improved budget execution.
As part of preparations for the 2026 fiscal year, the Ministry coordinated a broad-based and inclusive budget planning process involving key stakeholders, including revenue-generating agencies and MDAs.
The process also led to the development of strategic fiscal policy documents such as the Economic and Fiscal Update (EFU), Medium-Term Budget Framework (MTBF), and Fiscal and Sector Strategy Papers (FSSPs).
In a move aimed at deepening citizen participation in governance, the Ministry organized Budget Consultative Forums across the five IBILE divisions of Lagos State.
The engagements enabled residents and community stakeholders to contribute directly to the formulation of the State budget and identify priority areas for development.
Following the issuance of the Budget Call Circular, the Ministry undertook detailed reviews of budget submissions from MDAs and held bilateral discussions to ensure alignment with government priorities and fiscal realities.
The final budget estimates were subsequently collated and prepared using the National Chart of Accounts template.
The draft 2026 budget was later presented to the State Treasury Board, the State Executive Council, and subsequently the Lagos State House of Assembly for legislative consideration and approval.
After legislative passage and Governor’s assent, the “Budget of Shared Prosperity” was signed into law with a total expenditure profile of ₦4.445 trillion, comprising 53 per cent recurrent expenditure and 47 per cent capital expenditure.
To ensure seamless implementation, the Ministry completed post-approval processes including the publication of the Appropriation Law and deployment of the approved budget on the Oracle Hyperion platform. Budget Operational Guidelines were also issued to MDAs to support effective implementation and compliance.
In furtherance of transparency and public accountability, the Ministry published the first-quarter 2026 Budget Performance Appraisal on the State Government’s website, alongside the Citizens’ Budget and an abridged version of the approved budget document to improve public understanding of government spending priorities.
Officials noted that the initiatives underscore the State Government’s commitment to transparency, inclusive governance, and sustainable fiscal management aimed at driving economic growth and improving service delivery across Lagos State.
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