Highlighting projects such as Metro North, the man controlling the public purse said the Government would not sign off on something on the "basis of a colourful brochure".
Mr Lenihan was responding to calls from the city's Lord Mayor Eibhlin Byrne to provide assurances on investment schemes, despite the economic slowdown.
The minister, meeting with business delegates in Dublin, said the planning of the metro project was under way. However, Mr Lenihan would not confirm whether the metro would get the green light.
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The 17km metro rail line would provide a link from the city centre to the airport and Swords.
The Finance Minister's firms stance follows the announcement by the Transport Minister that the tender process for the North Metro would go ahead as would the entire scheme, granted it meets budgetary limits.
Chief Executive of Dublin Chamber of Commerce, Gina Quin, warned the city would suffer if the project fell through.
"We have been living right throughout the economic boom of the last 10 years with a major infrastructural deficit that's costing €2 billion a year in traffic congestion. If we don't proceed now there will be very serious consequences for the future," said Ms Quin.
Lord Mayor Byrne, asked for Dublin's need to be prioritised. She said: "I'm looking for the recognition of Dublin as an important economic driver, not just for the city region but for the country as a whole."
"To focus on Dublin is not to the detriment of the west or the south or any other region of the country. They are not in competition with Dublin," added the Lord Mayor.
(PR/JM)
