Lagos State Governor, Babajide Sanwo-Olu, has officially signed the state’s N3.366 trillion budget for 2025 into law.
The budget was approved by the Lagos State House of Assembly three days prior, following its presentation by the Chairman of the Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh.
The budget comprises N1.295 trillion for recurrent expenditures and N2.071 trillion allocated for capital projects aimed at furthering the development agenda of the Sanwo-Olu/Hamzat administration.
This new budget follows Sanwo-Olu’s initial proposal of N3.005 trillion presented to the House in November 2024.
The Lagos State Commissioner for Economic Planning and Budget, Ope George, said the historic budget underscored the state government’s commitment to prioritizing infrastructure, with 62% allocated to capital expenditure and 38% to recurrent spending.
According to him, the allocation represents the government’s focus on driving long-term investments while maintaining efficient delivery of essential services.
He said, “Our revenue framework, which projects N2.34tn from total internally generated revenue and N626.13bnfrom federal transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of N398.66bn has also been carefully structured to ensure financial prudence.”
The Chairman of the House Committee on Appropriation, Sa’ad Olumo, said the 2025 budget looked into the development of the state, including electricity, road infrastructure, and education development, among others that will address the needs of Lagos residents.
The Speaker of the House, Mudashiru Obasa, praised the lawmakers for their careful deliberations in passing the bill and directed that a clean copy be sent to the governor for final approval.
Sanwo-Olu had earlier stated that the budget would be funded through both external and internal loans, with a deficit of N408.9 billion.
(Agency News)
