The Lagos State government is targeting an Internally Generated Revenue (IGR) of N1.97 trillion to finance its proposed 2025 budget of N3 trillion. This was revealed during the presentation of the 2025 budget proposal by the governor, Babajide Sanwo-Olu to the Lagos State House of Assembly.
The 2025 budget, which is themed, ‘Budget of Sustainability’ features a deficit of N408.9 billion, with revenues from the federal allocations and IGR projected to hit N2.6 trillion. The budget also represents a N1.3 trillion increase from the 2024 budget estimate of N1.7 trillion.
In 2025, the Lagos State government is projecting a recurrent expenditure of N1.24 trillion, with a capital expenditure of N1.45 trillion and debt repayments of N313.5 billion.
According to Sanwo-Olu, the deficit financing shall consist of external and internal loans as well as bonds.
Speaking during the presentation, Sanwo-Olu gave a breakdown of his government’s performance in 2024. According to him, his government had achieved a budget implementation of 84 percent as of Q3 2024.
He noted that their capital expenditure as of Q3 2024 was N770 billion, marking a 77 percent implementation of the budgeted N999.44 billion. He also noted that recurrent expenditure as of Q3 2024 was at N653 billion, marking a 93 percent implementation of the budgeted N701.5 billion.
Speaking about his government’s strides in infrastructural development, he noted that his government had completed 36 road projects, with 51 at various stages of development. Sanwo-Olu said the Abule Egba and Iyana Ipaja Bus Terminals were in construction.
He also noted that the BRT infrastructure along Lagos-Badagry Expressway were in progress. While also noting that work on Blue Line Rail was ongoing to extend the rail line to Okokomaiko from Mile 2.
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