Governor Babajide Sanwo-Olu of Lagos has proposed a N3 trillion 2025 fiscal expenditure to the state House of Assembly for perusal and approval.
The proposal, tagged ‘Budget of Sustainability,’ has a recurrent expenditure of N1.2 trillion and N1.7 trillion capital expenditure component.
The recurrent expenditure, according to the governor, comprises total overhead, personnel cost, and recurrent debt service as follows: Overhead, N432.580 billion; subventions, N139.728 billion; dedicated funds, N150.278 billion; total personnel cost, N392.000 billion, while recurrent debt charges is put at N125.232 billion.
The budget’s N1.7 trillion capital expenditure is as follows: capital expenditures, N1.452 trillion; repayments, N313.515 billion.
The budget projects a total revenue of N2.597 trillion, while deficit financing is N408 billion. The total revenue comprises internally generated revenue (IGR) of N1.9 trillion, and total federal transfers of N626.1 billion.
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