Babajide Sanwo-Olu, the governor of Lagos, on Thursday signed the state’s 2025 budget of N3.366 trillion into law. The signing ceremony took place at Lagos House in Alausa, Ikeja.
Tagged the “Budget of Sustainability,” the 2025 fiscal plan focuses on infrastructure development, economic diversification, and critical sectors aimed at advancing the state’s growth and improving the lives of its residents.
Sanwo-Olu praised Mudashiru Obasa, the speaker of the Lagos State House of Assembly, and other members of the House for the swift passage of the budget.
He assured Lagosians of the government’s commitment to delivering responsive and people-centered governance.
Ope George, the Lagos State commissioner for Economic Planning and Budget, described the 2025 budget as a landmark achievement. According to George, 62% of the budget is allocated to capital expenditure, while the remaining 38% is for recurrent spending, reflecting the state’s prioritisation of long-term investments alongside efficient service delivery.
The budget’s revenue framework projects N2.342 trillion from internally generated revenue and N626.137 billion from federal transfers.
To address the funding gap, a deficit of N398.662 billion will be financed through prudent and sustainable strategies.
Sa’ad Olumo, chairman of the House Committee on Budget, highlighted the budget’s emphasis on sectors such as electricity, road infrastructure, and education.
He expressed confidence that these allocations would address the pressing needs of Lagos residents and drive sustainable development.
Sanwo-Olu initially presented a budget estimate of ₦3.005 trillion to the House of Assembly on November 21, 2024. In less than two months, the budget has been reviewed and signed into law, paving the way for its implementation in the new fiscal year.
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