Sanwo-Olu targets 95% implementation of N3.36trn 2025 budget

Governor Babajide Sanwo-Olu of Lagos, on Thursday, signed into law, the state’s 2025 Appropriation Bill of N3.36 trillion, with a target of implementing at least 95 percent of the budget before the end of the year.

The appropriation tagged “Budget of Sustainability” was presented to the Lagos State House of Assembly (LAHA) on November 21, 2024. It is made up of 62 percent capital expenditure and 38 percent recurrent expenditure.

Sanwo-Olu said lauded the Lagos State House of Assembly for giving this bill expedited action.

He said: “It is with a deep sense of responsibility that we have signed this bill into law. The N3.36 trillion budget has N1.295 trillion as overhead cost and N2.07 trillion as capital expenditure,” he said.

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“It is the largest sub-national budget, and we are convinced that we will do justice to it. At the minimum, we implement 90 to 95 percent.

“A greater Lagos ambition will emerge on the back of high-quality infrastructure that keeps pace with growing population.

The governor said that the budget would focus on five pillars – infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance and institutional reforms.

“Infrastructure sustainability is the backbone of any development agenda.

“In the coming three-year period, we will be prioritising the maintenance, upgrading and expansion of existing road networks,” he said.

On economic development, he said that Lagos State would rely on many sectors to be able to secure a resilient economy.

Saheed Olumo, the chairman of House committee on the appropriation bill, pledged the assembly’s support for Sanwo-Olu’s administration in order to give residents more dividends of democracy.

The state plans to generate N2.34 trillion internally and N626.13 billion from federal allocations.

The state said it carefully structured a deficit financing of N398.662 billion to ensure financial prudence.

Ope George, the state Commissioner for Economic Planning and Budget, gave a breakdown of the 2025 budget.

“Some of the allocations made in the budget are education (N223.3 billion) and health (N222.2 billion), underscoring our priority to nurture a skilled workforce and deliver world-class healthcare services.

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“Recognising the global urgency of environmental sustainability, we have allocated N287.2 billion to environmental initiatives, further demonstrating Lagos’s leadership as the first state to establish a dedicated Climate Change Department and lead climate action at the sub-national level.

“Security and social protection remain at the heart of our development agenda, with allocations of N140.9 billion and N37.3 billion, respectively, ensuring the safety of our citizens and addressing the needs of our most vulnerable populations,’’ he said.