On Monday, the Lagos State House of Assembly approved a budget totaling N3,366,815,224,144 for 2025.
This decision followed a report presentation by Sa’ad Olumoh, chairman of the joint committee on Appropriation and Finance, and subsequent voice votes by lawmakers during a session led by Speaker Mudashiru Obasa. Governor Babajide Sanwo-Olu had previously presented the Appropriation Bill of over N3 trillion on November 21, 2024, for legislative consideration and approval.
The budget, themed “Budget of Sustainability,” aims for continuity and resilience.
During the presentation, Governor Sanwo-Olu emphasized the budget’s deficit financing of N408.902 billion.
He outlined plans to address this deficit using both external and internal loans as well as bonds.
The budget focuses on five key pillars: Infrastructure Sustainability, Economic Diversification, and Institutional Reforms, among others.
Sanwo-Olu detailed the proposed budget, which encompasses a total size of N3,005,935,198,401.
This figure includes total revenue of N2,597,034,000,000, with internally generated revenue accounting for N1,970,897,000,000 and federal transfers totaling N626,137,000,000. The governor proposed N1,239,818,000,000 for total overhead, personnel costs, and recurrent debt service.
For capital expenditure, the proposal stands at N1.766 trillion.
This figure includes N1.452 trillion for capital expenditures and N313.515 billion for repayments.
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The budget allocates funds across various sectors to address pressing needs and priorities within the country.
Economic Affairs receives N908.699 billion while Environment is allocated N233.176 billion.
Additionally, Health has been allocated N204.005 billion, Education N208.376 billion, and Security, Safety, and Public Order N124.073 billion.
Each sector’s funding reflects the government’s commitment to improving services and infrastructure.
Overall, the budget emphasizes a balanced approach to recurrent and capital expenditures.
With recurrent expenditure set at N1.239 trillion, representing 41% of the total budget, and capital expenditure at N1.766 trillion, accounting for 59%, the government aims to ensure sustainable development for Lagos State and its residents.
