Lagos State Governor, Babajide Sanwo-Olu, has signed the 2025 Appropriation Bill of N3.37 trillion into law, setting the stage for the state’s fiscal year.
The signing ceremony took place on Thursday at Lagos House, Ikeja, in the presence of Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Bimbola Salu-Hundeyin, members of the Lagos State House of Assembly, and other top officials.
The 2025 budget, themed “Budget of Sustainability,” was increased from the governor’s initial proposal of N3.005 trillion to N3.37 trillion by the Lagos State House of Assembly. The Assembly approved the budget following the presentation of a report by Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance.
Budget Breakdown:
Governor Sanwo-Olu explained that the budget is designed to ensure continuity, resilience, and prosperity for Lagos residents. It comprises:
- Total Revenue: N2.597 trillion
- Internally Generated Revenue: N1.970 trillion
- Federal Transfers: N626.137 billion
- Deficit Financing: N408.902 billion, to be sourced from external and internal loans and bonds.
The budget allocates 59% to capital expenditure (N2.071 trillion) and 41% to recurrent expenditure (N1.295 trillion).
Sectoral Allocations:
- Economic Affairs: N908.699 billion
- Environment: N233.176 billion
- Education: N208.376 billion
- Health: N204.005 billion
- Security, Safety, and Public Order: N124.073 billion
- Social Protection: N47.077 billion
Sanwo-Olu highlighted that the fiscal blueprint is structured around five key pillars: Infrastructure Sustainability, Economic Diversification, Institutional Reforms, Social Welfare, and Environmental Protection.
The governor assured residents that the budget would drive the state’s vision of economic growth and development, emphasizing Lagos’s commitment to leveraging private sector partnerships to achieve its goals.
