Lagos Assembly Approves Sanwo-Olu’s N3.4 Trillion 2025 Budget
The Lagos State House of Assembly has approved a budget of N3.37 trillion for 2025, marking a significant financial blueprint for the state’s development. The approval came during a plenary session on Monday, January 6, 2025, presided over by Speaker Mudashiru Obasa.
This follows the initial presentation of the “Budget of Sustainability” by Governor Babajide Sanwo-Olu on November 21, 2024. The budget focuses on continuity, resilience, and prosperity, with a deficit of N408.9 billion to be financed through internal and external loans and bonds.
Governor Sanwo-Olu outlined five key pillars for the budget: Infrastructure Sustainability, Economic Diversification, and Institutional Reforms. He also emphasized its alignment with fiscal sustainability parameters.
Budget Breakdown
The approved budget allocates:
- Recurrent Expenditure: N1.295 trillion (41%)
- Capital Expenditure: N2.071 trillion (59%)
Key sectoral allocations include:
- Economic Affairs: N908.7 billion
- Environment: N233.2 billion
- Health: N204 billion
- Education: N208.4 billion
- Security: N124.1 billion
- Social Protection: N47.1 billion
The governor also highlighted revenue sources, including N1.97 trillion in internally generated revenue and N626.1 billion from federal transfers.
Speaker Obasa praised the lawmakers for their diligence in reviewing the budget, instructing the Clerk of the House, Olalekan Onafeko, to forward the approved document to the governor for assent.
In addition to passing the budget, the Assembly approved a bill consolidating laws on local government administration in Lagos State. This bill incorporates constitutional amendments and provisions by the National Assembly affecting local governance.
