Sanwo-Olu Approves Lagos State 2025 Budget of N3.37 Trillion
Lagos State Governor, Babajide Sanwo-Olu, has officially signed the 2025 budget of N3.37 trillion into law. The budget, tagged the “Budget of Sustainability,” was presented to the Lagos State House of Assembly (LAHA) on November 21, 2024. The signing ceremony took place at the Lagos House in Ikeja, with top state officials, including Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Mrs. Abimbola Salu-Hundeyin, and others in attendance.
Governor Sanwo-Olu expressed gratitude to the Lagos State House of Assembly for expediting the approval process. He described the budget as a blueprint for continuity, resilience, and sustainability, with a commitment to implementing 90 to 95 percent of it over the next 12 months.
The N3.37 trillion budget is the largest ever for a sub-national government, with N1.295 trillion allocated for overhead costs and N2.07 trillion for capital expenditure. Sanwo-Olu emphasized that the budget’s successful implementation would be crucial in addressing the growing demands of the state’s population, particularly through infrastructure development.
The 2025 budget focuses on five key pillars: infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance reforms. A significant portion of the budget, 62 percent, is allocated for capital expenditure, with the remaining 38 percent for recurrent expenditure.
Key allocations include N223.3 billion for education, N222.2 billion for health, and N287.2 billion for environmental initiatives. The state is also prioritizing security, with N140.9 billion allocated to ensure safety, and N37.3 billion for social protection, aimed at supporting vulnerable populations.
