HomeNewsLagos’ N3.36 Trillion Budget Signed By Sanwo-Olu

Lagos’ N3.36 Trillion Budget Signed By Sanwo-Olu

Published on


KEY POINTS


  • The Lagos 2025 budget has earmarked 62 percent of its capital projects.
  • About N2.34 trillion represents revenue generated internally.
  • Nitty gritty of roads, electricity and also education on a budget.

The N3.36 trillion Naira 2025 budget was signed into law by Lagos State Governor, Babajide Sanwo Olu.

The budget, ‘Budget of Sustainability,’ highlights the government’s commitment to the states development by keying on infrastructure, economic diversification and other critical sectors.

Speaking at the signing ceremony at Lagos House Alausa Ikeja, Sanwo Olu reiterated his administration’s resolve to running a responsive government.

‘I called on public servants and stakeholders to do the needful regarding the effective implementation of the budget so that Lagos’ people can benefit from it,’ he said.

Building with infrastructure and innovation

The budget has allowed for 62 percent of the budget to go towards capital projects, and also 38 percent towards recurrent expenses.

“We have consistently demonstrated the state’s commitment to long term investments in infrastructure and the delivery of essential services efficiently, and this is just one more of those instances,” Commissioner for Economic Planning and Budget Ope George said.

“We project our revenue framework at N2.34 trillion from internally generated revenue and N626.13 billion from federal transfers.”

The passage of the appropriation bill was commended for being expedited by the Speaker of the Lagos State House of Assembly, Mudashiru Obasa and other legislators. Sa’ad Olumo, Chairman of the House Committee on Appropriation stated that the budget earmarks key areas such as electricity, roads and education to cater for Lagosians.’

Milestone achievement

In November 21, 2024, Governor Sanwo-Olu first proposed a budget of N3 trillion. Earlier this week the House of Assembly approved an increased figure of N3.36 trillion following legislative review.

In addition, the historic budget reflects ambitious plans for the state through 2025 and beyond to drive sustainable growth and uplift residents with a better quality of life.

Latest articles

Abia Community Divided Over Ban On Native Doctors

Abia faces rising tension after the government banned the native doctors’ new yam festival, sparking disputes between cultural leaders and authorities.

Ten Dead Confirmed in Afriland Towers Fire

The Afriland Towers fire in Lagos claimed 10 lives, including staff of United Capital and FIRS, sparking renewed safety concerns

Why Obi Urged Rivers Leaders to Embrace Peace After Crisis

Obi urges Rivers leaders to embrace peace after emergency rule, saying lessons must be learned to prevent future political crises.

Why Citizens Are Excited That Tinubu Restored Fubara

Tinubu lifts emergency rule in Rivers, restoring Governor Fubara and the Assembly. PDP and APC jostle for influence as residents await stability and progress.

More like this

Abia Community Divided Over Ban On Native Doctors

Abia faces rising tension after the government banned the native doctors’ new yam festival, sparking disputes between cultural leaders and authorities.

Ten Dead Confirmed in Afriland Towers Fire

The Afriland Towers fire in Lagos claimed 10 lives, including staff of United Capital and FIRS, sparking renewed safety concerns

Why Obi Urged Rivers Leaders to Embrace Peace After Crisis

Obi urges Rivers leaders to embrace peace after emergency rule, saying lessons must be learned to prevent future political crises.