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.” In addition, a N398.66 billion deficit financing is to sustain fiscal sustainability, George explained.

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.