By Ayomide Otitoju
Lagos State Governor Babajide Sanwo-Olu on Thursday signed the 2025 budget of ₦3.366 trillion into law, marking a historic investment in the state’s infrastructure and economic growth.
The ceremony, held at Lagos House, Alausa, Ikeja, saw the governor commend the Lagos State House of Assembly, led by Speaker Mudashiru Obasa, for its swift approval of the budget, tagged the “Budget of Sustainability.”
Focus on Infrastructure and Economic Growth
Governor Sanwo-Olu stated that the budget aims to address critical sectors, including infrastructure, economic diversification, and essential services, promising a governance approach that remains “respectful of and responsive to the people.” He urged the civil service and stakeholders to ensure robust implementation in 2025.
The Commissioner for Economic Planning and Budget, Ope George, highlighted the budget’s emphasis on capital projects, with 62% allocated to capital expenditure and 38% to recurrent spending. This allocation underscores the government’s commitment to long-term investments while ensuring efficient service delivery.
The revenue framework projects ₦2.342 trillion from internally generated revenue and ₦626.137 billion from federal transfers. A carefully structured deficit financing of ₦398.662 billion is included, prioritizing fiscal prudence and sustainability.
Addressing Lagosians’ Needs
Chairman of the House Committee on Budget, Sa’ad Olumo, emphasized that the budget targets key developmental areas such as electricity, road infrastructure, and education, directly addressing the needs of Lagos residents.
Timely Passage
Governor Sanwo-Olu initially presented the proposed budget of ₦3.006 trillion to the Lagos State House of Assembly on November 21, 2024. In less than two months, the revised budget, now totaling ₦3.366 trillion, has been signed into law.
The 2025 budget sets the stage for a transformative year in Lagos State, reinforcing its status as Nigeria’s economic powerhouse and a model for fiscal responsibility.
