Sanwo-Olu Signs N3.36 Trillion Budget for 2025 into Law
Gov. Babajide Sanwo-Olu of Lagos on Thursday signed into law the state’s 2025 Appropriation Bill of N3.36 trillion. The budget tagged “Budget of Sustainability” was presented to the Lagos State House of Assembly (LAHA) on Nov. 21, 2024.
Sanwo-Olu signed the bill at the Lagos House, Ikeja, in the presence of his Deputy, Dr Obafemi Hamzat; the Secretary to Lagos State Government, Mrs Abimbola Salu-Hundeyin; and other top officials of the state.
He said: “On Nov. 21, 2024, I stood before the Lagos State House of Assembly to present the appropriation bill – a blueprint for continuity, resilience and sustainability. I thank the Lagos State House of Assembly for giving this bill an expedited action.
“We believe in the spirit of unity and collective support that we have always shared as the centre of excellence.
“On behalf of the state, I will like to express appreciation to the Speaker of the assembly, Mr Mudashiru Obasa, and the entire members.’’
The governor said that the budget was the largest so far by any sub-national. “It is with a deep sense of responsibility that we have signed this bill into law. The N3.36 trillion budget has N1.295 trillion as overhead cost and N2.07 trillion as capital expenditure,” he said.
He said that the most important phase would be implementation in the next 12 months. “As you have heard, it will be the largest sub-national budget, and we are convinced that we will do justice to it. At the minimum, we implement 90 to 95 per cent.
“A greater Lagos ambition will emerge on the back of high-quality infrastructure that keeps pace with growing population.
“Our focus, therefore, is on ensuring the durability, the functionality and the adaptability of our fiscal assets to meet the ever-growing demands of our people, “Sanwo-Olu said.
The governor said that the budget would focus on five pillars – infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance and institutional reforms.
“Infrastructure sustainability is the backbone of any development agenda.
“In the coming three-year period, we will be prioritising the maintenance, upgrading and expansion of existing road networks,” he said. On economic development, he said that Lagos State would rely on many sector to be able to secure a resilient economy.
Mr Saheed Olumo, the Chairman of LAHA Committee on Appropriation Bill, pledged the assembly’s support for Sanwo-Olu’s administration in order to give residents more dividends of democracy.
Details revealed that 62 per cent of the budget is for capital expenditure and 38 per cent, recurrent expenditure. The state plans to generate N2.34 trillion internally and N626.13 billion from federal allocations.
The state said it carefully structured a deficit financing of N398.662 billion to ensure financial prudence. The state Commissioner for Economic Planning and Budget, Mr Ope George, gave a breakdown of the 2025 budget.
“Some of the allocations made in the budget are education (N223.3 billion) and Health (N222.2 billion), underscoring our priority to nurture a skilled workforce and deliver world-class healthcare services.
“Recognising the global urgency of environmental sustainability, we have allocated N287.2 billion to environmental initiatives, further demonstrating Lagos’s leadership as the first state to establish a dedicated Climate Change Department and lead climate action at the sub-national level.
Security and social protection remain at the heart of our development agenda, with allocations of N140.9 billion and N37.3 billion, respectively, ensuring the safety of our citizens and addressing the needs of our most vulnerable populations,’’ he said.
Lagos State budgeted 2.27 trillion for 2024 and N1.77 trillion for 2023. Ministry Seeks $2 billion Fibre Optics Funding
