Governor Babajide Sanwo-Olu of Lagos State has presented the 2025 budget proposal of ₦3.01 trillion to the Lagos State House of Assembly. The budget, tagged “The Budget of Sustainability,” was unveiled on Thursday and focuses on driving development across key sectors.
The governor stated that the budget includes a total revenue projection of ₦2.597 trillion, with a deficit financing of ₦408 billion. The revenue comprises an internal revenue estimate of ₦1.107 trillion and a total tax cut of ₦660.1 billion. He outlined a recurrent expenditure of ₦1.239 trillion, which includes an overhead cost of ₦432.58 billion, subventions of ₦139.73 billion, dedicated funds of ₦150.28 billion, personnel costs of ₦392 billion, and recurrent debt charges of ₦125.23 billion.
For capital expenditure, the governor proposed ₦1.77 trillion, which includes ₦1.45 trillion for new capital projects and ₦313.52 billion for repayments. Sectoral allocations were highlighted, including ₦908.7 billion for economic affairs, ₦233.18 billion for the environment, ₦204.01 billion for health, ₦208.38 billion for education, and ₦124.1 billion for security and public order. Additionally, ₦47.08 billion was allocated for social protection programs.
Governor Sanwo-Olu emphasized that the budget would focus on five key pillars: infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance and institutional reforms. He noted that infrastructure development, including road maintenance and upgrades, would be prioritized to support Lagos State's growing population.
On economic development, the governor reiterated the need to diversify Lagos State’s economy to reduce reliance on a single sector, ensuring resilience and sustainability. Speaker of the House of Assembly, Mudashiru Obasa, expressed support for the proposal and announced that the Assembly would reconvene on November 29 to deliberate on the budget.
Comments