Kehinde Fajobi
Lagos State Governor Babajide Sanwo-Olu on Thursday signed the ₦3.37 trillion 2025 Appropriation Bill into law.
The budget, themed “Budget of Sustainability,” focuses on infrastructure, economic growth, and institutional reforms.
During a ceremony at Lagos House, Ikeja, Sanwo-Olu was joined by Deputy Governor Dr Obafemi Hamzat, Secretary to the State Government Bimbola Salu-Hundeyin, and lawmakers led by Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance.
The governor noted, “The Year 2025 Budget is a blueprint for continuity, resilience, and prosperity for residents.”
The approved budget, increased from the initial ₦3.005 trillion proposal, includes a recurrent expenditure of ₦1.296 trillion (41%) and capital expenditure of ₦2.071 trillion (59%).
Sanwo-Olu explained that the budget has a total revenue of ₦2.597 trillion, comprising ₦1.971 trillion in internally generated revenue and ₦626 billion from federal transfers. The ₦409 billion deficit will be financed through loans and bonds.
Key allocations include:
Economic Affairs: ₦908.7 billion
Environment: ₦233.2 billion
Health: ₦204 billion
Education: ₦208.4 billion
Security: ₦124.1 billion
Social Protection: ₦47.1 billion
The governor emphasised that the deficit financing aligns with fiscal sustainability measures and is critical to achieving the state’s development goals.
The Lagos State House of Assembly approved the budget earlier this week, following a presentation by Olumoh and subsequent voice votes led by Speaker Mudashiru Obasa.