Kehinde Fajobi
Lagos State Governor Babajide Sanwo-Olu is scheduled to present the 2025 Appropriation Bill to the Lagos State House of Assembly today, Thursday, November 21, 2024.
The budget, themed the “Budget of Sustainability,” is expected to surpass the ₦2.267 trillion approved for 2024.
State Commissioner for Information and Strategy, Gbenga Omotoso, confirmed the development in a statement.
“Governor Babajide Olusola Sanwo-Olu will present the Y2025 Appropriation Bill to the Lagos State House of Assembly on Thursday, November 21, at noon,” Omotoso stated.
Describing the budget as a “blueprint for continuity, resilience, and prosperity,” he added that it focuses on five key pillars: Infrastructure Sustainability, Economic Diversification, and Institutional Reforms.
In January 2024, Governor Sanwo-Olu signed the 2024 budget, tagged the “Budget of Renewal,” into law.
That budget allocated ₦1.315 trillion (58 per cent) for capital expenditure and ₦952.4 billion (42 per cent) for recurrent spending. It prioritised infrastructure, education, technology, and security.
While signing the 2024 budget, Sanwo-Olu emphasised its potential to improve residents’ quality of life.
“The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the wellbeing of our citizens,” the governor said.
He added, “This administration is firmly committed to achieving the objectives and deliverables set out in the budget. We believe this budget will not only help to advance economic growth and sustainability, it will also transform the lives of the residents and businesses.”
Sanwo-Olu urged citizens to fulfil their civic duties, stressing the importance of partnership in achieving the State’s developmental goals.
He also assured that the government would maintain transparency and accountability in implementing the budget, ensuring the greatest benefits for the majority of Lagos residents.
The final budget figure for 2025 will be unveiled during the presentation.