Governor of Lagos State, Babajide Sanwo-Olu has signed the state’s 2025 Appropriation Bill of N3.36 trillion into law.
Gatekeepers News reports that the budget tagged “Budget of Sustainability” was presented to Lagos State House of Assembly (LAHA) on November 21, 2024.
Deputy Governor of the state, Dr Obafemi Hamzat; Secretary to Lagos State Government, Mrs Abimbola Salu-Hundeyin; and other top officials of the state were present when Sanwo-Olu signed the bill at Lagos House Ikeja.
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.’’
According to the Governor; the budget was the largest so far by any sub-national.
He said, “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.”
The Governor said that the most important phase would be implementation in the next 12 months.
He said, “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 noted 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.
He said, “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.”
Commenting on economic development, the Governor said that the state would rely on many sector to be able to secure a resilient economy.
Saheed Olumo, 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.
62 per cent of the budget is for capital expenditure and 38 per cent for recurrent expenditure.
The state plans to generate N2.34 trillion internally and N626.13 billion from federal allocations.
The Governor said the state carefully structured a deficit financing of N398.662 billion to ensure financial prudence.
Lagos State Commissioner for Economic Planning and Budget, Mr Ope George gave a breakdown of the 2025 budget.
He did, “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.”
