Governor Babajide Sanwo-Olu has presented a ₦3.01 trillion budget proposal for 2025 to the Lagos State House of Assembly. Tagged The Budget of Sustainability, the plan prioritises infrastructure, economic diversification, and human capital development to address the state’s growing needs.
The budget forecasts ₦2.6 trillion in revenue, including ₦1.1 trillion from internally generated sources and a tax cut of ₦660 billion. Deficit financing of ₦408 billion is also included. Key expenditures comprise:
– Recurrent spending: ₦1.24 trillion
– Capital projects: ₦1.77 trillion
– Overheads and personnel costs: ₦1.11 trillion
Sectoral highlights include allocations for economic affairs (₦908.7 billion), environment (₦233.2 billion), education (₦208.4 billion), health (₦204 billion), and security (₦124.1 billion). Social protection receives ₦47.1 billion, and funds are earmarked for road network upgrades, sustainability projects, and agricultural partnerships.
Sanwo-Olu stated that the budget aligns with his administration’s ambition for a “Greater Lagos” and focuses on meeting the city’s increasing demands through durable infrastructure and diversified economic growth. Speaker Mudashiru Obasa assured the Assembly’s support and announced a review date for 29 November.
Credit: NAN (Text Excluding Headline)
