Lagos State Governor Signs Record N3.36 Trillion Budget for 2025

By InstinctBusiness Jan 9, 2025 0

Lagos State Governor Babajide Sanwo-Olu has signed the state’s 2025 Appropriation Bill, valued at N3.36 trillion, into law. The bill, tagged the “Budget of Sustainability,” was signed on Thursday, January 9th, at the Lagos House in Ikeja, according to a report by NAN.

Governor Sanwo-Olu described the 2025 budget as the largest ever by any sub-national government in Nigeria. He expressed gratitude to the Lagos State House of Assembly for expediting the bill’s passage and highlighted the ambitious implementation target of achieving at least 90% execution.

The N3.36 trillion budget allocates N1.295 trillion to overhead costs and N2.07 trillion to capital expenditures. The governor emphasized the significance of infrastructure as a foundation for growth, prioritizing the maintenance, upgrading, and expansion of existing road networks over the next three years.

The budget will prioritize five critical pillars:

– Infrastructure sustainability

– Economic diversification

– Social inclusion and human capital development

– Environmental sustainability

– Governance and institutional reforms

The state plans to generate N2.34 trillion internally and N626.13 billion from federal allocations, with a deficit of N398.662 billion to be financed through structured funding to ensure financial prudence.

The Commissioner for Economic Planning and Budget, Mr. Ope George, provided further insights into the allocations, highlighting significant investments in education (N223.3 billion), health (N222.2 billion), and environmental initiatives (N287.2 billion). These allocations underscore the government’s commitment to nurturing a skilled workforce, delivering world-class healthcare services, and leading climate action at the sub-national level.

The ceremony was attended by Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Mrs. Abimbola Salu-Hundeyin, and other senior government officials. Chairman of the Lagos State House of Assembly Committee on Appropriation Bill, Mr. Saheed Olumo, pledged the assembly’s support for the administration’s efforts to deliver dividends of democracy to residents.

Lagos State’s 2025 budget surpasses the N2.27 trillion budget for 2024 and the N1.77 trillion budget for 2023, reflecting a consistent trend of increased fiscal planning to meet the state’s developmental needs.