The Lagos State House of Assembly has approved a N3.4 trillion budget for 2025. The appropriation bill, passed on Monday, followed a report by the Chairman of the Joint Committee on Appropriation and Finance, Sa’ad Olumoh. Lawmakers endorsed the proposal through a voice vote during a session presided over by Speaker Mudashiru Obasa.
The budget allocates N1.29 trillion to recurrent expenditure and N2.07 trillion to capital projects, covering the fiscal year ending December 31, 2025. Speaker Obasa instructed the Clerk of the House, Olalekan Onafeko, to forward the approved document to Governor Babajide Sanwo-Olu for assent.
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Governor Sanwo-Olu originally presented a N3.005 trillion proposal on November 21, 2024, which he said included a N408.9 billion deficit to be financed through domestic and international loans and bonds.
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