Lagos State Governor Babajide Sanwo-Olu has officially signed the 2025 budget of ₦3.366 trillion into law. The Governor gave his assent on Thursday at the Lagos House, Alausa, Ikeja, marking a significant step for the state’s fiscal planning.
The budget, dubbed the ‘Budget of Sustainability,’ is designed to focus on critical sectors such as infrastructure, economic diversification, and governance. Governor Sanwo-Olu praised the Speaker of the Lagos State Assembly, Mudashiru Obasa, and the leadership of the House for their prompt passage of the budget. He urged the civil service and other stakeholders to ensure effective implementation in 2025.
Also Read: Lagos Assembly Confirms Governor Sanwo-Olu’s Nominees for Key Positions
According to the Lagos State Commissioner for Economic Planning and Budget, Ope George, 62% of the budget will be allocated to capital expenditure, highlighting the state’s priority on infrastructure development. The government has also structured a deficit financing of ₦398.662 billion, with a revenue framework targeting ₦2.342 trillion from internally generated revenue and ₦626.137 billion from federal transfers.
Chairman of the House Committee on Budget, Sa’ad Olumo, noted that the 2025 budget would focus on vital developments, including electricity, road infrastructure, and education, to address the needs of Lagos residents. This follows a budget estimate of ₦3.006 trillion presented in November 2023.
Leave feedback about this
You must be logged in to post a comment.