The Governor of Lagos State, Babajide Sanwo-Olu, on Thursday, presented a N3.005tn budget being proposed as an appropriation bill for the year 2025 to the Lagos State House of Assembly.
The governor presented the proposed budget of N3,005,935,198,401 to the Assembly during a session presided over by Speaker, Mudashiru Obasa.
Tagged ‘Budget of Sustainability,’ the budget, according to the governor, aims to address infrastructure, economic diversification and other critical sectors in the state.
The budget comprised a Total Revenue of N2,597,034,000,000 and Deficit Financing of N408,902,000,000.
The Total Revenue comprised Internally Generated Revenue of N1,970,897,000,000 and Total Federal Transfers of N626,137,000,000.
The governor equally proposed a recurrent expenditure of N1.24tn and a Capital Expenditure of N1.76tn.
The sectoral allocation includes Economic Affairs – N908.699bn; Environment – N233.176bn; Health – N204.005bn; Education –N208.376bn; Security, Safety and Public Order – N124.073bn and Social Protection – N47.077bn.
Sanwo-Olu said, “This budget is structured around five key pillars designed to ensure economic stability, environmental stewardship, and social equity. They include Infrastructure Sustainability, Economic Diversification, Social Inclusion and Human Capital Development, Environmental Sustainability and Governance and Institutional Reforms.”
He added, “Mr. Speaker, honorable members of the House, let me assure you that this budget is not just a statement of intentions but a practical, actionable framework designed to impact lives. From the students and entrepreneurs in Yaba to the farmers and fishermen in Epe and Badagry; from the business executives and market women on Lagos Island to the factory workers in Ikorodu, this budget is all about the people of Lagos.
“As we prepare for the approval and implementation of this budget, I urge every one of us to play their part in building a Lagos that endures. Let us remember that sustainability is not just about preserving resources; it is also about creating opportunities for the future while meeting the needs of the present.
“I would like to end by assuring this honourable House and by extension, the residents of Lagos, of my commitment towards ensuring that this proposed budget is able to effectively recalibrate the state’s economy, stimulate economic growth and strengthen the positive trajectory in which the state is headed.”