Lagos State Governor Babajide Sanwo-Olu has officially signed the state’s 2025 Appropriation Bill into law, marking a historic budget approval of N3.366 trillion, the largest in the state’s history.
Budget Overview
The “Budget of Sustainability” focuses on continuity, resilience, and prosperity for residents, with five strategic pillars: Infrastructure Sustainability, Economic Diversification, Institutional Reforms, Social Development, and Environmental Protection.
The budget includes:
- Total Revenue: N2.597 trillion
- Internally Generated Revenue (IGR): N1.971 trillion
- Federal Transfers: N626 billion
- Deficit Financing: N408.9 billion, to be covered by external and internal loans and bonds.
Expenditure Breakdown
- Recurrent Expenditure: N1.24 trillion
- Overhead: N432.58 billion
- Subventions: N139.73 billion
- Dedicated Funds: N150.28 billion
- Personnel Costs: N392 billion
- Recurrent Debt Charges: N125.23 billion
- Capital Expenditure: N1.77 trillion
- Capital Projects: N1.452 trillion
- Repayments: N313.52 billion
Legislative Approval
The Lagos State House of Assembly initially reviewed and adjusted the Governor’s proposed N3.005 trillion budget, increasing it to N3.37 trillion before its approval. This process was led by the joint committee on Appropriation and Finance, chaired by Sa’ad Olumoh, and was ratified in a session presided over by Speaker Mudashiru Obasa.
Signing Ceremony
Governor Sanwo-Olu signed the budget at a ceremony held at Lagos House, Ikeja, attended by:
- Deputy Governor Dr. Obafemi Hamzat
- Secretary to the State Government Bimbola Salu-Hundeyin
- Members of the Lagos State House of Assembly and Executive Council
In his remarks, Governor Sanwo-Olu described the 2025 budget as a blueprint to ensure sustainable growth across Lagos State.
“This budget is a testament to our commitment to continuity and resilience while delivering prosperity for all Lagosians. We are prioritizing capital projects that will transform the state’s infrastructure and enhance the quality of life for our residents,” the Governor stated.
Strategic Focus
The 2025 budget will support critical investments in infrastructure, transportation, education, health, and security, further cementing Lagos as a leading economic hub in Africa.
