Sanwo-Olu presents N3trn 2025 Budget to the Lagos State Assembly

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Lagos State Governor, Babajide Sanwo-Olu, has presented the proposed 2025 Budget, titled the ‘Budget of Sustainability’ to the Lagos State House of Assembly.

The total budget proposal amounts to N3.005 trillion.

The governor’s proposal outlines a projected revenue of N2.6 trillion, with a deficit financing requirement of N408.9 billion.

The budget aims to balance both recurrent and capital expenditure needs while adhering to fiscal sustainability guidelines.

Revenue will be generated from Internally Generated Revenue (IGR), which is expected to total N1.97 trillion, alongside Federal Transfers amounting to N626.14 billion.

In terms of expenditure, the governor has proposed a recurrent expenditure of N1.24 trillion, which includes overhead costs of N722.586 billion.

This breakdown includes N432.580 billion for overheads, N139.728 billion for subventions and N150.278 billion for dedicated funds.

Personnel costs are projected at N392 billion, while recurrent debt charges will total N125.232 billion.For capital expenditure, the governor has proposed an allocation of N1.766 trillion.

This includes N1.452 trillion for capital projects and N313.515 billion for repayments.The key sectoral allocations in the proposed budget include significant investments in economic affairs, environment, health, education, security, safety, public order, and social protection.

Specifically, N908.699 billion is allocated to economic affairs, N233.176 billion to the environment, N204.005 billion to health, N208.376 billion to education, N124.073 billion to security, safety, and public order, and N47.077 billion to social protection.

These allocations reflect the government’s priorities in fostering economic growth, improving infrastructure, and enhancing public welfare.

The proposed budget allocates 41% to recurrent expenditure and 59% to capital expenditure, underscoring the governor’s emphasis on long-term infrastructure development.

To finance the deficit, the state plans to secure external and internal loans, as well as bonds. Governor Sanwo-Olu expressed confidence that the 2025 budget will drive sustainable development, foster economic growth, and improve service delivery for Lagos residents.