Sanwo-Olu signs ₦3.366trn 2025 budget into law

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Lagos State Governor, Babajide Sanwo-Olu, on Thursday signed the ₦3.366 trillion 2025 budget into law at Lagos House, Alausa, Ikeja.

The budget themed the “Budget of Sustainability”, focuses on infrastructure development, economic diversification, and other critical sectors aimed at improving the lives of Lagos residents.

Speaking during the signing ceremony, Governor Sanwo-Olu reaffirmed his administration’s commitment to responsive governance.

He urged the civil service and other stakeholders to ensure efficient implementation of the budget in 2025, emphasising its potential to transform the state.

Sanwo-Olu also praised the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, and the Assembly’s leadership for the speedy passage of the appropriation bill.

Highlighting the key components of the budget, Lagos State Commissioner for Economic Planning and Budget, Ope George, noted that 62 per cent of the total allocation is dedicated to capital expenditure, while 38 per cent is earmarked for recurrent spending.

He described the budget as a testament to the state government’s commitment to driving long-term investments while maintaining the delivery of essential services.

George said the revenue projections include ₦2.342 trillion from internally generated revenue and ₦626.137 billion from federal transfers.

According to him, a deficit of ₦398.662 billion will be carefully financed to ensure fiscal responsibility.Sa’ad Olumo, Chairman of the House Committee on Appropriation, described the budget as a roadmap for Lagos State’s development.

He highlighted key areas such as electricity, road infrastructure, and education, which are designed to address the pressing needs of the state’s residents.

Sanwo-Olu presented the 2025 budget to the House of Assembly on November 21, with an estimate of ₦3.005 trillion.

However, the House approved an increased figure of ₦3.366 trillion on Monday after reviewing the report of the Joint Committee on Appropriation and Finance. The approval was finalized through a voice vote presided over by the Speaker.