Lagos State Governor Babajide Sanwo-Olu has presented a budget proposal of N3.005 trillion for the 2025 fiscal year to the Lagos State House of Assembly. The proposed budget, themed “The Budget of Sustainability,” was unveiled on Thursday.
Budget Overview
The budget outlines a total revenue projection of N2.597 trillion, with a financing deficit of N408 billion. Governor Sanwo-Olu provided a breakdown of the revenue, highlighting:
- Internally Generated Revenue (IGR): N1.108 trillion
- Tax Cuts: N660.137 billion
The proposed expenditure includes a recurrent expenditure of N1.24 trillion, allocated as follows:
- Overhead costs: N722.586 billion
- Overhead: N432.580 billion
- Subventions: N139.728 billion
- Dedicated funds: N150.278 billion
- Total personnel cost: N392 billion
- Recurrent debt charges: N125.232 billion
For capital expenditure, the governor proposed a total of N1.766 trillion, which includes:
- Core capital projects: N1.452 trillion
- Repayments: N313.515 billion
Sectoral Allocations
Key allocations for 2025 include:
- Economic Affairs: N908.699 billion
- Environment: N233.176 billion
- Health: N204.005 billion
- Education: N208.376 billion
- Security, Safety, and Public Order: N124.073 billion
- Social Protection: N47.077 billion
Focus Areas for Development
Governor Sanwo-Olu emphasized the five pillars of the budget, which include:
- Infrastructure Sustainability
- Maintenance, upgrading, and expansion of existing road networks to meet population growth demands.
- Economic Diversification
- Reducing reliance on a single sector to ensure a more resilient economy.
- Social Inclusion and Human Capital Development
- Environmental Sustainability
- Governance and Institutional Reforms
“Infrastructure sustainability is the backbone of any development agenda. A greater Lagos will emerge through high-quality infrastructure that meets the needs of our growing population,” the governor remarked.
Assembly’s Response
The Speaker of the Lagos State House of Assembly, Mr. Mudashiru Obasa, assured the governor of the assembly’s support and commitment to reviewing the budget. He announced that deliberations would resume on November 29 to thoroughly examine the proposal.
This ambitious budget reflects the state’s determination to maintain Lagos as a hub for economic growth and development in Nigeria.
