Lagos State Governor, Babajide Sanwo-Olu, on Thursday signed the 2025 Appropriation Bill into law, marking the beginning of what he described as a “Budget of Sustainability.” The ₦3.366 trillion budget aims to address infrastructure development, economic diversification, and key public services across the state.
Speaking at the signing ceremony held at Lagos House, Alausa, Ikeja, Governor Sanwo-Olu expressed gratitude to the Lagos State House of Assembly, led by Speaker Mudashiru Obasa, for the timely passage of the bill. He assured Lagosians of his administration’s dedication to implementing the budget effectively to deliver on its promises.
Budget Allocation Breakdown
The 2025 budget prioritizes capital investments:
• Capital Expenditure: ₦2.071 trillion (68%).
• Recurrent Expenditure: ₦1.295 trillion (38%).
• Internally Generated Revenue (IGR): ₦2.342 trillion.
• Federal Transfers: ₦626.137 billion.
• Deficit Financing: ₦398.662 billion.
According to Ope George, Lagos State Commissioner for Economic Planning and Budget, the budget reflects the government’s commitment to long-term development through infrastructure projects. These include improving electricity access, road construction, and boosting education.
“This is a historic budget that underscores our focus on driving sustainable investments while maintaining efficient delivery of essential services,” George said.
Legislative Support and Implementation
The Chairman of the House Committee on Budget, Sa’ad Olumo, described the budget as responsive to the needs of Lagos residents, with provisions to improve infrastructure, education, and other sectors.
Governor Sanwo-Olu urged civil servants and other stakeholders to ensure the budget is implemented effectively, noting that its success will directly impact the lives of Lagosians.
The 2025 budget builds on Sanwo-Olu’s ₦3 trillion proposal presented in November 2024, which has now been expanded and approved into law within two months.
