Lagos State Governor, Babajide Sanwo-Olu has presented a N3.006 trillion budget proposal for 2025 to the State House of Assembly. Titled "The Budget of Sustainability", the financial plan aims to address infrastructure needs, economic diversification, and social inclusion.
Sanwo-Olu announced that the budget comprises a projected revenue of N2.597 trillion and deficit financing of N408 billion. The revenue breakdown includes N1.108 trillion from internally generated revenue and N660.137 billion from tax cuts.
The governor outlined expenditures with a proposed recurrent expenditure of N1.240 trillion, which includes:
- N722.586 billion for overhead costs
- Overhead: N432.580 billion
- Subventions: N139.728 billion
- Dedicated funds: N150.278 billion
- N392 billion for personnel costs
- N125.232 billion for recurrent debt charges
Capital expenditure is projected at N1.766 trillion, comprising N1.452 trillion for new projects and N313.515 billion for repayments.
Key sector allocations include:
- Economic Affairs: N908.699 billion
- Environment: N233.176 billion
- Education: N208.376 billion
- Health: N204.005 billion
- Security and Public Order: N124.073 billion
- Social Protection: N47.077 billion
Sanwo-Olu emphasized five focus areas for the budget: infrastructure sustainability, economic diversification, social inclusion, environmental sustainability, and governance reforms.
"Infrastructure is the backbone of any development agenda. Our priority is to maintain, upgrade, and expand the road network to support our growing population,” he stated. The governor also highlighted plans to reduce reliance on a single sector for economic stability.
Speaker of the Lagos State House of Assembly, Mudashiru Obasa, assured full legislative support for the administration’s plans and confirmed that the assembly would review the proposal on November 29.
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