Kehinde Fajobi
The Lagos State House of Assembly on Monday approved a ₦3.37 trillion budget for 2025.
The approval followed a report presentation by Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance, and subsequent voice votes during a session led by Speaker Mudashiru Obasa.
Governor Babajide Sanwo-Olu had initially presented the “Budget of Sustainability” proposal on November 21, 2024.
He described the budget as a framework for continuity, resilience, and prosperity for Lagos residents, with a deficit financing of ₦408.9 billion to be covered by internal and external loans and bonds.
Sanwo-Olu had outlined the proposed budget size of ₦3,005.9 billion, comprising an estimated revenue of ₦2,597.03 billion and a breakdown of expenses, including ₦1,239.82 billion for recurrent expenditure and ₦1,766.1 billion for capital projects.
The sectoral allocation includes ₦908.7 billion for Economic Affairs, ₦233.2 billion for Environment, ₦204 billion for Health, ₦208.4 billion for Education, ₦124.1 billion for Security, and ₦47.1 billion for Social Protection.
Following adjustments, the approved budget allocated ₦1,295.63 billion to recurrent expenditure and ₦2,071.19 billion to capital expenditure.
Speaker Obasa directed the Clerk of the House, Barrister Olalekan Onafeko, to forward the approved budget to Governor Sanwo-Olu for assent.
He commended lawmakers for their dedication throughout the process.
Additionally, the House passed a bill consolidating local government administration laws to align with recent constitutional amendments and National Assembly provisions affecting local councils in Lagos State.