Lagos State Governor, Mr Babajide Sanwo-Olu, presented the Appropriation Bill of over N3 trillion for year 2025 to members of the State House of Assembly for consideration and approval, today.
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According to Sanwo-Olu, “The budget the themed: ‘Budget of Sustainability’, is a blueprint for continuity, resilience and prosperity for Lagosians.
“It is structured around five key pillars, including Infrastructure, Sustainability, Economic, Diversification, and Institutional Reforms.”
Recall that Governor Sanwo-Olu had, on January 18, 2024, signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law, ushering in a new expenditure cycle.
The governor presented the Appropriation Bill at a delayed ceremony, held in the State House, Alausa, Ikeja.
Deputy Governor, Dr. Femi Hamzat, and Speaker, House of the Assembly, Mudashiru Obasa, among other dignitaries, were in attendance.
While addressing the Assembly, Sanwo-Olu explained that the budget comprised a total revenue of ₦2,597,034,000,000 and deficit financing of ₦408,902,000,000.
He detailed that the total revenue included ₦1,970,897,000,000 in Internally Generated Revenue (IGR) and ₦626,137,000,000 in federal transfers.
The Governor proposed a recurrent expenditure of ₦1,239,818,000,000, which covered total overheads, personnel costs, and recurrent debt servicing.
The allocations were as follows:
Total Overhead Costs: ₦722.586 billion
Overheads: ₦432.580 billion
Subventions: ₦139.728 billion
Dedicated Funds: ₦150.278 billion
Personnel Costs: ₦392 billion
Recurrent Debt Charges: ₦125.232 billion
For capital expenditure, the proposed amount stood at ₦1.766 trillion, broken down as:
Capital Expenditure: ₦1.452 trillion
Repayments: ₦313.515 billion
Sanwo-Olu also outlined the sectoral allocations within the budget:
Economic Affairs: ₦908.699 billion
Environment: ₦233.176 billion
Health: ₦204.005 billion
Education: ₦208.376 billion
Security, Safety, and Public Order: ₦124.073 billion
Social Protection: ₦47.077 billion
He highlighted that 41% of the budget was allocated to recurrent expenditure, while 59% was designated for capital projects.
The Governor reassured the Assembly that deficit financing, which adhered to fiscal sustainability parameters, would be sourced through external and internal loans and bonds.
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