Lagos State Governor, Babajide Sanwo-Olu, presented a record-breaking N3 trillion Appropriation Bill for 2025 to the State House of Assembly on Thursday, November 21, 2024.
The proposed budget, themed ‘Budget of Sustainability’, is designed to drive continuity, resilience, and prosperity for Lagosians.
“This budget is a blueprint for continuity and growth, structured around five key pillars: Infrastructure, Sustainability, Economic Diversification, and Institutional Reforms,” Sanwo-Olu stated during the ceremony held at the State House, Alausa, Ikeja.
A Historic Proposal
The N3 trillion budget marks a significant leap from the N2.267 trillion budget signed into law for 2024. The governor described the proposal as a commitment to securing Lagos’ future through robust development and innovative governance.
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The budget features:
- Recurrent Expenditure: N1.239 trillion (41%)
- Capital Expenditure: N1.766 trillion (59%)
Revenue and Deficit Financing
The budget targets a total revenue of N2.597 trillion, comprising:
- Internally Generated Revenue (IGR): N1.97 trillion
- Federal Transfers: N626.1 billion
To bridge the funding gap, a deficit financing of N408.9 billion is projected.
Expenditure Breakdown
Sanwo-Olu provided a detailed breakdown of allocations:
- Total Overhead Costs: N722.586 billion
- General Overheads: N432.580 billion
- Subventions: N139.728 billion
- Dedicated Funds: N150.278 billion
- Personnel Costs: N392 billion
- Recurrent Debt Charges: N125.232 billion
For capital projects, N1.452 trillion has been allocated, while N313.515 billion is designated for repayments.
Sectoral Allocations
The budget prioritizes key sectors to drive socio-economic development:
- Economic Affairs: N908.699 billion
- Environment: N233.176 billion
- Health: N204.005 billion
- Education: N208.376 billion
- Security and Public Order: N124.073 billion
- Social Protection: N47.077 billion
“This budget reflects our unwavering commitment to the people of Lagos. It ensures sustained growth, stability, and the welfare of all Lagosians,” Sanwo-Olu declared.
Deputy Governor Femi Hamzat, Speaker Mudashiru Obasa, and other dignitaries attended the event, signaling collective support for the governor’s ambitious vision. The Lagos State House of Assembly will now deliberate on the proposal for approval.
