Lagos State Governor Babajide Sanwo-Olu has officially signed the 2025 Appropriation Bill into law, marking the state’s largest budget ever at N3.36 trillion.
The signing ceremony took place on Thursday, January 9, at the Lagos House in Ikeja.
Governor Sanwo-Olu, during the event, described the budget, aptly named the “Budget of Sustainability,” as the most ambitious by any sub-national government in Nigeria. He expressed confidence in its implementation, aiming for a 90% to 95% execution rate.
“On Nov. 21, 2024, I presented this appropriation bill to the Lagos State House of Assembly, a blueprint designed for continuity, resilience, and sustainability,” Sanwo-Olu stated. “Today, I thank the House for their expedited action in passing this bill, allowing us to sign it into law with a sense of responsibility.”
The N3.36 trillion budget allocates N1.295 trillion for overhead costs and N2.07 trillion for capital expenditure. Governor Sanwo-Olu underscored the significance of the budget in sustaining Lagos’ development trajectory.
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The governor also extended his gratitude to the Lagos State House of Assembly, led by Speaker Mudashiru Obasa, for their collaboration in the budget’s passage. The signing ceremony saw the attendance of Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Mrs. Abimbola Salu-Hundeyin, and other senior government officials.
The 2025 budget focuses on five critical pillars:
- Infrastructure sustainability
- Economic diversification
- Social inclusion and human capital development
- Environmental sustainability
- Governance and institutional reforms
“Infrastructure sustainability is the backbone of any development agenda,” Sanwo-Olu noted. “In the next three years, we will prioritize maintaining, upgrading, and expanding our existing road networks.”
The state plans to generate N2.34 trillion internally and receive N626.13 billion from federal allocations. To bridge the N398.662 billion deficit, structured funding will be employed to ensure fiscal prudence.
Commissioner for Economic Planning and Budget, Mr. Ope George, provided further insights, highlighting significant allocations for education (N223.3 billion) and health (N222.2 billion), demonstrating the state’s commitment to nurturing a skilled workforce and delivering quality healthcare services.
“Recognizing the urgency of environmental sustainability, we’ve allocated N287.2 billion to environmental initiatives, reinforcing Lagos’ leadership in climate action,” George said.
Chairman of the Lagos State House of Assembly Committee on Appropriation Bill, Mr. Saheed Olumo, pledged the assembly’s continued support to ensure the delivery of democratic dividends to the people of Lagos.
The 2025 budget surpasses the N2.27 trillion budget for 2024 and the N1.77 trillion budget for 2023, reflecting Lagos State’s consistent focus on increased fiscal planning to meet its developmental needs.
