The Lagos State Governor Babajide Sanwo-Olu on Thursday signed a budget estimate of ₦3.366 trillion for 2025 into law.
The Governor gave his assent at the Lagos House in Alausa, Ikeja.
The budget, referred to as the ‘Budget of Sustainability,’ is designed to focus on infrastructure, economic diversification, and other critical sectors within the state.
Governor Sanwo-Olu praised the Speaker of the Lagos State Assembly, Mudashiru Obasa, and the entire leadership of the House for their swift approval of the budget.
He further assured that the state government would continue to fulfill its responsibility by delivering governance that is both respectful and responsive to the people at all times.
FLASH: Governor of Lagos State, Mr @jidesanwoolu today signed the Year 2025 Appropriation Bill into Law, today at the Conference Room, Lagos House Ikeja. Budget christened: “BUDGET OF SUSTAINABILITY”
TOTAL BUDGET SIZE: 3,366,815trn
CAPITAL EXPENDITURE: 2,071,185T (68%)… pic.twitter.com/LQRIE8a8CE
— Jubril A. Gawat (@Mr_JAGs) January 9, 2025
Sanwo-Olu charged the civil service and all other concerned stakeholders to deliver an impressive level of budget implementation in 2025.
The Lagos State Commissioner for Economic Planning and Budget Ope George said the historic budget underscores the state government’s commitment to prioritizing infrastructure with 62% allocated to capital expenditure and 38% to recurrent spending.
According to him, the allocation represents the government’s focus on driving long-term investments while maintaining efficient delivery of essential services.
The revenue framework, which projects ₦2.342 trillion from total internally
generated revenue and ₦626.137 billion from federal transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of
₦398.662 billion has also been carefully structured to ensure financial prudence.
The Chairman of the House Committee on Budget Sa’ad Olumo said the 2025 budget looks into the development of the state including electricity, road infrastructure, and education development, among others. He said these will address the needs of Lagos residents.
Governor Babajide Sanwo-Olu had on November 21 presented a budget estimate of ₦3,005,935,198,401 to the Lagos State House of Assembly.
Barely two months after the presentation, Governor Sanwo-Olu has now signed it into law.