Lagos State Commissioner, Ministry of Economic Planning and Budget, Ope George, has said the state government has projected N626.137bn as its federal allocation in 2025.
George revealed this while briefing on the detailed analysis of the 2025 budget, stating that the 2025 budget tagged “Budget of Sustainability’ focuses on continuity, resilience and shared prosperity for every Lagosian.
“After extensive bilateral discussions with all MDAs in the State, an additional N360.88bn was earmarked for key infrastructure projects and address priority areas.
“The Y2025 Budget of N3.367 trillion, signed into law by Mr. Governor on January 09, 2025, has been crafted to promote our city’s sustainable growth and development.
“The ‘Budget of Sustainability’ is not just a fiscal document but it’s structured around providing economic stability, environmental stewardship and social equity to ensure that Lagos continues to thrive sustainably for generations to come.”
George further said the 2025 Budget emphasises on five key pillars; infrastructure and environmental sustainability, economic diversification, social inclusion and human capital development, as well as governance and institutional reforms.
The commissioner, providing an insight into the 2024 budget performance, said the 2024 budget of N2.467trn, has total revenue of N2.080 trillion and deficit of (N387.125).
“The capital to recurrent ratio was 61:39 with capital expenditure at N1.515trn and recurrent expenditure at N952.431bn. As at November 30, 2024, the budget’s performance stood at 87 per cent, revenue performance was 106 per cent, while capital and recurrent expenditure performed at 81 per cent and 97 per cent respectively.”
