Sanwo-Olu Signs N3.366 Trillion 2025 Budget
Lagos State Governor, Babajide Sanwo-Olu, has officially signed a budget of N3.366 trillion into law for the 2025 fiscal year. The announcement was made by Sanwo-Olu’s Special Adviser on Media and Publicity, Gboyega Akosile, via a post on social media.
The budget, totaling N3.366 trillion, is designated for the continuation of the impactful projects and initiatives spearheaded by the Sanwo-Olu/Hamzat administration. This significant development comes after the Lagos State House of Assembly passed the appropriation bill, with Governor Sanwo-Olu providing his assent just three days later.
Lawmakers Approve Budget Allocation
The House of Assembly approved the budget after a detailed presentation of the budget report by Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance. Following the presentation, lawmakers engaged in voice votes during a session presided over by Speaker Mudashiru Obasa.
The approved budget breakdown includes N1,295,630,197,452 allocated for recurrent expenditure and N2,071,185,026,692 earmarked for capital expenditure until December 31, 2025. Speaker Obasa then instructed the Clerk of the House, Barr. Olalekan Onafeko, to deliver the final bill to Governor Sanwo-Olu for his official assent.
Financial Strategy and Deficit Financing
Governor Sanwo-Olu initially proposed a budget of N3.005 trillion on November 21, 2024, to the House for consideration. During the proposal, he highlighted a deficit financing of N408,902 billion, which would be sourced from a combination of external and internal loans and bonds.
The budget signing represents a crucial step in the ongoing efforts to drive growth, development, and progress in Lagos State. With a clear allocation of funds for key sectors and initiatives, the state aims to enhance infrastructure, education, healthcare, and other priority areas to benefit its residents and stakeholders.
As the budget for 2025 sets the financial framework for the state’s operations and investments, it underscores the commitment of the Sanwo-Olu administration to sustainable progress and prosperity for all Lagosians.
Remember, budgets are not just numbers on paper; they reflect the priorities and values of a community. Let us stay informed and engaged in understanding how these financial decisions impact our lives and shape the future of our city.
