Lagos State Governor, Babajide Sanwo-Olu, has officially signed the state’s 2025 budget, valued at N3.36 trillion, into law. The ceremony took place on Thursday at the Lagos House in Alausa, Ikeja.
The budget, titled the “Budget of Sustainability,” aims to tackle key developmental challenges, including infrastructure, economic growth, and service delivery.
Speaking at the signing event, Governor Sanwo-Olu emphasized the administration’s dedication to improving the lives of Lagos residents through responsible governance.
He said, “The Lagos State government will also live up to the responsibility of delivering governance that is respectful of and responsive to the people at all times.”
The governor expressed gratitude to the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, and other legislative leaders for their swift approval of the budget. He called on civil servants and stakeholders to ensure effective implementation throughout 2025.
According to Lagos State Commissioner for Economic Planning and Budget, Ope George, the budget prioritizes infrastructure development, with 62% allocated for capital projects and 38% for recurrent expenditures.
George stated that the budget is designed to drive innovation and long-term growth while maintaining financial prudence.
The revenue projections for 2025 include N2.34 trillion from internally generated revenue and N626.13 billion from federal allocations. To bridge the financial gap, a deficit financing plan of N398.66 billion has been carefully structured.
The Chairman of the House Committee on Appropriation, Sa’ad Olumo, highlighted the focus on electricity, road construction, and education to address pressing needs in Lagos.
The approved budget exceeds the initial N3.005 trillion proposal presented by Sanwo-Olu in November 2024.
