Breaking News: Sanwo-Olu Signs Historic N3.366 Trillion "Budget of Sustainability" into Law
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday, signed the 2025 Appropriation Bill, tagged the "Budget of Sustainability," into law. The N3.366 trillion budget, the largest in Lagos State’s history, was finalized during a ceremony at the Lagos House, Ikeja, attended by top state officials, lawmakers, and members of the Executive Council.
Governor Sanwo-Olu highlighted the budget’s focus on five strategic pillars: Infrastructure Sustainability; Economic Diversification; Social Inclusion and Human Capital Development; Environmental Sustainability; and Governance and Institutional Reforms.
“This budget represents another opportunity to advance our vision of a Greater Lagos for the benefit of all Lagosians and Nigeria at large,” he stated.
The governor emphasized the need for collaboration between the Executive and Legislature to ensure efficient implementation and urged residents to support the government’s efforts in deploying resources effectively.
Key features of the 2025 budget include:
Capital Expenditure: N2.07 trillion (62%)
Recurrent Expenditure: N1.3 trillion (38%)
Internally Generated Revenue (IGR): Projected at N2.342 trillion
Deficit Financing: N398.662 billion, designed to maintain fiscal prudence
The Chairman of the House Committee on Appropriation and Finance, Hon. Sa’ad Olumoh, praised the budget's alignment with the THEMES+ agenda, lauding Governor Sanwo-Olu's leadership and collaboration with the Lagos State House of Assembly.
“This budget has been meticulously reviewed to prioritize infrastructure, economic growth, and the welfare of Lagosians,” Hon. Olumoh noted.
Commissioner for Economic Planning and Budget, Mr. Ope George, described the budget as a landmark achievement that reinforces Lagos’ position as Nigeria’s leading sub-national economy.
“This historic budget underscores our commitment to prioritizing infrastructure and maintaining efficient service delivery,” he said.
The 2025 budget, with its focus on long-term investments and fiscal sustainability, marks a new chapter in Lagos State’s development, promising transformative progress across all sectors.
Lagos Reporters will continue to provide updates on the implementation of this groundbreaking budget.