The Lagos State Governor, Babajide Sanwo-Olu, on Thursday, signed the N3.36trn 2025 appropriation bill into law.
Sanwo-Olu gave his assent to the budget tagged ‘Budget of Sustainability’ at Lagos House, Alausa, Ikeja.
He stated that the budget aimed to address infrastructure, economic diversification, and other critical sectors in the state.
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 charged the civil service and all other concerned stakeholders to deliver an impressive level of budget implementation in 2025.
Sanwo-Olu commended the Speaker of the Lagos State Assembly, Mudashiru Obasa, and the entire leadership of the House for the prompt passage of the budget.
The Lagos State Commissioner for Economic Planning and Budget, Ope George, said the historic budget underscored the state government’s commitment to prioritising 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.
He said, “Our revenue framework, which projects N2.34tn from total internally generated revenue and N626.13bnfrom federal transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of N398.66bn has also been carefully structured to ensure financial prudence.”
The Chairman of the House Committee on Appropriation, Sa’ad Olumo, said the 2025 budget looked into the development of the state, including electricity, road infrastructure, and education development, among others that will address the needs of Lagos residents.
Sanwo-Olu had on November 21 presented a budget estimate of N3,005,935,198,401 to the state House of Assembly, which has now been signed into law barely a month after the 2025 budget presentation.
However, the state Assembly passed the 2025 appropriation bill on Monday, totalling N3,366,815,224,144.
This approval came after the Joint Committee on Appropriation and Finance Chairman presented a budget report.
The lawmakers approved the budget via a voice vote at a sitting presided over by the Speaker.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
