Lagos State Governor Babajide Sanwo-Olu presented the 2025 Appropriation Bill, worth over ₦3 trillion, to the State House of Assembly on Thursday, November 21, 2024.
The budget, which has a recurrent expenditure of ₦1.2 trillion and capital expenditure of ₦1.7 trillion, emphasizes infrastructure, economic growth, and public services in Lagos.
Governor Sanwo-Olu said the “Budget of Sustainability” is a “blueprint for continuity, resilience, and prosperity for Lagosians.” He explained that the budget aligns with his administration’s goals and is built around five key areas: Infrastructure, Sustainability, economic diversification, and Institutional Reforms.
Breakdown of Estimates
The recurrent expenditure includes overhead of ₦432.580 billion, subventions of ₦139.728 billion, dedicated funds of ₦150.278 billion, total personnel cost of ₦392.000 billion, and recurrent debt charges of ₦125.232 billion.
The budget forecasts total revenue of ₦2.597 trillion, with deficit financing at ₦408 billion. This revenue comes from ₦1.9 trillion in internally generated revenue (IGR) and federal transfers of ₦626.1 billion.
The sectoral allocations are as follows: Economic Affairs, ₦908.699 billion; Environment, ₦233.176 billion; Health, ₦204.005 billion; Education, ₦208.376 billion; Security and Public Order, ₦124.073 billion; and Social Protection, ₦47.077 billion.
He emphasized the role of the budget in meeting the needs of Lagos’s growing population and improving residents’ quality of life. “This budget is designed to meet our people’s aspirations and ensure that Lagos continues to thrive as a center of excellence,” he said.
The 2025 budget proposal is significantly larger than the 2024 budget of ₦2.267 trillion, signed into law on January 18, 2024. The increase is due to the government’s improved revenue generation efficiency and a desire to invest more in critical sectors.
Other Considerations
During his presentation, Sanwo-Olu listed key projects the budget will support, including road construction, expanding healthcare facilities, and improving education. “We are committed to building a Lagos that works for everyone, and this budget is a testament to that commitment,” he added.
The governor also discussed the importance of economic diversification and institutional reforms for sustainable development. He noted, “We must continue diversifying our economy and strengthening our institutions to ensure long-term growth and stability.”
Concluding, Sanwo-Olu expressed confidence in getting lawmakers’ support for the budget. “I am optimistic that the House will give this budget the thorough consideration it deserves and approve it in the best interest of our people,” he said.
Deputy Governor Dr. Femi Hamzat and Speaker Mudashiru Obasa also attended the presentation, with Obasa praising the governor’s vision: “This budget reflects the aspirations of Lagosians and the commitment of this administration to deliver on its promises.”
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