Lagos State Governor Babajide Sanwo-Olu, on Thursday, signed the N3.36trn 2025 appropriation bill into law.
Sanwo-Olu assented to the budget tagged ‘Budget of Sustainability’ at Lagos House, Alausa, Ikeja.
The Governor stated that the budget aimed to address infrastructure, economic diversification, and other critical sectors in the state.
“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,” he said.
Sanwo-Olu charged the civil service and all other concerned stakeholders to deliver an impressive level of budget implementation in 2025.
He commended the Speaker of the Lagos State Assembly, Mudashiru Obasa, and the entire leadership of the House for the prompt passage of the budget.
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.
He noted that the allocation represents the government’s focus on driving long-term investments while maintaining efficient delivery of essential services.
George 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.”
Chairman of the House Committee on Appropriation, Sa’ad Olumo, said the 2025 focused on the development of the state, including electricity, road infrastructure, and education development, among others that will address the needs of Lagos residents.
On November 21, 2024, Sanwo-Olu 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.
But 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 Assembly members approved the budget via a voice vote at a plenary presided over by Speaker Obasa.
