By JKNewsMedia Â
LAGOSIANS WILL see an unprecedented investment in capital projects in 2025 following the approval of a massive N3.37 trillion budget by the Lagos State House of Assembly on Monday.
Lawmakers finalised the decision after rigorous deliberations, ensuring the financial plan aligns with the state’s developmental goals.
The approved budget allocates N1.3 trillion for recurrent expenditure and a significant N2.07 trillion for capital projects.
This distribution aims to prioritise infrastructure development, healthcare, education, and other essential services.
The report, presented by Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance, received overwhelming support through voice votes during a session led by Speaker Mudashiru Obasa.
Following the approval, the Speaker directed the Clerk of the House, Barr. Olalekan Onafeko, to forward the bill to Governor Babajide Sanwo-Olu for assent.
This budget marks a notable increase from the N3.005 trillion initially proposed by Governor Sanwo-Olu on November 21, 2024.
The Governor’s submission outlined plans for deficit financing of N408.9 billion, which is expected to be sourced through external and internal loans, as well as bonds.
In addition to the budget approval, the Assembly passed a bill consolidating all laws on local government administration in Lagos State.
This legislation incorporates provisions from constitutional amendments and new directives from the National Assembly, ensuring compliance and improved governance across local councils.
Speaker Obasa commended his colleagues for their dedication throughout the process, emphasising the importance of their collective efforts in driving Lagos State’s progress.
