By Ajibola Olaide, JKNewsMedia Reporter
LAGOS STATE has taken a significant step forward with the signing of the ₦3.37 trillion 2025 budget into law in an efforts to boost infrastructure and diversify the economy.
The budget, tagged the “Budget of Sustainability,” outlines strategic investments in critical sectors aimed at improving the lives of residents and positioning the state for long-term development.
Governor Babajide Sanwo-Olu signed the budget at Lagos House, Alausa, Ikeja, highlighting its focus on delivering impactful governance.
He said the spending plan allocates ₦2.07 trillion, or 62%, to capital expenditure, stressing the administration’s commitment to infrastructure and economic transformation.
The remaining 38%, approximately ₦1.30 trillion, he announced, is dedicated to recurrent expenditure to ensure seamless governance and service delivery.
The Governor also said that the revenue framework includes an ambitious projection of ₦2.34 trillion from internally generated revenue and ₦626.14 billion from federal allocations.
To bridge the funding gap, he said the government has structured a deficit financing plan of ₦398.66 billion, which prioritises financial prudence and accountability.
Governor Sanwo-Olu also commended the Lagos State House of Assembly for its prompt passage of the appropriation bill, expressing gratitude to Speaker Mudashiru Obasa and the legislators.
He tasked civil servants and stakeholders with achieving a high implementation rate, ensuring that Lagosians feel the impact of the budget.
Economic Planning and Budget Commissioner, Ope George, described the budget as historic, stressing its emphasis on sustainable development.
George also noted that investments in electricity, roads, housing, and education are central to the administration’s vision of creating a Greater Lagos.
Sa’ad Olumo, Chairman of the House Committee on Budget, noted that the allocations address pressing needs in infrastructure, social services, and youth empowerment.
He adds that the strategic focus of the budget aligns with the state’s goals of fostering innovation and enhancing quality of life.
In November 2024, Governor Sanwo-Olu originally presented the budget estimate of ₦3.01 trillion to the State Assembly which led to its reviews and amendments.
He stressed that signing budget represents a bold vision for growth and sustainability in 2025, ensuring Lagos remains a leader in innovation and economic development across Nigeria.
