Lagos State Governor, Babajide Sanwo-Olu, on Thursday proposed the sum of N3.005 trillion as the state’s budget for the 2025 fiscal year.
The governor laid the Appropriation Bill 2025 before the lawmakers at the State House of Assembly, Alausa Ikeja.
Briefing the lawmakers on the proposed budget, Sanwo-Olu explained that the proposed budget with the theme ‘Budget of Sustainability’ had the main focus on infrastructure development and sustainability in order to continue the ongoing capital projects and other key programmes of the state government.
Giving a breakdown of the Appropriation Bill 2025 , the governor, who spoke elaborately on the initiatives undertaken by his administration over the past five years in its transformational drive, said that N1.7 trillion was proposed as capital budget while N1.2 trillion was provided for as the recurrent budget for the 2025 fiscal year.
The governor explained: “The Year 2025 Budget as proposed has a total budget size of Three Trillion, Five Billion, Nine Hundred and Thirty Five Million, One Hundred and Ninety Eight Thousand, Four Hundred and One Naira (N3,005,935,198,401), comprising a Total Revenue of Two Trillion, Five Hundred and Ninety Seven Billion, and Thirty Four Million (N2,597,034,000,000) and Deficit Financing of Four Hundred and Eight Billion, Nine Hundred and Two Million Naira (N408,902,000,000).
“Total Revenue comprises our Internally Generated Revenue of One Trillion, Nine Hundred and Seventy Billion, Eight Hundred and Ninety Seven Million Naira (N1,970,897,000,000), and Total Federal Transfers of Six Hundred and Twenty Six Billion, One Hundred and Thirty Seven Million Naira (N626,137,000,000).
“We equally propose a recurrent expenditure of One Trillion, Two Hundred and Thirty Nine Billion Naira, Eight Hundred and Eighteen Million Naira (N1,239,818,000,000) comprising total overhead, total personnel cost and recurrent debt service, as follows: Total Overhead Cost: N722.586 Billion, as follows: Overhead: N432.580 Billion; Subventions: N139.728 Billion; Dedicated Funds: N150.278 Billion; Total Personnel Cost: N392.000 Billion; Recurrent Debt Charges: N125.232 Billion
“For Capital Expenditure, we propose a total figure of N1.766,117 Trillion, as follows: Capital expenditure: N1.452 Trillion; Repayments: N313.515 Billion;
“Mr. Speaker, Honorable Members of this esteemed House, I hereby present highlights of sectoral allocation in the budget: Economic Affairs – 908.699 billion Naira; Environment – 233.176 billion Naira; Health – 204.005 billion Naira; Education – 208.376 billion Naira; Security, Safety and Public Order – 124.073 billion Naira; Social Protection – 47.077 billion Naira
“Mr. Speaker, as you will notice, the budget size is made up of recurrent expenditure of N1.239 Trillion (41%) and capital expenditure of N1.766 Trillion (59%). The deficit financing, which is within our fiscal sustainability parameters, shall consist of external and internal loans and bonds”, Sanwo-Olu added.
In his concluding remarks, the governor told the lawmakers that the budget was not just a statement of intentions but a practical, actionable framework designed to impact lives.
While thanking all Lagosians for the support given him over the past years as the governor of the state, he assured them of his administration’s continued commitment to delivering impactful governance and improving the quality of life across the state.
Sanwo-Olu also appealed to them to join hands with his administration as it continued to move towards achieving the Greater Lagos they all envisioned, adding that “the future is bright, and I reaffirm our commitment to fulfilling all our promises to you.”
