Lagos State Governor Babajide Sanwo-Olu has signed the 2025 Appropriation Bill into law, marking a significant milestone for the state’s financial planning.
The budget, totalling N3.37 trillion, was approved by the Lagos State House of Assembly on Monday and formally signed by the governor on Thursday.
The 2025 budget allocates N1.30 trillion for recurrent expenditure and N2.07 trillion for capital expenditure, targeting comprehensive development in the state by the end of the fiscal year on December 31, 2025.
Governor Sanwo-Olu initially presented a proposed budget of N3.005 trillion to the House of Assembly on November 21. This proposal highlighted a deficit of N408.9 billion, which the state plans to finance through a combination of external and internal loans, as well as bonds.
The Lagos State House of Assembly approved the budget after deliberations led by Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance. Speaker Mudashiru Obasa presided over the session, where lawmakers unanimously endorsed the budget via a voice vote.
Speaking on the significance of the budget during its presentation in November, Governor Sanwo-Olu expressed optimism about its potential to drive the state’s development. “We are confident that with strategic financing, this budget will allow us to continue advancing the state’s developmental goals,” he said.
The governor reiterated that the budget reflects his administration’s commitment to addressing the needs of Lagosians and sustaining the state’s economic and infrastructural growth.
