Lagos State Governor, Babajide Sanwo-Olu, has signed the 2025 Appropriation Bill into law, approving a record-breaking budget of N3.366 trillion. The budget, themed “Budget of Sustainability,” aims to provide a blueprint for continuity, resilience, and prosperity for Lagos residents.
The governor presented the Appropriation Bill to the Lagos State House of Assembly on November 21, 2024, proposing a total budget size of N3.005 trillion, comprising a total revenue of N2.597 trillion and deficit financing of N408.902 billion. The assembly later increased the budget to N3.366 trillion, which was passed into law.
According to Sanwo-Olu, the budget has a recurrent expenditure of N1.239 trillion, representing 41% of the total budget, and a capital expenditure of N1.766 trillion, representing 59%. The deficit financing will be sourced from external and internal loans and bonds.
The sectoral allocation in the budget shows that Economic Affairs will receive N908.699 billion, Environment will get N233.176 billion, Health will receive N204.005 billion, Education will get N208.376 billion, Security, Safety, and Public Order will receive N124.073 billion, and Social Protection will get N47.077 billion.
The approved budget is made up of N1.295 trillion as recurrent expenditure and N2.071 trillion as capital expenditure for the year ending December 31, 2025. Sanwo-Olu stated that the budget is a blueprint for continuity, resilience, and prosperity for residents, and it will drive the state’s development agenda.
The signing of the budget was attended by Deputy Governor, Dr. Obafemi Hazmat, Secretary to the State Government, SSG, Bimbola Salu-Hudeyin, members of the Lagos State House of Assembly, led by Chairman of the joint committee on Appropriation and Finance, Sa’ad Olumoh, and members of the state Executive Council.
