IBRAHIM QUADRI
Lagos State Governor, Mr Babajide Sanwo-Olu on Thursday signed a budget estimate of N3.366 trillion Appropriation Bill for 2025 into Law.
The Governor gave his assent at the State House, Alausa, Ikeja.
The State House of Assembly had on January 6, 2025 passed the appropriation Bill for the Governor’s assent.
Governor Sanwo-Olu, had on November 21, 2024 presented budget estimate of N3,005,935,198,401 to the State House of Assembly.
Tagged, ‘Budget of Sustainability,’ it aims to address infrastructure, economic diversification and other critical sectors in the state.
With a revenue target of N2.342 trillion and N626.137 billion from Federal Transfers, the deficit budget financing is N398.662 billion.
Economic Affairs is allocated N1.142 trillion, Education got N223.3 billion, Health N222.2 billion, Environment got N287.2 billion and Security and Social protection with allocations of N140.9 billion and N37.3 billion, respectively.
Accordng to Sanwo-Olu, the 2025 Budget is anchored around five pillars: Infrastructure Sustainability; Economic Diversification; Social Inclusion and Human Capital Development; Environmental Sustainability; and Governance and Institutional Reforms.
These five pillars, according to him, are fully captured with determination to build on the gains of the past and scale up impact for the future.
In his keynote address, Sanwo-Olu said, “It is with a deep sense of responsibility that I perform this task of signing the Budget into law. This is the second of four budgets that I will have the honor of assenting to during my second term, and it represents another opportunity to advance our vision of a Greater Lagos for the benefit of all Lagosians and Nigeria at large.
“I would like to call for continued collaboration between the Executive, who will implement the budget, and the Legislature, who will provide the much-needed monitoring and oversight and ensure that we achieve the greatest good for the greatest number of our people with the limited resources available to us.
“I would also like to call on all of the good people of Lagos State to join hands with us as we deploy resources in line with the provisions of the budget. Your feedback will be deeply valued, as always, just as your judicious stewardship of all of the tangible dividends of the budget is required.
“The infrastructure that will be delivered belongs to all of us, and we must care for it and protect it as owners. There is no room in our State for abuse, vandalism, neglect, or nonchalance in the management of our commonwealth.
“On our part as the Lagos State Government, we will also live up to the responsibility of delivering governance that is respectful of and responsive to the people at all times. I am charging the civil service and all other concerned stakeholders to once again deliver an impressive level of budget implementation in 2025.
While appreciating to the Speaker of the House, Rt. Hon. Mudashiru Obasa and other members of the House for passing the Appropriation Bill, he noted, “it is now my duty to assent to it, as the last step in the budget development process, kickstarting the most important phase, which is implementation, over the next 12 months.”
The Chairman House Committee on Economic Planning and Budget, Hon Lukman Olumoh who represented the Speaker thanked the Governor for coming up with a budget that tended to look at further development of the State.
“Form the first time, our IGR has crossed one trillion naira threshold. I want to acknowledge the working relationship between the Executive and the Legislature. Even though the Governor brought a budget of N3.005 trillion but everything we did, we did it together. Now we have the Electricity Bill and also the variations.”
The Commissioner for Economic Planning and Budget, Mr. Ope George said the budget is not only the largest in the history of Lagos State but also positioned the State as the first sub-national government in Nigeria to pass a budget of this magnitude.
“This historic budget underscores our commitment to prioritizing infrastructure, with 62% allocated to capital expenditure and 38% to recurrent spending. This allocation represents our focus on driving long-term investments while maintaining efficient delivery of essential services.
“Our revenue framework, which projects N2.342 trillion from Total Internally Generated Revenue and N626.137 billion from Federal Transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of N398.662 billion has also been carefully structured to ensure financial prudence.
He added, “As a state known for trailblazing achievements, Lagos continues to set the pace for innovation and development in Nigeria and beyond. Lagos is the first state in Nigeria to implement an electrified intra-city rail system, with the Blue Line already transforming urban mobility and the Red Line, now operational, further enhancing the lives of millions through seamless transportation.
“Through our innovative Independent Power Projects (IPPs), we became the first sub-national to generate electricity for public infrastructure, ensuring uninterrupted power for critical sectors.”
For a better society
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