Lagos Assembly Approves N3.4 Trillion Budget For 2025
2 years ago 2 min read
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The Lagos State House of Assembly has approved a total budget of N3,366,815,224,144 for the state in 2025.
The approval was granted on Monday after the presentation of a report by the Chairman of the Joint Committee on Appropriation and Finance, Sa’ad Olumoh.
Lawmakers voted in favour of the budget during a plenary session presided over by the Speaker, Mudashiru Obasa.
The approved budget allocates N1,295,630,197,452 for recurrent expenditure and N2,071,185,026,692 for capital expenditure, covering the fiscal year ending December 31, 2025.
Speaker Obasa directed the Clerk of the House, Olalekan Onafeko, to transmit the clean copy of the bill to Governor Babajide Sanwo-Olu for his assent. He also commended his colleagues for their dedication and thoroughness in reviewing the budget.
Governor Sanwo-Olu had initially presented a budget proposal of N3.005 trillion to the House on November 21. During the presentation, the governor highlighted a deficit financing of N408.902 billion, which he said would be sourced from internal and external loans, as well as bonds.
“This 2025 budget is not just a fiscal document but a blueprint for continuity, resilience and shared prosperity for every Lagosian. As a key economic hub, Lagos stands at a crossroads: a nexus of challenges that test our resolve and opportunities that call for bold action. In crafting this budget, we have listened to our citizens’ voices, studied the global and local economic realities, and reaffirmed our commitment to ensuring that Lagos continues to thrive sustainably for generations to come.
“Next year, we are making significant progress in revitalising cultural, religious and recreational infrastructure across the state. These initiatives are aimed not only towards preserving the rich cultural heritage of Lagos, but also to unlock the tourism economy by creating spaces for recreation and artistic expression,” Sanwo-Olu said at the time.
In a related development, the House also passed a bill to consolidate all laws governing local government administration in Lagos State. The new legislation incorporates constitutional amendments and updates from the National Assembly that directly impact the local governments in the state.
