Sanwo-Olu targets sustainability in proposed N3trn 2025 budget to Lagos Assembly
Onome Amuge
Governor Babajide Sanwo-Olu of Lagos State, has tabled a N3 trillion appropriation bill for the year 2025 before the State House of Assembly, seeking their approval for the budget themed ‘Budget of Sustainability.’
The proposed budget, according to Sanwo-Olu, is a roadmap to ensure continued prosperity and resilience for Lagosians, prioritising sustainability in the state’s economic growth and social development.
According to the governor, the budget for 2025 is anchored on five key pillars, including Infrastructure, Sustainability, Economic Diversification, and Institutional Reforms, which are designed to propel Nigeria’s most industrialised state towards greater growth and resilience.
Presenting the budget, the governor statedGiving the details of the Lagos budget, Sanwo-Olu said: “The Year 2025 Budget as proposed has a total budget size of N3,005,935,198,401; comprising a total revenue of N2,597,034,000,000 and deficit financing of N408,902,000,000.
“Total revenue comprises our Internally Generated Revenue of N1,970,897,000,000, and total Federal Transfers of N626,137,000,000.”
The governor also proposed N1,239,818,000 as comprising total overhead, personnel cost and recurrent debt service.
The Lagos State budget proposed for 2025 sets aside N722.586 billion for Overhead expenses, N432.580 billion for Recurrent expenditure, and N139.728 billion for Subventions.
The 2025 budget proposal also earmarked additional funds, totaling N150.278 billion for Dedicated Funds, N392.000 billion for Total Personnel Cost, and N125.232 billion for Recurrent Debt Charges.
Sanwo-Olu further proposed an allocation of N1.766,117 trillion for capital expenditure, comprising N1.452 trillion for capital expenditure and N313.515 billion for Repayments.
Further breakdown of the budget indicated that Sanwo-Olu proposed a recurrent expenditure constituting 41 percent of the total budget, amounting to N1.239 trillion, while capital expenditure represents 59 percent of the budget, at N1.766 trillion.
The Lagos State budget for 2025 proposes a significant allocation to various sectors, with Economic Affairs receiving the highest allocation at N908.699 billion, followed by Environment at N233.176 billion, and Health at N204.005 billion.
The budget proposal also includes substantial allocations for Education at N208.376 billion; Security, Safety, and Public Order at N124.073 billion, and N47.077 billion for Social Protection.