By Ayo Kehinde
Lagos State Governor, Babajide Sanwo-Olu, on Thursday, presented the 2025 Appropriation Bill to the State House of Assembly, proposing a total budget of N3,005,935,198,401 for the fiscal year.
The proposal, tagged the ‘Budget of Sustainability,’ was unveiled in the presence of Deputy Governor, Femi Hamzat, and other key dignitaries.
Sanwo-Olu highlighted that the 2025 budget marks a strategic framework aimed at ensuring continuity, resilience, and prosperity for Lagosians.
It is structured around five key pillars: Infrastructure, Sustainability, Economic Diversification, and Institutional Reforms.
“This N3 trillion budget reflects our commitment to securing a future of growth and stability for Lagos. With a recurrent expenditure of N1.239 trillion, representing 41% of the budget, and a capital expenditure of N1.766 trillion, which accounts for 59%, we are focused on the continued development of the state,” Sanwo-Olu said.
The budget proposal outlines a total revenue of N2,597,034,000,000, which will be financed through Internally Generated Revenue of N1,970,897,000,000 and Federal Transfers of N626,137,000,000.
The budget also anticipates a deficit financing of N408,902,000,000.
Sanwo-Olu further detailed the expenditure breakdown, which includes N722.586 billion for Total Overhead Costs, N432.580 billion for general overhead, N139.728 billion for subventions, and N150.278 billion for dedicated funds.
Personnel costs are projected at N392.000 billion, with recurrent debt charges at N125.232 billion.
For capital expenditure, the governor proposed N1.766 trillion, with N1.452 trillion allocated for capital projects and N313.515 billion earmarked for repayments.
The breakdown of sectoral allocations includes N908.699 billion for Economic Affairs, N233.176 billion for Environment, N204.005 billion for Health, N208.376 billion for Education, N124.073 billion for Security, Safety and Public Order, and N47.077 billion for Social Protection.
