The Lagos State House of Assembly has approved a budget of N3.36 trillion for the year 2025, marking a significant increase from the previous year’s budget of N2.27 trillion. This budget is expected to drive infrastructure development, enhance public services, and stimulate economic growth within the state.
Key Highlights of the 2025 Budget:
- Capital Expenditure: A substantial portion of the budget, approximately 62%, is allocated to capital expenditure. This allocation underscores the state’s commitment to infrastructure sustainability, including the maintenance, upgrading, and expansion of existing road networks. Peoples Gazette Nigeria
- Recurrent Expenditure: The remaining 38% is designated for recurrent expenditure, ensuring the continued provision of essential public services and the effective functioning of government operations. Peoples Gazette Nigeria
- Revenue Generation: The state plans to generate N2.34 trillion internally and N626.13 billion from federal allocations. To address the projected deficit financing of N398.662 billion, the state intends to utilize external and internal loans and bonds, maintaining fiscal sustainability. Peoples Gazette Nigeria
- Sectoral Allocations:
- Education: N223.3 billion is allocated to education, reflecting a commitment to nurturing a skilled workforce.
- Health: N222.2 billion is earmarked for health services, aiming to deliver world-class healthcare to residents.
- Environmental Initiatives: N287.2 billion is dedicated to environmental sustainability, highlighting Lagos’s leadership in climate action at the sub-national level. Peoples Gazette Nigeria
- Security and Social Protection: Allocations of N140.9 billion and N37.3 billion are made for security and social protection, respectively, ensuring the safety and well-being of citizens. Peoples Gazette Nigeria
Governor Babajide Sanwo-Olu, upon signing the budget into law, emphasized the importance of implementation, aiming for a performance rate of 90 to 95%. He stated that the budget serves as a blueprint for continuity, resilience, and sustainability, with a focus on delivering high-quality infrastructure to meet the growing demands of Lagos residents.
This budget reflects Lagos State’s dedication to fostering economic growth, improving public services, and enhancing the quality of life for its residents.
For a detailed overview of the budget approval, you can watch the following video:
