Sanwo-Olu Presents N3.005 Trillion 2025 ‘Budget Of Sustainability’ To Lagos Assembly
Governor Babajide Sanwo-Olu of Lagos State on Thursday presented the 2025 Budget proposal tagged the “Budget of Sustainability” to the Lagos State House of Assembly.
The budget, pegged at N3.005 trillion, emphasizes balanced growth through sustainability, with a significant focus on capital projects and social development.
Sanwo-Olu disclosed that the proposed budget comprises a total revenue of N2.597 trillion and a deficit financing plan of N408.902 billion, to be sourced through external and internal loans and bonds.
The total revenue is projected to include N1.97 trillion from internally generated revenue and N626.137 billion from federal transfers.
The budget reflects a 59% allocation to capital expenditure, amounting to N1.766 trillion, while recurrent expenditure accounts for 41%, totaling N1.239 trillion.
The proposed capital expenditure includes:
N1.452 trillion for new and ongoing projects,
N313.515 billion for repayments.
Recurrent expenses will cover:
Overhead costs: N722.586 billion, with breakdowns of N432.580 billion for overheads, N139.728 billion for subventions, and N150.278 billion for dedicated funds.
Personnel costs: N392 billion,
Recurrent debt charges: N125.232 billion.
Sanwo-Olu also highlighted the sectoral allocations aimed at economic and social development:
Economic Affairs: N908.699 billion,
Environment: N233.176 billion,
Education: N208.376 billion,
Health: N204.005 billion,
Security and Public Order: N124.073 billion,
Social Protection: N47.077 billion.
Speaking at the presentation, Sanwo-Olu described the budget as a “practical and actionable framework” to improve lives across Lagos.
He emphasized leveraging public-private partnerships to deliver critical infrastructure and enhance social services despite limited resources.
“This budget is all about the people of Lagos—from students and entrepreneurs in Yaba to farmers and fishermen in Epe and Badagry,” the governor stated.
Sanwo-Olu also expressed gratitude to the organized private sector, describing their contributions as “exceptional civic responsibility,” and applauded public servants for aligning with his administration’s vision.
The governor urged Lagosians to support the administration by adhering to tax laws, paying taxes promptly, and cooperating with security agencies to ensure safety.
He reaffirmed his commitment to fulfilling campaign promises and creating opportunities for future generations.
“I urge everyone to join hands with us as we resolutely pursue the Greater Lagos we all envision,” he said, while appreciating the Lagos State House of Assembly, the All Progressives Congress, royal fathers, and Lagosians for their trust and support.
Sanwo-Olu concluded the presentation with a call for collective action, emphasizing that the budget was designed to address present needs while creating sustainable opportunities for future generations.
The proposed 2025 budget is now before the Lagos State House of Assembly for deliberation and approval.
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