Lagos State Governor Babajide Sanwo-Olu has presented a ₦3 trillion budget estimate for the 2025 fiscal year to the Lagos State House of Assembly. Dubbed the “Budget of Economic Resilience and Sustainable Growth,” the proposal was delivered during a plenary session on Thursday.
Sanwo-Olu emphasized the state government’s commitment to infrastructure, social welfare, and economic growth as the driving forces behind the budget. He assured lawmakers that the budget prioritizes key sectors, including transportation, housing, education, and health, while allocating significant resources to completing ongoing projects.
“This budget reflects our vision to sustain Lagos as a model megacity, ensuring economic resilience while delivering inclusive development for all residents,” the governor stated.
Of the ₦3 trillion, ₦1.7 trillion is earmarked for capital expenditures, while the remaining ₦1.3 trillion will cover recurrent costs. The governor highlighted plans to fund the budget through a combination of internally generated revenue (IGR), federal allocations, and public-private partnerships.
The Speaker of the Assembly, Mudashiru Obasa, assured the governor of the Assembly’s cooperation in reviewing and approving the proposal, emphasizing the legislature’s commitment to Lagos’ progress.
If approved, the 2025 budget will mark Lagos’ largest financial plan, underscoring the state’s position as Nigeria’s economic hub.
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