Lagos State Governor, Babajide Sanwo-Olu on Thursday signed the 2025 budget, valued at ₦3.366 trillion, into law during a ceremony at Lagos House, Alausa, Ikeja.
Dubbed the “Budget of Sustainability,” the 2025 financial plan is designed to prioritize infrastructure development, economic diversification, and other critical sectors in the state.
Governor Sanwo-Olu commended the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, and the Assembly’s leadership for the swift passage of the budget.
“This administration remains committed to delivering governance that is both respectful and responsive to the needs of Lagosians,” the governor said, urging the civil service and stakeholders to ensure effective implementation of the budget.
Lagos State Commissioner for Economic Planning and Budget, Ope George, highlighted that the budget underscores the government’s emphasis on infrastructure. Capital expenditure accounts for 62% of the allocation, while 38% is dedicated to recurrent spending.
“This allocation reflects the administration’s commitment to driving long-term investments while maintaining efficient service delivery,” George noted.
The budget’s revenue framework projects ₦2.342 trillion in internally generated revenue and ₦626.137 billion from federal transfers. To cover the ₦398.662 billion deficit, the government has outlined a fiscally prudent financing plan anchored on innovation, accountability, and sustainability.
Chairman of the House Committee on Budget, Sa’ad Olumo, emphasized that the 2025 budget is tailored to address key areas affecting Lagos residents, including electricity, road infrastructure, and education.
The signing comes less than a month after Governor Sanwo-Olu presented an initial budget estimate of ₦3.005 trillion to the State House of Assembly on November 21. The revised budget has now been signed into law, marking a decisive step toward meeting the state’s developmental goals.
