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Lagos State Governor Babajide Sanwo-Olu has presented ₦3.005 trillion before the state House of Assembly as a proposed budget for the year 2025.
Sanwo-Olu, while briefing the lawmakers on Thursday in Alausa, stressed that the focus of the budget is on infrastructural development and sustainability.
He said the budget, which is tagged “Budget of Sustainability,” seeks to focus on capital projects aimed at economic growth and development.
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A breakdown of the budget revealed that ₦1.7 trillion was proposed for capital budget, while N1.2 trillion was set aside as recurrent budget in the coming year.
“Total revenue comprises our internally generated revenue of N1,970,897,000,000 and total federal transfers of N626,137,000,000,” the governor said.
In attendance at the presentation of the budget were the Deputy Governor, Dr. Femi Hamzat, and Speaker, House of the Assembly, Mudashiru Obasa, among other dignitaries.
In other news, the Lagos State Government has announced an open call for proposals from independent power producers and energy solution firms, seeking to construct gas-fired power facilities to alleviate the state’s ongoing energy shortages.
In a bid to improve Lagos’s electricity provision, the Ministry of Energy and Mineral Resources, partnering with the Office of Public-Private Partnerships, invited proposals for the Clean Lagos Electricity Market, aiming to foster a more sustainable power supply.
The statement was co-signed by Biodun Ogunleye, the Commissioner of Energy and Mineral Resources, and Bukola Odoe, who serves as Special Adviser in the Office of Public-Private Partnership.Home to over 20 million people, Lagos ranks as Africa’s largest urban center and confronts substantial energy challenges to meet the demands of its vast population.
The officials pointed out that while the state requires over 6 gigawatts of electricity, peak supply from the national grid remains under 2 gigawatts, highlighting a critical deficit in meeting energy needs.
To address the shortfall, Lagos is establishing four gas-fired power hubs, each requiring a minimum of 100MW capacity from participating companies.