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On Monday, the Lagos State House of Assembly officially approved the 2025 budget, which totals N3,366,815,224,144. This approval paves the way for the state to pursue its ambitious plans, with the funds earmarked for various development projects, including infrastructure upgrades and essential social services, all aimed at improving the quality of life for residents.
Hon. Sa’ad Olumoh, the chairman of the joint committee on appropriation and finance, presented a comprehensive report on the 2025 budget, which paved the way for its approval. The session, presided over by Speaker Mudashiru Obasa, saw the lawmakers quickly moving to a voice vote, signaling their unanimous support for the financial plan that will guide the state’s spending in the year ahead.
In the approved budget, N1,295,630,197,452 is designated for recurrent expenditure, ensuring that essential state functions, services, and salaries are covered. The larger portion, N2,071,185,026,692, is allocated to capital expenditure, signaling a strong commitment to the state’s long-term development goals. These figures will guide Lagos through the year, driving growth and urban development until the close of 2025.
“The passage of this budget reflects the commitment of the Lagos State House of Assembly to ensuring continued growth and development in the state,” said Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance.
Following the passage, Obasa directed the Clerk of the House, Barr. Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.
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“This budget is a testament to the hard work and collaboration of my colleagues. I commend them for their dedication in ensuring its swift passage,” Speaker Obasa said in a statement signed by the Chief Press Secretary to the Speaker, Eromosele Ebhomele.
Governor Sanwo-Olu had on November 21 presented a proposal of N3.005 trillion to the House for approval. During the presentation, the Governor noted that the budget had a deficit financing of N408,902 billion, adding that the deficit would be financed through external and internal loans and bonds.
“We are confident that with strategic financing, this budget will allow us to continue advancing the state’s developmental goals,” Governor Sanwo-Olu stated at the time.
In addition to the budget, the House also passed a bill during Monday’s plenary to consolidate all laws on local government administration in Lagos State. The bill makes provisions based on constitutional amendments as well as amendments by the National Assembly, which have direct effects on the local governments in Lagos State.
“This new bill ensures a more cohesive framework for the administration of local governments, aligning with recent national legislative changes,” said Obasa.
