Governor Babajide Sanwo-Olu has presented a N3.01 trillion budget for 2025 to the Lagos State House of Assembly, which is referred to as “The Budget of Sustainability”.
The budget of sustainability was unveiled on Thursday, it outlines a total revenue of N2.597 trillion, including a deficit financing of about N408 billion. This total revenue is composed of N1.107 trillion in internal revenue and a tax cut totaling N660.14 billion.
A recurrent expenditure of N1.239 trillion has been proposed, with overhead costs totaling N722.59 billion. This includes N432.58 billion for overheads, N139.73 billion for subventions, N150.28 billion for dedicated funds, N392 billion for personnel costs, and N125.23 billion for recurrent debt charges.
Governor Sanwo-Olu also provided details on capital expenditure.
For capital projects, the proposed total is N1.77 trillion, with N1.45 trillion allocated for capital expenditures and N313.52 billion for repayments.
Sectoral allocations include N908.7 billion for economic affairs, N233.18 billion for the environment, N204.01 billion for health, N208.38 billion for education, and N124.1 billion for security, safety, and public order. An additional N47.08 billion has been earmarked for social protection.
The governor emphasized that the budget would focus on five key pillars: infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance and institutional reforms.
READ ALSO : EFCC refutes Sanwo-Olu’s claims of threat, calls suit speculative
He highlighted that infrastructure sustainability is crucial for development, with a focus on ensuring the durability and adaptability of fiscal assets to meet the growing demands of the population. In the next three years, the state will prioritize maintaining, upgrading, and expanding its road network.
On economic development, Sanwo-Olu emphasized reducing reliance on a single sector to ensure a resilient economy.
The Speaker of the House, Mr. Mudashiru Obasa, reaffirmed the assembly’s support for the Sanwo-Olu-led administration and announced that the assembly would reconvene on November 29 to review the budget proposal.
In comparison, Lagos State allocated N2.27 trillion for its 2024 budget and N1.77 trillion for the 2023 budget.
Credible News.ng
