Governor Babajide Sanwo-Olu of Lagos on Thursday, signed the state’s 2025 Appropriation Bill into law, amounting to N3.36 trillion.
The budget, dubbed the “Budget of Sustainability,” was submitted to the Lagos State House of Assembly, LAHA on November 21, 2024.
Sanwo-Olu signed the bill at the Lagos House in Ikeja, with his Deputy, Dr. Obafemi Hamzat; the Secretary to the Lagos State Government, Mrs. Abimbola Salu-Hundeyin; and other state officials present.
He stated: “On Nov. 21, 2024, I stood before the Lagos State House of Assembly to present the appropriation bill – a blueprint for continuity, resilience and sustainability. I thank the Lagos State House of Assembly for giving this bill an expedited action.”
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“We believe in the spirit of unity and collective support that we have always shared as the centre of excellence.”
“On behalf of the state, I will like to express appreciation to the Speaker of the assembly, Mr. Mudashiru Obasa, and the entire members.”
The governor highlighted that this budget is the largest ever proposed by any sub-national government.
“It is with a deep sense of responsibility that we have signed this bill into law. The N3.36 trillion budget has N1.295 trillion as overhead cost and N2.07 trillion as capital expenditure,” he remarked.
He emphasized that the crucial phase would be the budget’s implementation in the next 12 months.
“As you have heard, it will be the largest sub-national budget, and we are convinced that we will do justice to it. At the minimum, we implement 90 to 95 per cent.”
“A greater Lagos ambition will emerge on the back of high-quality infrastructure that keeps pace with growing population.”
“Our focus, therefore, is on ensuring the durability, the functionality and the adaptability of our fiscal assets to meet the ever-growing demands of our people,” Sanwo-Olu explained.
The governor also noted that the budget would target five major pillars: infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance and institutional reforms.
“Infrastructure sustainability is the backbone of any development agenda.”
“In the coming three-year period, we will be prioritising the maintenance, upgrading and expansion of existing road networks,” he added.
Regarding economic development, he indicated that Lagos State would rely on multiple sectors to ensure a resilient economy.
Mr. Saheed Olumo, Chairman of the LAHA Committee on Appropriation Bill, assured the assembly’s support for Sanwo-Olu’s administration to provide more benefits to residents.
62% of the budget is allocated for capital expenditure, while 38% is for recurrent expenditure.
The state aims to generate N2.34 trillion internally and expects N626.13 billion from federal allocations.
The state outlined a carefully structured deficit financing plan of N398.662 billion to maintain financial prudence.
The state’s Commissioner for Economic Planning and Budget, Mr. Ope George, provided details of the 2025 budget.
“Some of the allocations made in the budget are education, N223.3 billion, and health, N222.2 billion, underscoring our priority to nurture a skilled workforce and deliver world-class healthcare services.”
“Recognising the global urgency of environmental sustainability, we have allocated N287.2 billion to environmental initiatives, further demonstrating Lagos’s leadership as the first state to establish a dedicated Climate Change Department and lead climate action at the sub-national level.”
“Security and social protection remain at the heart of our development agenda, with allocations of N140.9 billion and N37.3 billion, respectively, ensuring the safety of our citizens and addressing the needs of our most vulnerable populations,” he added.
Crediblenewsng.com
