Sanwo-Olu Signs N3.366 Trillion 2025 Appropriation Bill
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday signed the 2025 Appropriation Bill, tagged the “Budget of Sustainability,” into law. The N3.366 trillion budget aims to build on past achievements while scaling up development initiatives to secure a brighter future for Lagosians.
The signing ceremony, held at the Lagos House, Ikeja, was attended by Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Barr. (Mrs.) Bimbola Salu-Hundeyin, lawmakers led by Hon. Sa’ad Olumoh, and members of the State Executive Council.
Governor Sanwo-Olu emphasized that the budget is anchored on five pillars: **Infrastructure Sustainability**, **Economic Diversification**, **Social Inclusion and Human Capital Development**, **Environmental Sustainability**, and **Governance and Institutional Reforms**. He urged residents to collaborate with his administration to ensure the efficient use of resources in achieving the goals of the budget.
“This budget represents another opportunity to advance our vision of a Greater Lagos,” Sanwo-Olu said. “We will continue to deliver governance that respects and responds to the needs of the people while ensuring optimal implementation of this budget.”
The Governor commended the Lagos State House of Assembly, led by Speaker Rt. Hon. Mudashiru Obasa, for their cooperation and oversight during the budget process. He also lauded the civil service for their role in preparing and implementing the budget.
### **Key Allocations and Financial Highlights**
The 2025 budget allocates **62% to capital expenditure** and **38% to recurrent expenditure**, reflecting the government’s focus on long-term infrastructural investments. The Lagos Internal Revenue Service (LIRS) is expected to generate N2.342 trillion, with an additional N626.137 billion projected from federal transfers. A deficit financing of N398.662 billion has been structured to ensure fiscal sustainability.
Commissioner for Economic Planning and Budget, Mr. Ope George, highlighted the historic nature of the budget, noting that Lagos is the first sub-national government in Nigeria to pass a budget of this scale.
The Lagos State House of Assembly had earlier increased the budget by N360.88 billion from the Governor’s initial proposal of N3.005 trillion.
### **Legislative and Stakeholder Support**
Hon. Sa’ad Olumoh, Chairman of the House Joint Committee on Appropriation and Finance, praised the budget’s alignment with the THEMES+ agenda and commended the Governor’s commitment to infrastructure and revenue generation.
The 2025 fiscal year budget is expected to drive economic growth, improve infrastructure, and enhance the welfare of Lagosians, with the financial year ending on December 31, 2025.
