Governor Babajide Sanwo-Olu of Lagos State officially approved the 2025 budget by signing the appropriation bill into law on Thursday.
The State House of Assembly had previously agreed on a budget totaling N3,366,815,224,144 for the upcoming year. The budget breakdown includes N1,295,630,197,452 for recurrent expenses and N2,071,185,026,692 for capital projects until December 31, 2025.
The approval process began with the chairman of the joint committee on appropriation and finance, Hon. Sa’ad Olumoh, presenting a report on the budget.
Lawmakers then conducted a voice vote during a session led by the Speaker, Mudashiru Obasa.
Governor Sanwo-Olu initially proposed a budget of N3.005 trillion on November 21, which included a deficit financing of N408.902 billion. The governor plans to cover the deficit through external and internal loans as well as 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.
