Lagos State Governor Babajide Sanwo-Olu has unveiled the state’s 2025 budget proposal, tagged the “Budget of Sustainability.”
The proposed budget totals N3.005 trillion, with a strong focus on capital projects aimed at economic growth and development.
Key highlights of the budget:
Total Revenue and Deficit:
Total revenue: N2.597 trillion (comprising Internally Generated Revenue of N1.970 trillion and federal transfers of N626.137 billion).
Deficit: N408.902 billion, to be financed through external and internal loans as well as bonds.
Expenditure Breakdown:
Recurrent expenditure: N1.239 trillion (41% of the total budget), which includes:
Overhead costs: N722.586 billion
Personnel costs: N392 billion
Debt servicing: N125.232 billion
Capital expenditure: N1.766 trillion (59% of the total budget), which includes:
Core capital projects: N1.452 trillion
Repayments: N313.515 billion
Sectoral Allocations:
Economic Affairs: N908.7 billion
Education: N208.4 billion
Health: N204 billion
Environment: N233.2 billion
Security and Public Order: N124.1 billion
Social Protection: N47.1 billion
In his remarks, Governor Sanwo-Olu emphasized the budget’s focus on infrastructural development and sustainability.
He reassured Lagosians that the budget aligns with the state’s commitment to maintaining fiscal responsibility while addressing critical needs in education, healthcare, security, and the environment.
The budget proposal now awaits deliberation and approval by the Lagos State House of Assembly.
