Sanwo-Olu to present ambitious 2025 budget to Lagos Assembly

Lagos State Governor, Mr. Babajide Sanwo-Olu, is set to present the 2025 Appropriation Bill to the Lagos State House of Assembly today.

The proposed budget is expected to exceed the ₦2.267 trillion allocated for 2024, signaling a bold financial strategy for the state.

In a statement, the State Commissioner for Information and Strategy, Gbenga Omotoso, confirmed that Governor Sanwo-Olu will present the budget at noon today, Thursday, November 21, 2024. While the exact figure for the 2025 budget has not been disclosed, the proposed budget is expected to focus on key developmental priorities.

The 2025 budget, themed Budget of Sustainability, is designed to ensure continuity, resilience, and prosperity for Lagosians. It is structured around five key pillars: Infrastructure Sustainability, Economic Diversification, and Institutional Reforms, among others.

The 2024 budget, signed into law by Governor Sanwo-Olu on January 18, 2024, had an allocation of ₦2.267 trillion, focusing on infrastructure, education, technology, security, and public safety. The breakdown of the 2024 budget was as follows:

• Capital Expenditure: ₦1.315 trillion (58%)
• Recurrent Expenditure: ₦952.4 billion (42%)

An additional ₦21.74 billion was approved by the House of Assembly to support the completion of critical infrastructure projects.

Governor Sanwo-Olu emphasized that the success of the budget will depend on its effective implementation to improve the economic growth and living standards of residents. He highlighted that the 2025 budget will align with the state’s THEMES+ agenda and ensure the completion of ongoing projects to create a “Greater Lagos.”

He also urged citizens to actively participate in the development process, stressing that the partnership between the government and residents is essential for the state’s success. Sanwo-Olu promised transparency and accountability in the execution of the budget, vowing to deliver the greatest benefits to the people of Lagos.

The 2025 budget presentation is expected to provide a roadmap for continued growth and development in Africa’s largest city.