Sanwo-Olu signs N3.366trn 2025 budget into law

Lagos State Governor Babajide Sanwo-Olu has signed the 2025 appropriation bill tagged, “Budget of Sustainability”, into law.

Sanwo-Olu signed the budget, which is N3.366 trillion, at the Lagos House in Ikeja on Thursday, January 9, 2025.

Speaking after signing the 2025 budget, Sanwo-Olu said the budget was structured around five key pillars, which are Infrastructure Sustainability; Economic Diversification; Social Inclusion and Human Capital Development; Environmental Sustainability; and Governance and Institutional Reforms.

Sanwo-Olu

The governor urged Lagos residents to join hands with his administration as it deploys resources in line with the provisions of the budget.

He said: “I would like to call for continued collaboration between the Executive, who will implement the budget, and the Legislature, who will provide the much-needed monitoring and oversight and ensure that we achieve the greatest good for the greatest number of our people with the limited resources available to us.

“On our part as the Lagos State Government, we will also live up to the responsibility of delivering governance that is respectful of and responsive to the people at all times. I am charging the civil service and all other concerned stakeholders to once again deliver an impressive level of budget implementation in 2025.”

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Governor Sanwo-Olu commended the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, the state lawmakers, unseen heroes, and others who participated from the preparation of the budget to the presentation, the passage, and the signing of the appropriation bill.

Also speaking, the Chairman of the House of Assembly Joint Committee on Appropriation and Finance, Sa’ad Olumoh, said the budget will focus on the development of Lagos State.

Olumoh said: “This budget was meticulously looked through during the budget defence period. Everything we did, we did it together to ensure that we got to where we are. We have carefully looked into the electricity bill. We have looked into the issue of variation, and we have looked into so many things that are dear to the government.

“We celebrate you and appreciate what you have done in terms of road infrastructure, and we want to pray that you continue in this light.”

It would be recalled that the Lagos State House of Assembly, on Monday, January 6, approved a budget of N3.366 trillion for the 2025 fiscal year, injecting an additional N360.88 billion into Sanwo-Olu’s initial proposal of N3.005 trillion.

The budget allocates N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects, with the financial year ending on December 31, 2025.

The Star