Breaking Down the N3.366trn Lagos 2025 Budget Signed by Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu has signed the state’s 2025 Appropriation Bill into law, marking the largest sub-national budget in Nigeria’s history at ₦3.366 trillion.
Budget Breakdown:
- Total Budget: ₦3.366 trillion
- Capital Expenditure: ₦2.07 trillion (approximately 62%)
- Recurrent Expenditure: ₦1.295 trillion (approximately 38%)
Key Allocations:
- Education: ₦223.3 billion
- Health: ₦222.2 billion
- Environmental Initiatives: ₦287.2 billion
- Security: ₦140.9 billion
- Social Protection: ₦37.3 billion
Revenue Projections:
- Internally Generated Revenue (IGR): ₦2.34 trillion
- Federal Allocations: ₦626.13 billion
- Deficit Financing: ₦398.662 billion
Governor Sanwo-Olu emphasized the budget’s focus on five critical pillars:
- Infrastructure Sustainability: Prioritizing the maintenance, upgrading, and expansion of existing road networks.
- Economic Diversification: Leveraging multiple sectors to secure a resilient economy.
- Social Inclusion and Human Capital Development: Investing in education and healthcare to nurture a skilled workforce and deliver world-class services.
- Environmental Sustainability: Allocating funds to environmental initiatives, demonstrating Lagos’s leadership in climate action at the sub-national level.
- Governance and Institutional Reforms: Implementing reforms to enhance governance and institutional efficiency.
The governor expressed confidence in achieving a 90% to 95% implementation rate for the budget, aiming to deliver high-quality infrastructure and services to meet the demands of Lagos’s growing population.
This budget represents a 32.5% increase over the previous year’s ₦2.3 trillion budget, reflecting the state’s commitment to addressing infrastructure, economic diversification, and other critical sectors.
The signing ceremony was attended by Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Mrs. Abimbola Salu-Hundeyin, and other senior government officials.
Governor Sanwo-Olu acknowledged the collaborative efforts of the Lagos State House of Assembly, led by Speaker Mudashiru Obasa, for the prompt passage of the budget.