Lagos State Governor, Babajide Sanwo-Olu, has officially signed the state’s 2025 budget into law, totaling N3.366 trillion.
The budget was approved by the Lagos State House of Assembly three days prior, following its presentation by the Chairman of the Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh.
The budget comprises N1.295 trillion for recurrent expenditures and N2.071 trillion allocated for capital projects aimed at furthering the development agenda of the Sanwo-Olu/Hamzat administration.
This new budget follows Sanwo-Olu’s initial proposal of N3.005 trillion presented to the House in November 2024.
In a post shared on social media, Sanwo-Olu’s Special Adviser on Media and Publicity, Gboyega Akosile, confirmed the signing of the budget, which will drive the state’s development efforts through infrastructure and service improvements.
The Speaker of the House, Mudashiru Obasa, praised the lawmakers for their careful deliberations in passing the bill and directed that a clean copy be sent to the governor for final approval.
Sanwo-Olu had earlier stated that the budget would be funded through both external and internal loans, with a deficit of N408.9 billion.
