Lagos State Governor, Babajide Sanwo-Olu, has formally approved the 2025 budget of N3.366 trillion into law.
The announcement was made by the Governor’s Special Adviser on Media and Publicity, Gboyega Akosile, in a post on X on Thursday, January 9.
According to Akosile, “The budget size is N3.366 trillion, dedicated to advancing the excellent work of the Sanwo-Olu/Hamzat administration.”
This follows the budget’s passage by the Lagos State House of Assembly on January 6. The approval followed the presentation of the budget report by Hon. Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance, and was ratified by a voice vote from the lawmakers at a sitting led by Speaker Mudashiru Obasa.
The ratified budget allocates N1,295,630,197,452 for recurrent expenditure and N2,071,185,026,692 for capital expenditure, covering the fiscal year that ends on December 31, 2025.
After the passage, Speaker Obasa instructed the Clerk of the House, Barr. Olalekan Onafeko, to send the final bill to Governor Sanwo-Olu for assent.
Obasa also commended his colleagues for their “diligent efforts leading to the successful passage of the budget.”
Earlier, on November 21, 2024, Governor Sanwo-Olu had presented a budget proposal of N3.005 trillion to the House. At that time, he explained that the budget would run with a deficit of N408.902 billion, which would be funded through a mix of internal and external loans and bonds.
